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 : Calcutta HC dismissed the Revenue's appeal after the remand report confirmed the disputed receipt was sale proceeds of investments...
Income Tax : Delhi High Court ruled that expenditure cannot be disallowed under Section 14A unless exempt income is actually earned in the rele...
Income Tax : Bombay High Court held that non-compliance with Section 144B raised a jurisdictional issue requiring ITAT adjudication and set asi...
Income Tax : Gujarat High Court upheld deletion of the Section 271D penalty, holding that absence of recorded satisfaction in the assessment or...
Income Tax : The High Court declined to examine bogus purchase issues after holding the Revenue's appeal not maintainable due to low tax effect...
DGFT : All conditions in policy circular no 15 of 1st February 2011 will continue to apply, except the specification about dates and the ...
The High Court sustained the exemption under Section 11 for a charitable trust, holding that doctors’ fees excluded from gross billing do not affect the 2% Indigent Patient Fund contribution. Revenue’s appeal was dismissed.
Rajasthan High Court held that criminal prosecution wholly on allegation of concealment is liable to be quashed since the Tribunal has adjudicated that there was neither concealment during penalty proceedings hence there remains no factual or legal basis for the prosecution to survive.
The High Court ruled that undisclosed income can be assessed using both search material and other information relatable to it, confirming the ITAT’s interpretation of Section 158-BB.
Chhattisgarh High Court held that TCS provisions covered under section 206C(1C) of the Income Tax Act doesn’t apply to amount of compounding fees/ fine that was recovered from illegal miners and transporters of minerals.
Gujarat High Court held that Explanation to section 73(1) of the Income Tax Act cannot be applied to loss on sale of shares which were acquired on conversion of partly convertible debentures. Hence, loss on sale of such shares is not speculation loss and hence set off allowed.
Court rules partial co-ownership of property constitutes ownership under Section 54F, disallowing exemptions claimed on reinvested capital gains. Tribunal’s earlier allowance set aside.
Madras High Court held that order of attachment of immovable property is required to be lifted as recovery officer is bound to give effect to order of higher authority. Accordingly, since entire arrears is already paid as per order passed by ITAT.
Court upheld Tribunal’s finding that Assessing Officer examined cash deposits and adopted a permissible view by treating them as sales. Since the issue had been enquired into and two views were possible, revision under Section 263 could not be justified.
The court upheld the Tribunal’s view that the AO had examined salary and business promotion expenses, making Section 263 revision invalid. It held that when two views are possible, revisional interference is unwarranted.
The Court held that the approval granted for multiple search assessments was issued in a consolidated, mechanical form without case-specific consideration. It noted that Section 153D requires meaningful application of mind, which was absent in the approval examined by the Tribunal. The appeals were dismissed as no substantial question of law arose.
