Income Tax : The article explains remedies available after adverse tax orders under scrutiny and reassessment. The key takeaway is that choosin...
Income Tax : The Court clarified that mere pendency of information exchange requests under DTAA cannot justify continuing a Look Out Circular. ...
Income Tax : A surge in Section 143(2) notices was triggered by the June 2025 limitation deadline. This explains why cases were picked and how ...
Income Tax : The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was estimated. S...
Income Tax : The ITAT held that an assessment completed before receiving the DVO report under section 50C(2) is invalid. All additions and disa...
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 : Tribunal observed that the Assessing Officer failed to establish any mismatch in stock, sales, or accounting records before making...
Income Tax : ITAT Hyderabad held that constituent members of a JV or Consortium can claim deduction under Section 80IA(4) when they actually ex...
Income Tax : The Tribunal found that full payment, TDS deduction, and transfer of possession established completion of the transaction for capi...
Income Tax : ITAT Rajkot held that cash deposits made during demonetization were fully supported by audited books of account, cash books, and b...
Income Tax : The Hyderabad ITAT held that purchases cannot be treated as bogus merely because the supplier failed to respond to a notice under ...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
The Tribunal held that advances received under an uncompleted sale agreement are not taxable. Income arises only when transfer or forfeiture occurs.
ITAT Bangalore upholds restricting TP adjustment only to AE transactions, dismissing Revenues appeal. Confirms capacity, working capital adjustments and consistency in forex/provision treatment.
Tribunal rules that Section 14A disallowance must be limited to investments yielding exempt income and orders recomputation under Rule 8D. It also allows ESOP expenses as a valid business deduction under Section 37(1), treating them as an ascertained liability and not a notional or capital expense.
ITAT held that once an assessee adopts a prescribed valuation method under Rule 11UA, the AO cannot change or substitute it. The ruling reinforces taxpayer autonomy in selecting valuation approaches.
The issue revolved around expansion of scrutiny from cash deposits to entire bank credits. The Tribunal ruled that such expansion without mandatory approval renders the assessment void and unsustainable.
The issue was whether protective addition can survive when income is already taxed elsewhere. ITAT held that once income attains finality in another assessee’s case, protective addition cannot be sustained.
The issue was incorrect computation of interest without reducing foreign tax relief. ITAT held that relief under sections 90/90A must be deducted before calculating interest under sections 234A, 234B, and 234C.
The Court set aside the Tribunals order as it relied on a precedent later reversed by the Supreme Court. The matter was remanded for fresh determination based on correct legal principles.
The Tribunal upheld deduction of ESOP expenses, relying on earlier decisions in the same case. It ruled that no change in facts justified a different view.
The issue was whether income from hybrid seed production on leased land qualifies as agricultural income. The Tribunal held that ownership is not necessary if the assessee exercises control, bears risk, and performs agricultural operations.
