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(...
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 Tribunal found that the AO wrongly taxed an investment in an incorrect assessment year. Evidence showed the purchase occurred earlier than the year under consideration. The decision highlights the importance of correct year-wise taxation.
The Tribunal held that CIT(A) cannot make a fresh addition without issuing an enhancement notice. Cash redeposits from explained loan withdrawals were accepted as genuine.
The Tribunal held that transfer pricing adjustment cannot survive without a final assessment order post-DRP directions. Repeating such addition in a Section 263 order was held invalid.
The Tribunal held that appeal must be verified by the authorized principal officer. Filing by an incorrect person renders the appeal invalid and not maintainable.
The Tribunal held that ESOP costs are employee compensation and qualify as revenue expenditure. Disallowance treating them as capital expenditure was deleted.
The Tribunal held that interest earned on surplus funds is business income of a credit society. Such income qualifies for deduction under Section 80P(2)(a)(i).
The Tribunal held that loss from discontinued operations cannot be restricted without evidence. Fully supported expenses must be allowed under Section 37(1).
The Tribunal held that deduction under Section 80P on bank interest cannot be re-examined once earlier order attained finality. The issue was restricted to allowing related expenses under Section 57.
The issue was whether CSR expenditure qualifies for deduction under section 80G. The Tribunal held that deduction is allowable as there is no specific prohibition except for certain funds.
The ruling rejected re-characterization of share transactions as loans in absence of exceptional circumstances. Interest imputation on such transactions was deleted.
