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 : Summary of statutory deadlines for issuing income tax notices (Sec 143, 147) and completing assessments, reassessments, and appeal...
Income Tax : Understand the three core processes of Indian Income Tax: Rectification of mistakes (Sec 154), the four types of Assessment (Summa...
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 found that the addition was inferential and lacked corroborative evidence of concealment. It concluded that penalty u...
Income Tax : Tribunal held that interest disallowance for non-deduction of TDS must be restricted to 30% under amended provisions. It also rema...
Income Tax : The PCIT held the AO’s assessment under section 143(3) as erroneous and prejudicial to Revenue, directing fresh verification of ...
Income Tax : ITAT Mumbai held that addition based on ad hoc method not justifiable since assessee followed Percentage of Completion Method for ...
Income Tax : The High Court dismissed the Revenue's appeal, affirming that the assessee discharged the initial onus under Section 68 by proving...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
Tribunal reviewed onion cultivation expenses claimed at 21% of gross receipts and found CIT(A)’s 35% estimate excessive. Net agricultural income accepted at Rs.67.12 lakh, partly allowing the appeal.
ITAT Bangalore confirmed that income admitted under Section 132(4) constitutes undisclosed income under Section 271AAB. The assessee’s claim of voluntary disclosure to avoid litigation was rejected, validating the ₹30 lakh penalty.
Tribunal ruled that amendments to Section 11(3) of Income Tax Act are prospective. Accumulated charitable funds utilized within permitted 5+1 years cannot be taxed, overturning prior additions.
Despite CIT(A) noting missing ITRs, Tribunal allowed TDS credit on the Rs. 1 crore part payment. Decision reinforces that TDS on income already taxed must be recognized and credited.
ITAT Pune held that late filing of audit report cannot disentitle trust from availing benefit of section 11 of the Income Tax Act. Accordingly, order of CIT(A) allowing claim of exemption u/s. 11 upheld and appeal of revenue dismissed.
The Tribunal ruled that when a 143(3) assessment merely adopts 143(1) figures without examining adjustments, taxpayers can still appeal the 143(1) intimation. Key takeaway: merger does not automatically block appeals.
ITAT Jaipur held that addition towards unaccounted commission based on seized digital sheet without corroborative evidence is not sustainable. Accordingly, addition is deleted and said ground raised by assessee is allowed.
Tribunal deleted 10% ad-hoc disallowances on travelling and telephone expenses as the assessee produced complete vouchers and audited books. Authorities cannot impose blanket disallowances without specific inquiry.
The tribunal confirmed that in search assessments under section 153A, no separate notice under section 143(2) is required. The assessee’s procedural objection was dismissed, aligning with Delhi High Court precedent.
The CIT(A)’s assumption of delay was corrected, restoring the appeal for adjudication. The ruling reinforces that statutory timelines are calculated from actual notice, ensuring fairness in tax appeals.
