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 : Delhi High Court rejects Revenue appeal against Punjab & Sind Bank on securities, pension, 14A issues, citing coverage by earlier ...
Income Tax : Thus, a substantial portion of the cause of action has accrued at Kolkata. Applying the principle of forum convenience, it would b...
Income Tax : Bombay High Court held that as per the terms and conditions of the agreement, the assessee was required to pay 5% of the receipt o...
Income Tax : Bombay High Court confirms private trust assessable as Association of Persons, upholding disallowance of interest paid to benefici...
Income Tax : Delhi High Court dismisses revenue appeal against Bharti Airtel, reaffirming that charges paid for bandwidth to overseas operators...
DGFT : All conditions in policy circular no 15 of 1st February 2011 will continue to apply, except the specification about dates and the ...
Bombay High Court clarifies reassessment under Section 147 of the IT Act in CIT-5 vs. Jet Airways, ruling in favor of the assessee. Read key legal insights.
Calcutta HC dismisses IT department’s appeal in CIT vs. Infinity Infotech, ruling reassessment cannot expand beyond recorded reasons under Section 147.
Calcutta HC dismisses IT appeal against Subhlabh Steels due to ongoing insolvency under IBC, citing SC ruling in Monnet Ispat. Read the full case summary.
Bombay High Court upholds AO’s addition for unverified bogus purchases in PCIT vs. Kanak Impex. Decision based on Section 69C and apex court precedents.
Karnataka High Court ruled on V.S. Chandrashekar vs. ACIT regarding tax treatment of land transactions, applicability of Section 50C, and capital gains classification.
In Seth Banarsi Dass Gupta v. Commissioner of Income Tax, it is held that the High Court within whose jurisdiction the AO has passed the assessment order would have the jurisdiction to entertain the appeal under Section 260A of the Act.
Supreme Court held that no penalty under section 271AAA(1) of the Income Tax Act when undisclosed income during course of search is admitted and paid tax with interest. Accordingly, penalty u/s. 271AAA(1) set aside.
Karnataka HC quashed penalty imposed under Section 201 of Income Tax Act for non-deduction of TDS on professional advice, citing specific legal provisions and case facts.
Telangana HC upholds cost of goods sold-based apportionment of common expenses over turnover for Prabhat Agri Biotech. Case emphasizes reasonable allocation methods.
The US Transactions were subject to the Mutual Agreement Procedure between the competent authorities of US and India under Article 27 of the India-US Double Taxation Avoidance Agreement.
