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 : A surge in Section 143(2) notices was triggered by the June 2025 limitation deadline. This explains why cases were picked and how ...
Income Tax : The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was estimated. S...
Income Tax : The ITAT held that an assessment completed before receiving the DVO report under section 50C(2) is invalid. All additions and disa...
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 : Tribunal observed that the Assessing Officer failed to establish any mismatch in stock, sales, or accounting records before making...
Income Tax : ITAT Hyderabad held that constituent members of a JV or Consortium can claim deduction under Section 80IA(4) when they actually ex...
Income Tax : The Tribunal found that full payment, TDS deduction, and transfer of possession established completion of the transaction for capi...
Income Tax : ITAT Rajkot held that cash deposits made during demonetization were fully supported by audited books of account, cash books, and b...
Income Tax : The Hyderabad ITAT held that purchases cannot be treated as bogus merely because the supplier failed to respond to a notice under ...
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 Section 2(22)(e) cannot apply where the assessee held less than 10% shareholding in the lending company. As statutory thresholds were not met, the deemed dividend addition was largely deleted.
Holding that the search team did not examine the source of cash properly, the Tribunal directed bifurcation of penalty—30% on declared income and 60% on unexplained income.
ITAT Mumbai held that securitisation trusts, cannot be assessed as an AOP, are revocable within the meaning of section 63 of the Income Tax Act and hence income is not taxable in the hands of trust. Accordingly, the appeal of the revenue is dismissed.
ITAT Mumbai held that even if Section 11 exemption is denied due to lack of registration, the Assessing Officer cannot tax entire gross receipts without examining expenditure. Only net income, if any, can be brought to tax.
ITAT Bangalore held that mere long-pending sundry creditors cannot be taxed under Section 41(1) unless there is actual remission or legal cessation of liability. Continued reflection of liabilities in books prevents addition as income.
ITAT Bangalore held that a Souhadra Sahakari registered under the Karnataka Souhadra Sahakari Act qualifies as a co-operative society under Section 2(19). Deduction under Section 80P(2)(a)(i) was allowed, and related additions were deleted.
The Tribunal held that the appellate authority exceeded jurisdiction by restoring the matter to the Assessing Officer for fresh assessment. It directed the CIT(A) to decide the deemed dividend addition on merits as raised in appeal.
The Tribunal held that cash deposits made during demonetization cannot be treated as unexplained under Section 68 if sufficient cash balance is recorded in regular books of account.
The Tribunal held that after submission of primary creditor details, the burden shifted to the AO to disprove the claim. The case was remanded to ensure fair opportunity and proper inquiry.
The Tribunal held that treating part of the disclosed sale proceeds as unexplained cash credit amounts to double taxation. It directed deletion of the addition to the extent linked to the accepted sale consideration.
