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(...
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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...
Madras High Court held that capital profit on the sale of the Fixed Assets of the Company cannot be taken directly to the Reserves & Surplus in the Balance Sheet and the same has to be routed through the Profit & Loss Account to arrive at the correct book profits u/s. 115JB of the Income Tax Act. Accordingly, the appeal stands dismissed.
The Tribunal found that the AO relied only on general information without corroborative material. The ruling emphasizes that suspicion cannot replace proof in tax proceedings.
The tribunal ruled that revisionary powers cannot be exercised without questioning the statutory approval under Section 153D. Absence of such examination renders Section 263 action invalid.
The Tribunal ruled that supplying only a summary of reasons is insufficient in law. The failure to furnish recorded reasons vitiated the entire reassessment.
The tribunal held that claiming TDS credit creates presumption of income in the assessee’s hands. The key takeaway is that TDS benefit must be explained or it becomes taxable.
The tribunal held that generation-based incentive linked to electricity output qualifies for deduction under Section 80-IA. It ruled that such incentives have a direct nexus with business operations.
ITAT ruled that interest disallowance cannot be made when sufficient interest-free funds are available. The key takeaway is that availability of own funds overrides assumptions of borrowed fund usage.
The tribunal held that rental income cannot be taxed as business income when the assessee has diverse business objects. It directed reassessment under the correct income head.
The Tribunal held that once the assessee disputes stamp duty valuation, referral to a Valuation Officer is necessary. The matter was remanded for fresh determination.
The court examined whether buy-back of shares below fair market value attracts Section 56(2)(x). It held that buy-back leads to extinguishment of shares, not acquisition of property, making the provision inapplicable.
