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 Ahmedabad deletes Rs.11.27 lakh addition for penny stock investment, ruling the Revenue failed to prove the investment originated from the assessee’s own unexplained funds under Section 69B.
ITAT Hyderabad in Pitti Holdings Pvt. Ltd. vs ACIT quashes a reassessment for the Assessment Year 2018-19. The order holds that notices issued by the Jurisdictional AO (JAO) instead of the Faceless AO (FAO) after the Faceless Jurisdiction Scheme 2022 are void ab initio.
The ITAT Visakhapatnam ruled that protective additions made in reassessment proceedings are invalid because they did not co-exist with a substantive addition for the same assessment year. The Tribunal held that a protective assessment cannot stand in isolation and cannot be based on mere suspicion to keep a hypothetical option open for the Revenue.
The ITAT Raipur ruled that compensation received for land acquired under the National Highways Act, 1956, is exempt from income tax under Section 96 of the RFCTLARR Act. This decision confirms the principle of uniform tax relief for all land-losers, irrespective of the acquiring statute, following the Supreme Court’s Tarsem Singh ruling.
ITAT Pune dismissed Revenue’s appeal against Mukund Bhavan Trust, confirming its Sections 11 & 12 exemption. It ruled Sections 13(1)(b) & 13(1)(c) restrictions don’t apply to pre-1961 trusts with protected founding conditions.
The ITAT Mumbai upheld the deletion of a Rs.2.22 Cr addition under Section 43CA for AY 2018-19, ruling that the 10% tolerance limit (safe harbor) for the difference between sale consideration and property valuation is a beneficial, curative amendment and thus applies retrospectively from the provision’s insertion.
Invalid 143(2) notice format kills assessment. Kolkata ITAT quashes s.143(3) assessment (Pankhuri Mishra Vs ITO) as notice didn’t specify scrutiny type (limited/complete) per CBDT mandate.
The ITAT Delhi upheld the deletion of a RS.4 crore addition made under Section 68 against Livros Publishing Pvt. Ltd., ruling that the share application money received through banking channels from a listed NBFC.
The ITAT Delhi dismissed the Revenue’s appeal, confirming that losses of Rs.18.6 crore incurred by Fiem Industries Ltd. on target-redemption forward contracts to hedge export receivables were genuine business losses, not speculative transactions under Section 43(5).
ITAT Mumbai held that revisionary proceeding under section 263 of the Income Tax Act not justifiable when AO has taken most plausible view. Accordingly, appeal is allowed to that extent.
