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...
The Tribunal held that deduction under Section 80P on bank interest cannot be re-examined once earlier order attained finality. The issue was restricted to allowing related expenses under Section 57.
The issue was whether CSR expenditure qualifies for deduction under section 80G. The Tribunal held that deduction is allowable as there is no specific prohibition except for certain funds.
The ruling rejected re-characterization of share transactions as loans in absence of exceptional circumstances. Interest imputation on such transactions was deleted.
The Tribunal set aside the order as the CIT(A) failed to examine judicial precedents cited by the assessee. The matter was remanded for fresh adjudication with proper reasoning.
The Tribunal held reopening valid as tangible material showed undisclosed capital gains. It ruled that execution of a registered sale deed triggers tax liability even if consideration is disputed.
Tribunal ruled that share transactions cannot be treated as loans without proof of exceptional circumstances. Notional interest addition on such re-characterisation was deleted.
The Tribunal examined whether addition under Section 68 could be made without seized evidence. It held that no addition is permissible in absence of incriminating material. The key takeaway is that search assessments must rely on concrete evidence.
The issue was whether rejection of books and GP estimation was justified due to missing records. ITAT upheld the addition, ruling that failure to produce bills, vouchers, and stock records justified estimation.
The issue was whether repayment of loans through banking channels proves genuineness under Section 68. ITAT Delhi held it does not, ruling that bogus loans remain unexplained even if repaid.
The case involved denial of remaining depreciation where machinery was used for a short period. The Court held that balance depreciation can be claimed in the subsequent year to ensure parity.
