Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
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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 ruled that a genuine share transaction resulting in a short-term loss cannot automatically be treated as a make-believe or accommodation entry transaction. The assessee’s regular trading history supported the genuineness of the transactions.
ITAT Mumbai deleted additions exceeding ₹10.57 crore made under section 56(2)(vii)(c) after finding that the Assessing Officer wrongly adopted an amended valuation approach retrospectively. The Tribunal upheld the CIT(A)’s deletion in entirety.
The Tribunal ruled that additions proposed by CPC under Section 143(1)(a) ceased to survive after the Assessing Officer deleted them in the final scrutiny assessment order. As a result, further appeals relating to the original intimation became infructuous.
The Tribunal ruled that an assessee following mercantile accounting must offer interest income to tax on accrual basis, irrespective of delayed receipt. Failure to disclose the full accrued amount in the relevant year justified reassessment and addition.
The ITAT Delhi ruled that reimbursement of software costs to foreign AEs on a cost-to-cost basis could not be treated as a profit-generating intra-group service. The Tribunal deleted the transfer pricing adjustment after finding the benchmarking method adopted by the TPO unjustified.
ITAT Mumbai ruled that replacing projected cash flows with actual profits while applying the DCF method is legally impermissible. The decision reaffirmed that DCF valuation is inherently based on future estimates and business expectations.
ITAT Mumbai held that additions under section 68 cannot survive where the Assessing Officer failed to conduct independent verification of alleged accommodation entries. Reliance solely on third-party investigation reports was rejected.
The Tribunal upheld tax addition where agricultural land was acquired below stamp duty valuation and DVO-determined fair market value. It ruled that agricultural status of land does not exclude applicability of section 56(2)(x).
ITAT Ahmedabad held that reassessment under Section 147 was invalid as the Assessing Officer failed to show independent application of mind or establish a nexus between investigation material and escaped income.
ITAT Chandigarh held that cash deposits during demonetization could not be treated as unexplained income since the amounts were recorded as sales turnover in the books and supported by VAT returns.
