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 ITAT deleted transfer pricing adjustments for Advertisement, Marketing, and Sales Promotion (AMP) expenses, confirming no international transaction existed with the AE. The ruling held that the Bright Line Test (BLT) is invalid and that since the entity-level TNMM was accepted, no separate AMP adjustment was permissible.
Understand how interest under the Income Tax Act is calculated, including Sections 234A–234D, 244A, and Rule 119A mechanics for taxpayers.
Tribunal remands assessment of Namdhari Seeds on income from leased lands, awaiting Supreme Court ruling on whether contract farming income qualifies as agricultural income under section 10(1).
ITAT Ahmedabad held that issue of applicability of section 115JB to National Dairy Development Board is debatable and not a mistake apparent from record hence rectification order passed is beyond the scope of section 154 of the Income Tax Act.
ITAT Mumbai allows Mauritius fund to carry forward capital losses under Indian law while claiming DTAA exemption on pre-2017 share gains.
ITAT Jaipur quashes addition of suppressed school fees for Pushpa Vidya Niketan, stating survey statements lack evidentiary value without corroboration.
During the assessment proceedings, it was observed that the assessee sold two trademarks “Coldarin” and “Raricap”. The gains accrued on the transfer of both these capital assets gave rise to income chargeable to tax under the head “Capital Gains”.
ITAT Jaipur ruling on Parshavnath Buildestate Pvt Ltd vs ACIT regarding unexplained expenditures under Section 69C and taxation under Section 115BBE of the Income Tax Act.
ITAT Mumbai partly allows HDFC Life’s appeal, addressing taxability of life insurance profits, shareholder account transfers, and Section 14A disallowances.
ITAT Ahmedabad held that addition towards unexplained cash credit under section 68 of the Income Tax Act not justified since loan transactions were done through banking channels and loans were repaid in short period. Accordingly, addition deleted.
