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...
ITAT Surat held that considering the veracity of evidence, additional evidence filed by the assessee is essential and has direct bearing on all the additions/ disallowance, hence, all the additional evidence are taken on record. Accordingly, matter restored back.
Reassessment initiated under an invalid notice issued under Section 148 as there was no new material with AO after four years that the assessee had escaped assessment, therefore, additions amounting to ₹6.93 crores was deleted.
The evidences relied upon by AO in the form of excel sheets did not constitute adequate evidence to draw adverse inference against tassessee, in the absence of any other corroborative evidences.
Supreme Court disallows ₹10 crore bad debt deduction for Khyati Realtors Pvt Ltd, ruling it as capital expenditure, not eligible for deduction under Section 36(1)(vii).
Since cooperative banks were considered cooperative societies for the purpose of Section 80P(2)(d), thereby making assessee’s interest and dividend income eligible for deduction.
Assessee was a private limited company registered as a non-banking finance company (NBFC) with the RBI, engaged in providing loans, advances, and dealing in shares and securities.
The case of the assessee was selected for scrutiny for the reasons of cash deposit during the demonetization. During assessment, AO noted that assessee have made cash deposit of Rs.10,50,000/- in his bank account.
Assessee was engaged in the business of slimming and beauty services. During assessment proceedings, AO observed that assessee was carrying substantial credit balances as current liabilities under the head ‘Advance from customers’.
ITAT Jaipur allowed Naval Kishore’s appeal, ruling that no additions could be made under Section 153A, as no incriminating material was found during the search.
ITAT Visakhapatnam held that addition under section 68 of the Income Tax Act towards unsecured loan sustained as creditworthiness of the lender not proved. Accordingly, ground raised by the assessee dismissed.
