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 Karnataka High Court held that merely filing an income tax return does not amount to retracting a statement recorded under Section 132(4). It upheld the restoration of the Rs.1.5 crore addition after finding the alleged retraction to be belated.
The Gujarat High Court quashed the reinitiated penalty proceedings after the Assessing Officer failed to pass a fresh order within the 12-week period fixed by the Court. It held that non-compliance with the earlier judicial directions warranted setting aside the show-cause notices.
The High Court upheld the Tribunal’s decision allowing Section 11 exemption after applying CBDT Circular No. 16 of 2022 permitting condonation of delayed Form 10B. It held that the Revenue failed to show why the circular was inapplicable.
The Tribunal held that an addition under Section 69 could not be sustained solely on the basis of a seized loose sheet without independent evidence proving payment of on-money. It upheld the deletion after finding that the Revenue failed to corroborate the alleged unexplained investment.
The High Court upheld the Tribunals finding that an uncorroborated loose Excel sheet could not sustain an addition of alleged on-money. It ruled that the Tribunal’s factual findings disclosed no perversity or substantial question of law.
The Mumbai ITAT upheld deletion of notional interest on interest-free advances to a subsidiary, finding the issue consistently decided in earlier years. The Tribunal held that, in the absence of changed facts, the CIT(A) rightly followed binding precedents.
The Karnataka High Court held that filing a revision petition under Section 264 established the assessee’s knowledge of the tax demand. It upheld the refusal to condone the delay of about eight years in filing the appeal before the CIT(A).
The newly constructed storage tanks used for storing hazardous raw materials and finished products constituted an integral part of plant and machinery and were eligible for additional depreciation under section 32(1)(iia). Accordingly, the disallowance of ₹91.12 lakh was deleted.
The Bombay High Court held that interest under Section 234D applies to excess income tax refunds issued before June 1, 2003, by following its earlier binding decision. The ITAT order was set aside and the Revenue’s appeal was allowed.
The Bombay High Court held that bad debt deduction cannot be denied where the debt was effectively written off through accounting entries despite the debtor’s account remaining open due to pending litigation. The ruling emphasizes substance over accounting form.
