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 : Learn the scope, time limits, and procedure for correcting mistakes apparent from records under Section 154, including appeal rest...
Income Tax : Learn about various types of income tax assessments under Sections 143, 144, and 147, their procedures, time limits, and taxpayer ...
Corporate Law : Learn to address crucial Income Tax notices like 143(1), 143(2), 148, 139(9), and 245. Timely, informed action prevents penalties,...
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 : The tribunal ruled that Section 50C could not apply because the DVO’s valuation ignored the impact of tenants and owner-occupied...
Income Tax : ITAT Hyderabad held that the final assessment order passed by the A.O. u/s. 143(3) r.w.s. 144C(13) r.w.s. 144B dated 06.06.2024 be...
Income Tax : ITAT Hyderabad held that matter of TP adjustment of purchase of raw materials, assembling parts and sale of goods, and interest on...
Income Tax : The issue was whether a holding company with no operating revenue could claim business expenses. The Tribunal held that making str...
Income Tax : The Tribunal ruled that interest on fixed deposits is not taxable when earned by a State instrumentality. Since it was assessed as...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
The assessment proceeded on a fundamentally incorrect factual premise regarding the date of deposit. ITAT ruled that such an error warrants remand for fresh examination of cash source and sales genuineness.
The reassessment was triggered without examining invoices, bank entries, TDS data, or business records. The Tribunal held that mechanical reopening based on external information is bad in law.
Madras High Court held that compounding charges payable by petitioner as per revised Guidelines dated 17.10.2024 is unsustainable since on the date of writ order i.e. 13.04.2022, the revised guidelines was not in force. Accordingly, writ petition deserved to be allowed.
Despite Form 10E being duly filed online, the claim under section 89(1) was rejected on technical grounds. The Tribunal held that such rigidity defeats justice and directed the AO to examine the claim afresh.
The Revenue invoked section 115BBE on alleged unexplained cash. The Tribunal held the provision to be prospective and barred its application for the year under appeal.
Demonetisation-era jewellery sales were questioned as invoices mentioned buyers only as cash. The ITAT remanded the matter to verify buyer identity, stock linkage, and genuineness before sustaining any addition.
Though some estimation was justified after rejection of books, a flat 1% rate was found arbitrary. The ITAT reduced the estimate to 0.50% aligned with prior years’ margins.
Cash deposited during demonetisation was explained as coming from income surrendered and accepted in an earlier survey. The Tribunal held that disbelief about holding cash cannot replace evidence and deleted the section 69A addition.
The ITAT accepted that repayment strengthens genuineness under section 68. Unrepaid loans with missing financial details were sent back for fresh verification.
Cash deposits during demonetisation were treated as unexplained under section 69A. The Tribunal accepted possible redeposit of earlier withdrawals and restricted the addition to ₹2 lakh.
