Income Tax : The issue is when High Courts can entertain appeals against ITAT orders. The key takeaway is that only debatable, material legal q...
Income Tax : Supreme Court disallows ₹10 crore bad debt deduction for Khyati Realtors Pvt Ltd, ruling it as capital expenditure, not eligible...
Income Tax : Explore remedies for taxpayers under the Income Tax Act, 1961, comparing appeals & revisions. Understand procedures, limitations &...
Income Tax : On commencement of regular assessment proceedings u/s 143(2) of Act , there is no need for intimation u/s 143(1)(a)(i) Where the s...
Income Tax : Substantial question of Law (SQL). On interpretation of section 260A of the Income Tax Act , 1961 and section 100 of the code of c...
Income Tax : Madras High Court held that time-share membership fees could not be fully taxed in the year of receipt since the assessee had cont...
Income Tax : The Tribunal ruled in favour of the assessee after noting that audited financials, PAN, bank statements, ITRs, confirmations, and ...
Income Tax : The Hyderabad ITAT held that only the actual period lost during the limitation period can be excluded under Explanation-1 to Secti...
Income Tax : The High Court ruled that reopening under Sections 147 and 148 was unsustainable because the Assessing Officer’s reasons amounte...
Income Tax : The Delhi High Court held that shareholders of a foreign company cannot be taxed on the company’s rental income and capital gain...
DGFT : All conditions in policy circular no 15 of 1st February 2011 will continue to apply, except the specification about dates and the ...
Madras High Court held that Income Tax Appellate Tribunal cannot review its earlier order under Section 254(2) of the Income Tax Act. Notably jurisdiction of Tribunal is restricted only to rectify error and not review.
The High Court held that additions for excess cash and stock cannot rest only on a survey statement. It ruled that statements under Section 133A lack conclusive evidentiary value without corroborative material.
The Bombay High Court held that additions under Section 153A cannot be made for completed assessments when no incriminating material is found during search. Post-search documents like base notes are insufficient to justify additions.
The Tribunal held that revenue-sharing license fees under the 1999 policy are capital expenditure, mandatorily amortizable under section 35ABB, following the Supreme Court verdict.
The Tribunal held that deductions for donations cannot be denied due to later retrospective withdrawal of approval. Genuine donations made when the donee was approved retain tax benefits.
SC upheld the view that claimed liabilities towards two banks were unsubstantiated. The ruling reinforces the need for documentary verification of liabilities.
The court held that undisclosed investments in school property could be assessed against the wife due to her familial control over the educational society. Seized documents from the husband’s premises were relevant and sufficient evidence.
Sikkim HC ruled that non-banking cooperative societies can claim deductions on interest income from cooperative banks, reversing ITAT’s misinterpretation of section 80P(4).
The ITAT Pune held that splitting royalties for domestic vs export sales was impermissible, deleting the entire transfer pricing adjustment. The ruling reinforces that TNMM aggregation for manufacturing includes royalties as a single element.
The addition was based on a loose paper that did not match Yes Bank loan details or HMA ledger figures. The Tribunal upheld that such uncorroborated papers cannot sustain a 69C addition, especially when business had not yet commenced. The takeaway is that tax additions must be backed by verifiable evidence, not estimations on loose sheets.
