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...
ITAT Rajkot held that cash deposits made during demonetization were fully supported by audited books of account, cash books, and bank records. The Tribunal ruled that additions under Section 69A cannot be sustained merely on suspicion.
The Hyderabad ITAT held that purchases cannot be treated as bogus merely because the supplier failed to respond to a notice under Section 133(6). The Tribunal deleted the addition after finding supporting invoices, confirmations, and banking records on record.
ITAT Delhi held that the assessee was covered under the search proceedings even though its name did not specifically appear in the panchnama because the warrant referred to “& Ors.” The Tribunal therefore upheld jurisdiction under Section 153A.
Bangalore ITAT ruled that only solar days and not cumulative man-days should be considered while determining the existence of a Permanent Establishment under the India-Saudi Arabia DTAA. Since the assessee’s stay was only 90 days, no PE was held to exist in India.
ITAT Hyderabad held that addition of Rs. 13 lakh under Section 69A through rectification proceedings exceeded the scope of Section 154. The Tribunal ruled that issues requiring detailed factual examination cannot be treated as mistakes apparent from record.
Tribunal held that deduction for bad debts is allowable in the year in which the debts are actually written off in the books of account. It rejected the Revenue’s view that NPAs classified earlier must necessarily be written off in those earlier years.
ITAT Ahmedabad held that delivery-based share transactions shown as investments in books could not be treated as business income without supporting evidence. The Tribunal upheld capital gains treatment for both STCG and LTCG.
SC examined nature of amounts received from an AOP and upheld findings that receipts constituted profit share rather than revenue share. Court noted that such income could not be taxed again in member’s hands.
ITAT Delhi ruled that the holding period for capital gains purposes began from the date of full payment and transfer of possession under the agreement to sell, not the later registration date. The property was therefore treated as a long-term capital asset.
The ITAT Delhi held that the Assessing Officer could not alter book profit under Section 115JB by disallowing losses from alleged penny stock transactions. The Tribunal ruled that such adjustment was not permitted under the statutory explanations to Section 115JB.
