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 ...
In the matter abovementioned Delhi HC dismissed appeal filed by revenue after observing that there is no allegation or finding that cash had been received back by the assessee in respect of the purchases reflected in its books of account.
Delhi High Court held that exemption under section 54F of the Income Tax Act is allowed towards different floors of a house considering it as single residential house. Accordingly, appeal of the revenue dismissed.
Chhattisgarh High Court held that imposing liability u/s. 201(1) of the Income Tax Act for failure to deduct TDS without providing opportunity of being heard is not sustainable in law. Accordingly, matter remitted back for fresh consideration.
Chhattisgarh High Court held that reasonable cause has been shown for non-compliance with the provisions contained in Section 269T of the Act and further it is not disputed that the transaction is genuine and bona fide.
Chhattisgarh High Court held that upholding of addition by CIT(A) and ITAT merely on the basis of non-appearance without deciding the same on merits and complying with provisions of section 250(4) and 250(6) of the Income Tax Act is not justified.
Delhi High Court held that different floors of a singular house cannot be considered as multiple residential houses. Accordingly, deduction under section 54F of the Income Tax Act cannot be denied. Thus, appeal of revenue dismissed.
The Rajasthan High Court upheld that penalty proceedings under the Income Tax Act require specific, recorded satisfaction by the AO for the correct section, not general initiation.
Calcutta High Court dismisses Income Tax Department’s appeal in a Rs. 71 lakh penny stock loss case, affirming no evidence of assessee’s involvement in price rigging.
Gujarat High Court rules belated filing of Form 10B before processing is sufficient, overturning ITAT, allows Section 11 exemption for trust.
Calcutta High Court held that addition u/s. 68 of the Income Tax Act towards bogus share capital and share premium duly deleted by CIT(A) since identity and creditworthiness of the share subscribers alongwith genuineness of transactions duly proved.
