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 Pune deleted the penalty of Rs.2.74 lakh imposed under Section 270A(9) for misreporting income related to delayed PF/ESIC payments. The Tribunal ruled that since the assessee’s claim was based on prevailing High Court judgments and the issue was debatable until the Supreme Court ruling, the mere disallowance of expenditure, where all particulars were disclosed, does not attract a misreporting penalty.
ITAT Ahmedabad upheld PCIT’s revision under Section 263 because AO wrongly allowed a cumulative Rs.28.72 crore foreign exchange loss on ECB repayment in one year. Tribunal ruled that under ICDS-VI and AS-11, forex differences must be recognized annually, making AO’s failure to verify compliance erroneous.
ITAT Jaipur quashed an addition of Rs.14.47 lakh made under Section 69A because the assessment was framed by a Jaipur-based AO who lacked territorial jurisdiction over the assessee residing in Sri Ganganagar. The Tribunal ruled that the objection to jurisdiction, raised by the assessee and unrebutted by the Revenue, renders the entire assessment order void ab initio.
ITAT Surat dismissed Revenue’s appeal, holding that once substantive additions related to payments made by assessee were upheld by Tribunal and CIT(A) in cases of receiving parties, corresponding protective additions against assessee must be deleted.
ITAT Indore held that Deemed Dividend under section 2(22)(e) of the Income Tax Act is not taxable in hands of borrower-company who doesn’t hold shares in lender-company. Accordingly, appeal of the assessee allowed and addition set aside.
ITAT Chennai ruled in favor of Lakshmiammal Progressive Educational Trust, deleting an addition of ₹31.6 lakhs after finding the receipts to be voluntary donations, not compulsory capitation fees.
The ITAT Delhi quashed a Rs.5 lakh addition for unrecorded cash sales, ruling that WhatsApp chats are inadmissible as evidence without the mandatory certificate under Section 65B of the Indian Evidence Act. The decision establishes that unverified electronic data cannot sustain tax additions, citing the Supreme Court’s ruling in Arjun Panditrao Khotkar.
The ITAT Mumbai dismissed the Revenue’s appeal, ruling that the deletion of a ₹65 lakh addition under Section 68 was proper because the taxpayer established the identity, creditworthiness, and genuineness of the loan transactions. The Tribunal accepted that the loans were received and repaid through banking channels, backed by confirmations, bank statements, and audited financials.
The Mumbai ITAT deleted the interest disallowance, applying the principle of consistency because the Revenue had previously accepted the assessee’s classification of net interest income under Income from Other Sources in earlier scrutiny assessments. The court found no justification to deviate from this accepted treatment for the current year.
ITAT ruled that taxing cash deposits as unexplained credit under Section 68 when underlying sales are already accepted by AO and VAT authorities amounts to illegal double taxation. Decision confirmed that source of demonetised currency deposits was clearly traceable to regular business receipts.
