Income Tax : ITAT Bangalore held that disallowance of agricultural expenses based on estimation is unsustainable without concrete evidence, rul...
Income Tax : Understand the implications of receiving a notice under Section 143(2) of the Income Tax Act. Learn how to respond, time limits, a...
Income Tax : Article discusses about Order which can be rectified under section 154 of Income Tax Act, 1961, Rectification of Income Tax order ...
Income Tax : Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates,...
Income Tax : Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing ...
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 : Delhi HC held that the settlement consideration as received was liable to be recognized as capital gains and the same couldn’t p...
Income Tax : ITAT Ahmedabad held that genuineness of transaction, creditworthiness and identity of creditors not proved, hence addition u/s. 68...
Income Tax : Karnataka High Court held that settlement commission, accepting additional income offered as reasonable and giving immunity from p...
Income Tax : ITAT Pune restored the assessment order as assessee neither filed any evidence nor provided material in an attempt to discharge th...
Income Tax : Rajasthan HC upholds penalty under Section 271(1)(c) of the Income Tax Act, 1961 for unexplained cash deposits after withdrawals. ...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
ITAT Raipur held that reopening of completed assessment beyond four years without failure on the part of the assessee to fully and truly disclose all the material facts is unjustified and liable to be quashed.
ITAT Mumbai held that any expenditure incurred for purpose of earning income chargeable under the head ‘income from other sources’ is allowable as deduction u/s. 57(iii) of the Income Tax Act.
ITAT Chennai held that the corporate guarantee to Associated Enterprise (AE) is an international transaction and it has to be assessed at 0.5% of the corporate commission. Hence, directed AO to restrict the disallowance at 0.5% of the guarantee value.
ITAT Mumbai held that the Indian Subsidiary operating in an independent manner doesn’t constitute as a “Permanent Establishment” in India and hence income of the assessee is not allowable to be taxed in India.
Read how ITAT Delhi deleted ALP adjustment in STEAG Energy Services vs. ACIT case, as it falls within tolerance band of +/- 5% under Section 92C(2) of Income Tax Act.
ITAT Jaipur held that interest paid on TDS is compensatory in nature and is a business expenditure allowable u/s 37(1) of the Income Tax Act
ITAT Delhi held that imposition of penalty u/s. 271(1)(c) of the Income Tax Act unsustainable in absence of any concealment of income or furnishing inaccurate particulars of income by the assessee.
ITAT Mumbai held that addition u/s. 68 of the Income Tax Act merely based on statement of the key person which was retracted subsequently unsustainable as genuineness, identity and creditworthiness proved.
In a recent case, ITAT Delhi ruled that having a difference of opinion alone is insufficient to invoke Section 263 of the Income Tax Act.
In this article, we discuss ITAT Mumbai’s decision in Hiranandani Healthcare Pvt Ltd vs CIT case regarding set-off of brought forward losses and impact of Section 79 on individual shareholding changes.
