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...
Both the revenue authorities have accepted the books of accounts, book results could not be disturbed once it is admitted that cash sales are recorded in books and forming part of turnover of the business.
ITAT Kolkata held that addition under section 68 of the Income Tax Act as unexplained cash credit not sustainable since identity, creditworthiness and genuineness of the transaction relating to the share capital sufficiently established.
ITAT Delhi held that initial transaction of demerger of Passive Infrastructure Assets [PIAs] without any consideration qualifies as gift is already affirmed by the Hon’ble Delhi High Court while approving the demerger scheme.
ITAT Chennai deletes addition of Rs.53.23 Lakh on cash deposits during demonetization and directs re-computation of income in Balu Vignesh case.
ITAT Ahmedabad dismisses Revenue’s appeal due to low tax effect under CBDT Circular No. 09/2024. The case involved taxability of interest income on project funds.
ITAT Delhi remands appeal to CIT(A) for fresh adjudication due to denial of personal hearing in Kumar Kanti Das Vs ACIT case for AY 2017-18.
Assessee is an individual filed his Return of Income for AY 2013-14 at Rs.10,98,540/-. During the year consideration, assessee along with other co-owners sold two immovable properties for a consideration of Rs.1,20,60,000/- and Rs.1,85,40,000/-.
In the case abovementioned ITAT Ahmedabad remanded the matter to CIT (A) after considering that assessee could not file evidence before CIT (A) in lack of service of notices.
ITAT Ahmedabad held that section 275(1A) of the Income Tax Act empowers AO to pass penalty order by enhancing or reducing penalty on the basis of assessment as revised by giving effect to orders passed by appellate authority or courts.
The assessee had adopted Transactional Net Margin Method (TNMM) as the most appropriate method and Operating Profit/ Operating Cost [OP/OC] as the Profit Level Indicator for benchmarking the international transactions.
