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 subscription to preference shares cannot be re-characterized as loans in absence of evidence showing sham transactions. Notional interest addition was deleted.
The case involved addition of share sale proceeds treated as bogus based on investigation reports. The Tribunal held that no direct evidence linked the assessee to manipulation. It ruled that documented transactions through banking and demat channels cannot be disregarded without proof.
The case involved reopening of assessment based on issues already examined during scrutiny. The Court held that reassessment without new material is invalid. It ruled that reopening on the same facts amounts to impermissible action.
Tribunal held that once income is computed under section 44AD using stamp duty value as turnover, a separate addition under section 43CA leads to double taxation and is not permissible.
The case involved denial of deduction on interest earned from cooperative bank deposits. The Tribunal held that such income qualifies for deduction as it is derived from investments with a cooperative society.
The tribunal held that reopening of assessment was invalid due to invocation of the wrong Explanation under Section 147 despite a completed assessment under Section 143(3).
The issue was whether delay of 18 months could be rejected without proper opportunity. The ITAT held that fair hearing is essential and remanded the matter for reconsideration of delay with supporting evidence.
The issue was whether the assessment order could be revised for lack of inquiry. The Tribunal held that since the Assessing Officer had examined the issues and taken a view, revision under Section 263 was not justified.
The issue was whether protective additions can survive when substantive additions are deleted. The ITAT held that once the substantive addition fails on merits, the protective addition based on the same material cannot be sustained.
The issue was whether a Joint Development Agreement (JDA) constituted transfer triggering capital gains. The tribunal held no taxable transfer occurred as rights were unsettled due to partition disputes and lack of finality.
