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 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 : ITAT Delhi held that interest and dividend earned from co-operative banks qualify for deduction under Section 80P(2)(d). Totgar's ...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
The ITAT Ahmedabad held that isolated WhatsApp messages and electronic communications cannot, by themselves, support additions in search assessments. The Tribunal deleted several additions because no corroborative evidence established actual cash transactions. The ruling underscores that suspicion cannot replace proof in tax proceedings.
The Delhi ITAT held that electricity charges paid to statutory authorities in the ordinary course of business qualify as deductible expenditure under Section 37(1). The ruling reiterates that routine operational expenses incurred exclusively for business purposes are allowable deductions.
The Hyderabad Bench emphasized that penalty under Section 271(1)(c) cannot be imposed solely because an addition survives appellate scrutiny. The Revenue must establish deliberate concealment or furnishing of inaccurate particulars.
The Hyderabad ITAT observed that if a property is treated as stock-in-trade, the applicability of Section 43CA cannot be ignored. The ruling clarifies that deeming provisions under Section 50C and Section 43CA operate in different contexts.
The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, including contradictory sale notes and payment receipts. The Tribunal held that the assessee failed to establish the genuineness of the underlying share transactions.
ITAT Lucknow held that derivative losses incurred by a spouse using funds gifted by the assessee can be clubbed and set off under Section 64(1)(iv). The matter was remanded to verify the actual quantum of eligible losses.
The Delhi ITAT held that where purchases are reflected in accepted sales and closing stock, the entire purchase amount cannot be disallowed. The Tribunal directed the Assessing Officer to restrict the addition to the gross profit element by applying the average GP ratio of the preceding five years.
The Delhi ITAT concluded that the assessee had discharged the burden of proving the three essential ingredients required under Section 68. The Revenue failed to demonstrate that the funds originated from the assessee itself. The decision resulted in the deletion of the entire addition relating to share capital and premium.
ITAT Delhi held that consolidated approvals granted without application of mind under Section 153D were invalid. Consequently, the related assessment orders were declared void and quashed.
The Delhi ITAT held that receipts from sale and restricted use of standard cybersecurity software could not be taxed as Fees for Technical Services. The Tribunal relied on judicial precedents dealing with standardised technology offerings.
