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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 held that consistent investment history and documentary proof established genuineness of share transactions. Additions under Section 68 were deleted due to lack of contrary evidence.
The Tribunal held that revisionary powers cannot be used to substitute the AO’s view with that of the Pr. CIT. It emphasized that such substitution is beyond Section 263. The decision protects independent assessment decisions.
The Court held that failure to consider a remand report acknowledging agricultural income constituted an apparent error, leading to recall of the earlier judgment and remand for fresh adjudication.
The court examined whether reassessment could be initiated after four years based on existing records. It held that reopening founded on a change of opinion is impermissible, and such reassessment was quashed. The ruling reinforces limits on reassessment powers.
The case involved multiple additions challenged by the revenue after relief was granted to the assessee. The Court held that once the Assessing Officer accepted the claims in remand, no substantial question of law survives.
The Tribunal held that challenges to appreciation of evidence amount to review, not rectification. It ruled that Section 254(2) permits only correction of apparent errors, leading to dismissal of the Revenue’s application.
The Tribunal held that long-term capital gains cannot be disallowed solely on investigation reports and assumptions. It found that documentary evidence and investment history supported genuineness, leading to deletion of additions under Section 68.
The case addressed the taxability of duty drawback income based on accounting method. The Tribunal ruled that taxing it on accrual basis was incorrect and ordered deletion of the addition.
The case involved disallowance of employee contributions during return processing. The Tribunal held that such debatable issues cannot be adjusted under Section 143(1) and deleted the addition.
The Tribunal relied on Supreme Court precedent to hold that interest on tax arrears is compensatory, not penal. It ruled that such interest qualifies as a deductible business expense.
