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 : This guide explains the various assessments under the Income-tax Act, including summary assessment, scrutiny assessment, best judg...
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 : 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 : Bangalore ITAT held that mine development expenditure incurred by a mining contractor was allowable as a revenue deduction under S...
Income Tax : Bangalore ITAT held that cash redeposited during demonetisation could not be treated as unexplained under Section 69A when the ass...
Income Tax : Bangalore ITAT deleted the addition under Section 69A after holding that the assessee had satisfactorily explained the source of c...
Income Tax : The ITAT ruled that failure to produce confirmations from debtors did not justify additions where sales, ledger accounts, and samp...
Income Tax : The ITAT ruled that bonus payments recorded in a separate bonus ledger, audit report, and profit and loss account could not be dis...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
ITAT Bangalore held that disallowance as per section 36(1)(va) r.w.s. 2(24)(x) of the Income Tax Act sustained as amount of employees’ share of contribution of PF/ESI not paid within due date stipulated in the respective Act.
ITAT Delhi held that the receipts from centralised service income are not taxable as Fees for Technical Services (FTS)/ Fees for included Services (FIS) under Article 12(4)(a) of India-USA DTAA.
ITAT Mumbai’s decision in case of DCIT vs KEC International Limited, where a 0.6% arm’s length rate was established for corporate guarantee fees, influencing future transfer pricing adjustments.
ITAT Mumbai ruled that the interest subsidy received under the technology upgradation fund scheme is considered a capital receipt, even if it is credited against interest expenditure in the books of account.
ITAT Delhi held that issuance of notice by AO in the status of ‘Local Authority’ and assessment framed in different status i.e. in the name of ‘Artificial Juridical Person’ is bad in law and hence liable to be cancelled.
ITAT Ahmedabad confirmed addition on account of bogus long term capital gains from transaction in penny stock observing that mere filing documentary evidences did not discharge onus cast on the assessee to prove genuineness of the transaction.
ITAT Delhi held that difference between service tax return and the revenue was occurred due to the wrong exchange rate applied to export income transaction while filing the service tax return. Hence, mere mistake in the service tax return does not mean that the income of the assessee has been suppressed.
ITAT Amritsar held that the appeal order caused not maintainable for violation of section 249(4) of the Income Tax Act for non-payment of admitted tax. Accordingly, the appeal order u/s 250 is caused nullity which will be not maintainable before the Tribunal.
ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit unsustainable as cash proceeds already reflected in Profit & Loss account, hence addition u/s 68 will amount to double taxation.
Held that in the absence of any incriminating material found or seized during the course of search and seizure proceedings, the additions made by the AO during the course of reassessment under section 153A of the Income Tax Act are without jurisdiction.
