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 : A remedy by way of appeal from the orders of ITAT is provided both u/s.260A of the Income-tax Act, 1961 and u/s.15 (w.e.f. 6-1- 20...
Income Tax : Patna High Court held that ITAT was not justified in reversing the order of CIT(A) without demonstrating any perversity, misreadin...
Income Tax : Uttarakhand High Court held that order of the Competent Authority granting sanction or approval or refusing to grant sanction or a...
Income Tax : The High Court quashed tax additions where the assessee was denied cross-examination of a key witness whose statements were relied...
Income Tax : Gujarat High Court held that disallowance of claim made in return cannot amount to furnishing of inaccurate particulars. According...
Income Tax : The High Court held that the tax department cannot deny set-off of short-term capital loss when the same claim was accepted in fac...
DGFT : All conditions in policy circular no 15 of 1st February 2011 will continue to apply, except the specification about dates and the ...
Allahabad HC upheld ITAT’s decision in PCIT vs Sapna Gupta, ruling the Section 153D approval was mechanical, invalidating the assessment proceedings.
Bombay High Court held that reopening of assessment by AO by merely acting under dictation or on borrowed satisfaction without independent application of mind to materials on record is not justifiable in law. Hence, appeal of revenue liable to be dismissed.
Karnataka High Court allows ESOP discount as deductible expense under Section 37 for Biocon Ltd. Revenue’s appeal dismissed for AY 2004–05.
Calcutta HC rules share sale profits as capital gains for Century Plyboards, citing investment intent and consistent past tax treatment.
ITAT Pune held that penalty under section 270A is not leviable since neither the assessment order nor the notice issued u/sec.274 r.w.s.270A the Assessing Officer has specified the limb under which the case of the assessee falls.
Delhi High Court held that application of funds by Indian Broadcasting Foundation in BARC doesn’t qualify as deployment was not intended to yield income/profit hence denial of exemption u/s. 11 and 12 of the Income Tax Act not justified.
Bombay High Court upholds disallowance of short-term capital loss in Trends Pharma case, finding the share transaction a sham to avoid tax.
Delhi High Court held that Resale Price Method (RPM) is the most appropriate method to determine arm’s length price since assessee purely acts as a distributor and makes no value addition. Thus, appeal of revenue dismissed.
Delhi High Court held that Section 260A of the Income Tax Act refrains from incorporating a specific provision permitting the filing of a cross-objection. Thus, cross objection would not be maintainable.
ITAT Surat held that addition under section 68 of the Income Tax Act treating transaction as bogus merely on the basis of suspicion, presumptions and probability is not sustainable in law. Accordingly, appeal of assessee allowed.
