Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : Section 154 permits rectification of mistakes apparent from the record in assessment orders, intimations, and TDS/TCS processing s...
Income Tax : Delhi ITAT allows Sanco Holding, a Norwegian company, to compute income from bareboat charter of seismic vessels under Article 21(...
Income Tax : It has been observed that in many cases an assessee may wish to make a claim which was not made in the return of income filed unde...
Income Tax : We have attached a file in excel format. The file contains the format of various details which normally assessing officer asks As...
Income Tax : ITAT Bangalore held that additions made in an intimation under Section 143(1) cannot be disputed in an appeal against a scrutiny a...
Income Tax : ITAT Delhi held legal services are not FTS under Section 9(1)(vii) and directed partner-wise DTAA examination. FTS addition was de...
Income Tax : ITAT Mumbai deleted a Section 69 addition after finding documentary evidence established joint ownership, source of funds, and ear...
Income Tax : ITAT Mumbai quashed reassessment after finding no Section 143(2) notice and that the AO issued a final order disguised as a draft ...
Income Tax : ITAT Surat held that delayed filing of Form 10B is a procedural lapse and remanded the matter after directing the AO to consider t...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
ITAT Chennai granted relief, holding that reversal of a provision for liquidated damages, which was disallowed and subsequently taxed under VSV Scheme in earlier years, cannot be taxed again under Section 41(1). This prevents double taxation.
ITAT Delhi directed the AO to compute Annual Letting Value (ALV) only for the portion of the house property actually rented out (third/fourth floors). Taxing the entire property based on assumptions, ignoring the owner’s self-occupation, was held to be unjustified.
ITAT Kolkata invalidated the assessment under Section 143(3), ruling that the foundational notice under Section 143(2) was void ab initio for failing to comply with the mandatory CBDT prescribed format. CBDT instructions issued under Section 119 are binding on the department.
ITAT Kolkata deleted a Rs.7.11 crore addition under Section 68, ruling that an assessee’s comprehensive documentary evidence (PAN, bank statements) cannot be dismissed merely because subscribers failed to appear for summons. The onus shifted back to the Revenue.
ITAT Pune reaffirmed that 15% accumulation permitted under Section 11(1)(a) must be computed on gross receipts. Revenue’s argument restricting it to surplus was rejected, relying on consistent rulings of Supreme Court and High Courts.
The High Court set aside the ex-parte assessment and appeal order, granting the partnership firm another opportunity to respond to the Section 148 notice. The ruling accepts the taxpayer’s non-response as due to bona fide, unavoidable circumstances.
Bombay High Court held that delay in filing of Form No. 10 was condoned since activities of trust are genuine and denial of benefit of accumulation u/s. 11(2) due to delay in Form No. 10 would cause genuine hardship.
The Karnataka High Court set aside the ex parte assessment, penalty, and demand orders passed under Sections 143(3) and 144B, accepting the taxpayer’s plea of bona fide non-appearance. The court adopted a justice-oriented approach, remitting the case back to the Assessing Officer for a fresh consideration from the show-cause notice stage.
The Kolkata ITAT deleted a Rs.31 crore unexplained cash credit addition under Section 68 on the sale of shares, ruling the AO mechanically relied on an investigation report without fresh evidence. The tribunal held that investments accepted by the Department in previous years and confirmed via an NCLT merger cannot be summarily taxed upon sale.
The Kolkata ITAT quashed the Section 263 revision, confirming that the Assessing Officer (AO) had specifically examined and accepted the ICDS adjustments during scrutiny. The tribunal held that when the AO conducts due inquiry and takes a plausible view, the assessment is neither erroneous nor prejudicial to the Revenue’s interest.
