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 ...
Delhi High Court held that valuation of unquoted equity shares held by the assessee by Discounted Cash Flow [DCF] method is permissible under rule 11UA(2) of the Income Tax Rules. Accordingly, appeal of revenue dismissed.
Calcutta High Court affirms ITAT’s deletion of unexplained cash deposit addition during demonetization, citing AO’s failure to submit remand report and lack of rebuttal.
Madhya Pradesh High Court upholds ITAT’s refusal to condone C.I. Builders’ 7-year appeal delay, citing assessee’s gross negligence despite blame on counsel.
Delhi High Court dismisses Revenue’s appeal, reaffirming that subscription payments for cloud services to non-resident computer suppliers are not taxable as royalties.
ITAT Jaipur held that addition under section 68 towards cash deposit in bank as unexplained cannot be sustained since source of cash deposited duly explained. Accordingly, addition of around Rs. 8.60 Crores deleted.
Madras High Court held that block assessment order passed u/s. 143(3) r.w.s. 158BC of the Income Tax Act has been passed within the period prescribed u/s. 158BE(1)(b) of the Income Tax Act and hence not barred by limitation.
Calcutta High Court held that reopening of assessment u/s. 147 for claim of bogus capital gain sustained fundamentals of company are very weak and abnormal price rise in share is artificially manipulated.
The present petition is filed assailing the Communication dated 03 February 2014 issued by the Respondent No. 3 rejecting the Petitioner’s Application dated 15 December 2011 for seeking amendments of the earlier granted approval dated 17.11.2006.
Calcutta High Court upholds ITAT’s decision, dismissing revenue’s appeal to add unexplained share capital and premium, citing lack of substantial legal questions and judicial precedents.
The Bombay High Court dismissed Revenue’s appeal against Everest Kanto Cylinder Ltd., citing prior judgments on identical transfer pricing issues.
