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 Delhi held that the reassessment notice issued under Section 148 is clearly time barred owing to non compliance conditions prescribed on 1st proviso to Section 147 of the Act. Accordingly, re-assessment proceeding is illegal and without jurisdiction.
ITAT Chennai held that disallowance u/s 40(a)(ia) of the Income Tax Act for non-deduction of TDS is justified as TDS is not deducted and assessee has failed to file any evidence that receipts have declared the amount in their return of income.
ITAT Amritsar held that revisionary order under section 263 of the Income Tax Act unsustainable as AO accepted the deal of sale of agriculture land with a conscious and independent application of mind.
ITAT Raipur held that addition in case of bogus purchase transaction restricted to the extent of the difference between the gross profit of genuine purchases transactions and gross profit of bogus purchases transactions.
ITAT Mumbai held that amount under the head ‘capital gain’ not taxable as there is no transfer of any right, title, or interest in the property.
ITAT Delhi held that as per provisions of section 44 of the Income Tax Act there is no requirement of head wise bifurcation while computing income u/s 44 in case of insurance company. Thus, provisions of section 14A are not relevant to make a disallowance.
In Raunika Fashion Pvt. Ltd. Vs ITO (ITAT Delhi) case, ITAT clarifies that Section 41(1) cannot be invoked when trading liabilities have not been written back in books of accounts.
ITAT Mumbai held that penalty u/s 271(1)(c) not leviable as mere making of a claim which is not sustainable in law by itself will not amount to furnishing of inaccurate particulars of income.
ITAT Delhi held that plausible approach adopted by AO cannot be labeled as erroneous. Hence, revisionary order under section 263 of the Income Tax Act is unsustainable in law.
ITAT Delhi held that Tax Residency Certificate (TRC) is statutorily the only evidence required to be eligible for the benefit under the DTAA. Accordingly, benefit of India-Mauritius DTAA duly available.
