Income Tax : The three-judge bench of Supreme Court of India in the case of Deputy Commissioner of Income Tax v. M/S Pepsi Foods Ltd struck dow...
Income Tax : A perusal of this order reveals that the Tribunal has recorded a finding that it is empowered by Section 254 of the Act to stay pr...
Income Tax : The existing provisions of Section 254(2) provide for a time-limit of four years from the date of the order of the Appellate Tribu...
Income Tax : Delhi High Court held that once the Tribunal had called upon the AO to examine the issue afresh, the said direction could not have...
Income Tax : Delhi High Court held that once the Tribunal had accorded relief and allowed a deduction, the same was liable to be necessarily ma...
Income Tax : Read the detailed analysis of ITO Vs Neetaben Snehalkumar Patel (ITAT Ahmedabad) where Section 254(2) was scrutinized for rectific...
Income Tax : ITAT Ahmedabad rules improper service of notice due to incorrect email address in the case of LMP Motors Pvt. Ltd Vs ACIT, highlig...
Income Tax : Kerala High Court restores Cool Mind Technologies' income tax appeal, emphasizing ITAT's obligation to consider appeals on merits ...
ITAT Amritsar held that transfer of REC (Renewable Energy Certificate) is capital in nature and not liable to tax under business income as the income is offshoot from environmental concern not from offshoot of business concern.
ITAT Mumbai held that the disclosure made by the tax auditor in audit report in Form 3CD about the ‘Details of contributions received from employees for various funds as referred to in section 36(1)(va)’ would now become indicative of a disallowance, hence provisions of section 143(1)(a)(iv) of the Act would get attracted.
ITAT Mumbai ruled that the interest subsidy received under the technology upgradation fund scheme is considered a capital receipt, even if it is credited against interest expenditure in the books of account.
ITAT Amritsar held that in absence of cogent and satisfactory explanation, delay of 781 days in filing of an appeal cannot be condoned. Accordingly, condonation of delay not granted.
Delhi High Court held that the legislative history of Section 245A of the Income Tax Act indicates that the proceedings for assessment, re-assessment and re-computation u/s. 148, prior to issuance of notice u/s. 148 of the Act, were excluded from the scope of the definition of the term ‘case’. Literal interpretation of language of section 245A is justifiable.
ITAT Delhi held that penalty u/s 271(1)(b) of the Income Tax Act not imposable as reasonable cause shown for non-furnishing of consent form sought by AO.
ITAT Hyderabad held that in absence of any substantial proceeding or collateral proceedings pending before AO, AO was right in not entertaining the application for rectification filed by the assessee.
ITAT Mumbai held that re-computation of capital gains by considering the lower value of consideration for the sale of equity shares of the subsidiary company allowable as the genuineness of the same is proved.
Delhi High Court held that in terms of rule 24 of the ITAT Rules, when the Tribunal has ex-parte disposed of the appeal on merits and thereafter the appellant appears, the Tribunal shall set aside the ex-parte order and restore the appeal if sufficient cause is shown.
Bombay High Court held that as per provisions of section 153(3) of the Income Tax Act any order of fresh assessment in pursuance of an order under Section 254, 263 or 264 should be made within a period of 9 months from the end of the financial year in which the order is received. Order passed beyond the same will be time barred.
