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...
Provisions of Section 44AB, which mandate Tax audit, are not applicable to fictional income provisions like Section section 68, 69, 69A, 69B, 69C& 69D
ITAT Delhi held that discount on issue of Employee Stock Ownership Plan [ESOP] is allowable as deduction under section 37 of the Income Tax Act. Accordingly, additional claim of ESOP expense allowed.
ITAT Ahmedabad held that PCIT cannot exercise revisionary power u/s. 263 to restore an issue for the purpose of verification only since restoring matter for verification means that PCIT is not sure of assessment order being erroneous causing prejudice to the revenue.
ITAT Ahmedabad held that exemption under section 10(23C)(vi) of the Income Tax Act is admissible to the trust has exist solely for educational purpose, thus since the hostel fees charged by the trust is significantly high the activity amounts to ‘trade, commerce and business’ hence exemption denied.
Madras High Court disposed of the writ petition with direction to petitioner to challenge the impugned Assessment Order as well as Rectification Order before Commissioner of Income Tax (Appeals) [CIT(A)].
ITAT Mumbai held that presumptive taxation scheme under section 44AD of the Income Tax Act is duly applicable to nursing home since the assessee cannot be classified as a ‘person’ engaged in the ‘medical profession’.
Delhi High Court held that the provisioning for Asset Reconstruction Cost qualified the prescriptions of AS 29 and the assessee was thus justified in accounting for the same. Thus, that question is answered in favour of assessee.
ITAT Hyderabad held that re-assessment under section 148 merely based on borrowed satisfaction, without any independent verification and application of mind, is invalid and liable to be quashed. Accordingly, notice u/s. 148 and consequent order quashed.
ITAT Pune allows 80P(2)(d) deduction for cooperative society’s interest income from cooperative bank investments.
ITAT Jaipur quashes penalty under Section 271E of the Income Tax Act in Anil Sharma vs. ITO due to absent recorded satisfaction.
