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...
In a ruling for Sureshkumar Prabhulal Thakkar, the ITAT Ahmedabad has cancelled a penalty under Section 271(1)(c), stating that an Assessing Officer cannot impose a penalty simply because an expense claim is disallowed.
ITAT Amritsar held that the statements recorded behind the back of the assessee cannot be used for making addition unless and an opportunity to cross examine the witness is allowed. Accordingly, addition towards bogus purchases duly restricted to 1.2%.
The ITAT Delhi allowed a Rs.1.19 crore foreign exchange loss for Donyi Polo Timbers on import creditors, affirming a consistent accounting method despite a lack of business operations.
ITAT Delhi’s ruling in Pawan Kumar Agarwal Vs ACIT restricts an unexplained cash addition to a 10% GP rate, reducing it from ₹1.5 crore to ₹15 lakh. It upholds that stock and cash belonging to the assessee’s sons’ firm are not taxable in the assessee’s hands.
Tribunal held that once a scrutiny assessment under Section 143(3) allows a claim, any earlier disallowance by CPC under Section 143(1) merges into it and loses force.
The ITAT Ahmedabad quashed a PCIT order, ruling that revisional power cannot be invoked for mere verification, and a specific error must be proven to show prejudice to revenue.
ITAT Lucknow deleted an addition of ₹27.34 lakh under Section 40A(3), ruling that cash payments for land were justified by business expediency and genuine transactions.
ITAT Mumbai ruled that a penalty cannot be imposed on estimated additions from bogus purchases. Tribunal affirmed that without cogent evidence, estimated profits don’t warrant a penalty.
Bombay High Court confirms tax penalties cannot be imposed solely on additions made through ad hoc estimations, dismissing a revenue appeal against Colo Colour Pvt. Ltd.
The ITAT Visakhapatnam allowed a trust’s appeal, restoring its Section 11 exemption. The sale of property to a trustee at market value was not a violation of Section 13, as no undue benefit was conferred.
