Income Tax : Faceless Income-tax proceedings and e-assessments under Section 144B simplify taxpayer compliance. Use the e-filing portal for ele...
Income Tax : Understand Sections 234A, 234B, 234C, and 234D of the Income Tax Act covering interest on late filing, short payment, delayed adva...
Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : Understand how interest under the Income Tax Act is calculated, including Sections 234A–234D, 244A, and Rule 119A mechanics for ...
Income Tax : A look into why taxpayers face interest charges under Sections 234B and 234C, exploring how Section 210, a provision for official ...
Income Tax : Request to CBDT to permit filing of Form 10IC after expiration of time limit by condoning delay Issuance of Order under Section ...
Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...
Income Tax : Recommendation For Amendment To Section 234C To Provide Relief Where A New Business Is Started During The Financial Year Section 2...
Income Tax : ITAT Panaji held that disallowance of audit fees is not justifiable since commencement of business operation is recognised under t...
Income Tax : ITAT ruled that once the Assessing Officer makes no addition on the issue forming the basis of reopening, other additions cannot s...
Income Tax : ITAT Mumbai held that the provision for leave encashment made on actuarial basis constitutes an ascertained liability and is allow...
Income Tax : The Tribunal deleted the addition sustained by the CIT(A) as it was based solely on digital data found from a third party. It reit...
Income Tax : ITAT Mumbai held that balancing figure between the slump sale consideration and the value of identifiable tangible assets represen...
ITAT Panaji held that disallowance of audit fees is not justifiable since commencement of business operation is recognised under the Companies Act and expenditure was incurred wholly and exclusively for business. Accordingly, appeal allowed to that extent.
ITAT ruled that once the Assessing Officer makes no addition on the issue forming the basis of reopening, other additions cannot survive. MAT demand under Section 115JB was therefore struck down as unlawful.
ITAT Mumbai held that the provision for leave encashment made on actuarial basis constitutes an ascertained liability and is allowable as deduction. Accordingly, the said ground is allowed.
The Tribunal deleted the addition sustained by the CIT(A) as it was based solely on digital data found from a third party. It reiterated that suspicion or extrapolation without direct evidence cannot sustain tax additions.
ITAT Mumbai held that balancing figure between the slump sale consideration and the value of identifiable tangible assets represents goodwill or commercial rights in the nature of an intangible asset, and depreciation thereon is allowable under section 32(1)(ii) of the Income Tax Act.
The Tribunal ruled that accepting share capital and unsecured loans without proper verification violates Section 68 requirements. It upheld the Principal CITs revision order, stating that failure to investigate renders the order prejudicial to revenue.
ITAT held that additions relying merely on investigation wing reports and retracted statements, without direct incriminating evidence, violate settled principles governing Section 153A proceedings.
The Tribunal held that once provisions were disallowed and taxed in an earlier year, their subsequent reversal cannot be taxed again. It directed withdrawal of income offered to prevent double taxation.
ITAT Delhi held that a public charitable trust cannot be taxed at the Maximum Marginal Rate under Section 167B. The Tribunal directed that income be taxed at normal slab rates applicable to an AOP.
The Tribunal held that after submission of primary creditor details, the burden shifted to the AO to disprove the claim. The case was remanded to ensure fair opportunity and proper inquiry.
