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 : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
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 case involved disallowance of business expenses where activity was minimal. ITAT held that existence of even limited business justified partial allowance and restricted disallowance to ₹1 lakh.
The issue involved large unsecured loans without full supporting evidence. ITAT held that identity and creditworthiness were not properly established and sent the matter back for fresh verification.
The issue involved restriction of TDS credit due to mismatch between Form 26AS and return. ITAT held that such adjustments require verification and cannot be made under Section 143(1).
The Tribunal restored the penalty matter as the quantum addition was sent back to the AO. It held that penalty must follow the outcome of reassessment proceedings.
The Tribunal held that the higher 60% tax rate under Section 115BBE cannot apply to transactions prior to 01.04.2017. It directed application of 30%, reinforcing that amendments apply prospectively.
ITAT Mumbai held that with respect to benchmarking of export transaction, foreign Associated Enterprise [AE] can be chosen as tested party since AE possess the least complex functional analysis. Accordingly, transfer pricing adjustment not justifiable.
The issue was whether disclosed investments could be treated as unexplained. The Tribunal held that Section 69 cannot be invoked when investments are recorded and taxed, upholding deletion of additions.
ITAT Pune held that reopening of assessment under section 148 of the Income Tax Act based on audit objection is merely change of opinion and the same is impermissible in law. Accordingly, notice issued u/s. 148 is not valid and is liable to be quashed.
The Tribunal held that additions based on presumptions without evidence cannot be sustained fully. It reduced the addition on unexplained cash deposits from 10% to 5%, granting relief to the assessee.
The Tribunal held that exemption cannot be denied merely because the purchase agreement was unregistered. Substantial payment and possession were considered sufficient for claiming relief.
