Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : Section 154 permits rectification of mistakes apparent from the record in assessment orders, intimations, and TDS/TCS processing s...
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 : ITAT Delhi held legal services are not FTS under Section 9(1)(vii) and directed partner-wise DTAA examination. FTS addition was de...
Income Tax : ITAT Mumbai deleted a Section 69 addition after finding documentary evidence established joint ownership, source of funds, and ear...
Income Tax : ITAT Mumbai quashed reassessment after finding no Section 143(2) notice and that the AO issued a final order disguised as a draft ...
Income Tax : ITAT Surat held that delayed filing of Form 10B is a procedural lapse and remanded the matter after directing the AO to consider t...
Income Tax : ITAT Delhi held that interest and dividend earned from co-operative banks qualify for deduction under Section 80P(2)(d). Totgar's ...
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 accounting treatment in the Profit and Loss Account does not determine taxability of a receipt. Principal loan waiver remained non-taxable despite being shown as extraordinary income in accounts.
Mumbai ITAT held that discounts offered on gift cards and gift vouchers became an actual expenditure when the instruments were sold and could not be treated as contingent liability. The Tribunal allowed the deduction after noting that unutilised amounts were later offered to tax.
Gujarat High Court observed that additions in bogus purchase cases should be confined to the income component embedded in such transactions rather than the entire purchase amount.
Chennai ITAT held that variations between Insight Portal data and GSTR-2A could not automatically establish unexplained expenditure under Section 69C. The Tribunal ruled that no addition could be sustained without evidence of actual unrecorded expenditure.
For deduction on carbon credits, Section 80-IA deduction on the sale of CERs must be allowed; gains from the prepayment of deferred sales tax constituted capital receipts, meaning Commissioner’s relief required no interference.
The Tribunal accepted the assessee’s claim that the opening capital figure in the earlier ITR was wrongly reported due to omissions of FDRs and bank balances. Since the assets already existed in the preceding year, the addition under Section 68 was held unsustainable.
ITAT Mumbai held that once the lender confirmed the transaction during assessment and remand proceedings, the Assessing Officer could not doubt the genuineness of the loan. The ruling reinforces that proper documentary evidence carries significant evidentiary value.
The Bangalore ITAT held that deduction under Section 80IA can be granted only if the income is genuinely derived from the eligible industrial undertaking. Mere classification of income under other sources does not automatically entitle an assessee to deduction.
The Bangalore ITAT held that mere differences between declared construction cost and DVO estimates cannot sustain additions under Section 69B without independent evidence of unaccounted investment. The Tribunal deleted additions relating to hostel construction expenditure.
The Bangalore ITAT held that charitable trusts publishing and selling educational books do not lose Section 11 exemption merely because they earn surplus. Educational publishing activities were held distinct from commercial business activities.
