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 : Understand how interest under the Income Tax Act is calculated, including Sections 234A–234D, 244A, and Rule 119A mechanics for ...
Income Tax : Due to any reason, in case the income tax department makes an excess refund to the taxpayer. Such taxpayer will have to return the...
Income Tax : Section 234D in Income Tax Act, 1961 was introduced in the act to cover those situations where the refund was issued to the assess...
Income Tax : The Mumbai ITAT held that reassessment initiated beyond three years was invalid because the alleged escaped income was only ₹5 l...
Income Tax : The Mumbai ITAT found that the assessment order was passed without granting a reasonable opportunity to the assessee to furnish co...
Income Tax : The Tribunal held that AY 2010-11 was outside the permissible ten-year assessment block computable under Section 153A. Applying th...
Income Tax : Assessments arising from searches conducted after 01.04.2021 must strictly comply with the reassessment framework under sections 1...
Income Tax : The ITAT held that leave encashment of ₹20.29 lakh received on retirement qualified for exemption as it was within the revised ...
The Mumbai ITAT held that reassessment initiated beyond three years was invalid because the alleged escaped income was only ₹5 lakh, far below the ₹50 lakh requirement under Section 149(1)(b). As a result, the reassessment and consequential assessment order were quashed.
The Mumbai ITAT found that the assessment order was passed without granting a reasonable opportunity to the assessee to furnish complete details or avail a hearing. The matter was remanded for fresh adjudication.
The Tribunal held that AY 2010-11 was outside the permissible ten-year assessment block computable under Section 153A. Applying the Delhi High Court’s interpretation in Ojjus Medicare, it found the notice itself invalid. As a result, the assessment proceedings were quashed and the appeals were allowed.
Assessments arising from searches conducted after 01.04.2021 must strictly comply with the reassessment framework under sections 147 and 148. Failure to adhere to statutory jurisdictional requirements, including mandatory approvals and satisfaction for use of third-party material, rendered the entire assessment void.
The ITAT held that leave encashment of ₹20.29 lakh received on retirement qualified for exemption as it was within the revised ₹25 lakh ceiling. The Assessing Officer was directed to allow the full claim.
ITAT Mumbai held that disallowance computed under Section 14A cannot be directly added while computing book profits under Section 115JB. Matter was remanded for fresh computation following the Vireet Investment ruling.
The Bangalore ITAT held that the Assessing Officer cannot estimate additional profit merely due to a fall in net profit ratio when books of account are not rejected. The Tribunal ruled that suspicion over self-made vouchers without concrete evidence cannot justify arbitrary additions.
Mumbai ITAT upheld ₹10.76 crore addition after rejecting selective identification of physical shares for capital gains computation. The Tribunal termed the arrangement a “colourable device” to suppress taxable gains.
The relocation did not lead to structural enhancement of business assets. The Tribunal ruled that such expenses remain in the revenue field. The decision distinguishes between operational and capital expenditure.
The Tribunal deleted the addition after finding that cash deposits were supported by disclosed sale consideration and documentary evidence. It held that unverified objections could not override confirmed transactions.
