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 the case of Paresh Manubhai Desai vs. ITO, the ITAT Mumbai has ruled that long-term capital gains exemption is applicable on the sale of inherited shares, setting aside a short-term capital gains tax.
ITAT Bangalore upholds the deletion of a Section 56 addition. The sale of jewellery inherited through a will constitutes a long-term capital gain, allowing the assessee to claim a Section 54F deduction.
ITAT Bangalore upholds a Section 263 revision. An AO’s assessment order that silently accepts cash deposits and property sources, without proper inquiry, is erroneous.
ITAT Delhi: Cash deposits in a dissolved firms bank account are taxable only in the proprietors hands, not the partnerships. The protective addition was deleted.
CIT(A) dismissed the appeals and upheld the assessments with the additions. It was held that search assessments were legally valid, JCIT had granted proper approval after due consideration, and the additions were based on incriminating material found during the search.
Tribunal upheld revision. It was held that once there was an inquiry, even inadequate, that would not by itself, give occasion to the Commissioner to pass order under Section 263 merely because he had a different opinion in the matter.
Chhattisgarh High Court held that addition towards unaccounted sales based on estimated production yield is baseless and without any evidence/ material and accordingly is not sustainable in law. Accordingly, appeal of revenue dismissed.
The ITAT has ruled in favor of Shri Bhola Food Products, deleting a Rs. 2,50,000 interest disallowance that was arbitrarily estimated without legal justification.
The ITAT ruled that the PCIT’s revision order was invalid as the AO had already examined the assessee’s agricultural income claim, thus not acting erroneously.
ITAT Ahmedabad allows a co-operative society to deduct interest earned from co-operative bank deposits under Section 80P, clarifying its distinction from other bank types.
