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...
Delhi High Court held that levy of penalty under section 271(1)(c) of the Income Tax Act without specifying the limb i.e. concealment of particulars of income or furnishing of inaccurate particulars of income not valid. Accordingly, penalty set aside.
ITAT Delhi held that CPC wrongly processed return by considering due date as 5th August instead of 31st October. Accordingly, interest charged under section 234A of the Income Tax Act deleted and interest charged under section 234B altered.
ITAT Bangalore held that when the reasons supplied to the assessee and the reasons supplied before higher forum is not verbatim same, it cannot sustain the validity of reopening of assessment under section 147 of the Income Tax Act.
The controversy in the present appeal relates to inclusion of an entity named E4e Healthcare Business Services Private Limited, as a comparable entity for benchmarking the international transaction of provision of IT-enabled services.
CIT(A) partly allowed the appeal and directed the AO to re-compute the “Income From Other Sources” after deducting the amount of Rs 24,25,426/-u/s 57(iii) of the Act. Being aggrieved, the present appeal is filed.
ITAT Mumbai held that Goods and Services Tax (GST) amount while computing presumptive income under section 44B of the Income Tax Act cannot be included. Thus, issue decided in favour of assessee.
ITAT Mumbai deleted additions made under section 43CA of the Income Tax Act by considering the stamp duty value on the date of registration of agreement as prescribed under section 43CA(3) of the Income Tax Act.
We have to examine delay as excessive or inordinate based on whether there is a reasonable cause for not filing the appeal on time by the assessee and in our view when there is a reasonable cause, the period of delay may not be relevant factor.
The assessment order u/s. 143(3) of the Act was passed on 03-07-2015 determining total income of Rs. 11,70,590/-. Thereafter, reassessment proceedings initiated and order u/s. 147 r.w.s. 144B was passed on 28-032022 by accepting the returned income.
ITAT Lucknow quashes penalty u/s 271B for failure to file audit report, stating incorrect grounds for penalty initiation.
