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 Hyderabad rules against double taxation, quashing Section 69A addition after cash source was already accepted and taxed under Section 269SS for the same amount.
ITAT Delhi rules customer contracts, assembled workforce are intangible assets, allowing Genpact’s depreciation claim and affirming cost allocation.
ITAT Bangalore held that provisions of section 45(4) of the Income Tax Act are application only when there is transfer of any asset to the partners account from the firm. Accordingly, section 45(4) cannot be invoked in case of incremental capital brought in by the new partner.
ITAT Kolkata held that compensation received for failure of performance guarantee parameter of capital assets [Wind Turbine Generators] is in nature of capital receipt and hence outside the purview of taxation. Accordingly, appeal of assessee allowed.
Delhi High Court held that that Section 68 of the Act as was in force prior to 01.04.2023, did not require the assessee to explain the source of the source of funds in case of unsecured loans. Accordingly, addition is liable to be deleted and appeal allowed.
ITAT Pune held that penalty under section 271AA of the Income Tax Act is not imposable in view of section 273B of the Act since there was a reasonable cause for not reporting the said transaction in Form No. 3CEB as it was not considered to be an international transaction.
ITAT Bangalore held that once the audit report filed in form 10B to be available with the Assessing Officer before the assessment proceedings take place, the requirement of Law is satisfied. Thus, exemption under section 11 of the Income Tax Act allowed.
ITAT Delhi held that amount withdrawn by the assessee in the capacity of the partner from the partnership firm cannot be treated in the nature of loan and advance and cannot be covered within meaning of deemed dividend under section 2(22)(e) of the Income Tax Act.
Ahmedabad ITAT directs tax authorities to re-verify V N Exports’ books for demonetization cash deposits, citing prior rulings on cash sales by jewelers. A key verdict on unaccounted income.
ITAT Delhi held that assessment order passed by AO under section 153C read with section 143(3) of the Income Tax Act is passed beyond prescribed time limited. Hence, the order barred by limitation is liable to be quashed.
