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Income Tax : ITAT Chandigarh upholds CIT(A) order, deleting additions under Section 153A, citing absence of incriminating material found during...
Income Tax : Addition based on the District Valuation Officer’s (DVO) report, which exceeded the stamp duty value was upheld as assessee ch...
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Income Tax : Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search...
ITAT Chandigarh upholds CIT(A) order, deleting additions under Section 153A, citing absence of incriminating material found during search proceedings.
Addition based on the District Valuation Officer’s (DVO) report, which exceeded the stamp duty value was upheld as assessee challenged to DVO’s valuation was arbitrary without any supporting evidence.
ITAT Lucknow rules that additions under Section 68 require incriminating evidence. ₹2 crore cash credit addition against Ocean Dream Infrastructures is deleted.
ITAT Jaipur held that once the jewellery and silver articles are considered as belonging to the family as a whole, there does not remain any unexplained gold jewellery. Hence, addition towards unexplained gold jewellery is liable to be deleted.
During pendency of the assessment proceedings, respondent No.1 filed application u/s. 245C(1) before the Income Tax Settlement Commission offering additional income of Rs.17 Crores for the assessment years from 2011-12 to 2017-18.
Interest paid on late payment of TDS was not an expenditure wholly and exclusively incurred for the purpose of business and further it was a payment, which was in the form of tax, so it was not an allowable expenditure.
In pursuance of search, notice u/s.153A was issued and in response, assessee also filed its return of income. AO noted that assessee had taken loan from four parties during the years under consideration.
Petitioner stated that the said notice was issued pursuant to the information collected under section 135A of the Act, which pertains to the transactions entered by some other assessee (Manisha Jain) having a different PAN and having no relation with the petitioner.
Delhi High Court held that initiation of re-assessment proceedings under section 148 of the Income Tax Act against merged company is invalid as company is dissolved after Scheme of Arrangement. Thus, writ petition is allowed and notice/ order quashed.
Rajasthan High Court stays final order in Radha Mohan Maheshwari’s reassessment case, citing time-barred notice under Section 148. Proceedings may continue, pending reply.
