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 Ahmedabad held that the income generated by the assessee cannot be held bogus only based on the modus operandi. To hold income earned by the assessee as bogus, specific evidence has to be brought on record by the Revenue. In absence of any specific finding, assessee cannot be held to be guilty.
ITAT Cochin held that benefit of deduction of 7.5% of the total income is available to co-operative banks under clause (viia) of section 36(1) of the Income Tax Act.
ITAT Mumbai held that the Maharashtra State Board of Technical Education (MSBTE) would fall under the definition of state as per Article 12 of the Constitution of India.
ITAT Kolkata held that addition of sales reversal entry alleging the same as unexplained expenditure is unjustified and unsustainable in law.
ITAT Mumbai held that penalty u/s 271(1)(c) of the Income Tax Act unsustainable as entire addition is made on estimation basis and at no point of time it is proved that assessee has concealed the particulars of income or has furnished inaccurate particulars of income.
ITAT Mumbai held that disallowance made under section 14A of the Income Tax Act cannot extent exempt income earned by the assessee. Accordingly, AO is directed to restrict the disallowance u/s. 14A to the extent of exempt income.
ITAT Hyderabad held that statement of a third party already recorded u/s 132(4) of the Income Tax Act cannot be considered as an incriminating document for the purpose of making the addition u/s 153A of the Income Tax Act.
ITAT Delhi held that notional interest cannot be taxed as income as bank statement of the foreign bank account doesn’t show that any interest has been credited.
ITAT Mumbai held that issuance of manual final assessment order without containing DIN (Document Identification Number) is deemed to have never been issued. Accordingly, the impugned order is unsustainable in law.
ITAT Ahmedabad held that when interest free funds are available with the assessee, it can be said that investments are made out of interest free funds and hence disallowance under section 36(1)(iii) of the Income Tax Act not justifiable.
