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 held that issuance of notice for initiating penalty proceedings under section 271(1)(c) of the Income Tax Act wit...
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...
DGFT : All conditions in policy circular no 15 of 1st February 2011 will continue to apply, except the specification about dates and the ...
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.
Telangana High Court held that interest paid for broken period on securities held as stock-in-trade is allowable as deduction. Accordingly, petition filed by revenue dismissed and question answered in favour of respondent-assessee.
Calcutta HC rules that an AO must dispose of an assessee’s objections to reassessment through a speaking order before proceeding with the case.
In the recent ruling HC of Telangana have held that assessee is eligible to claim capital gain after observing that the possession of the immovable property has not been handed over to the developer as contemplated u/s 53A of the Transfer of the Property Act, 1882.
Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxation, such mistake can be rectified via revision application under section 264 of the Income Tax Act.
Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricultural income exemption claim.
Jammu & Kashmir High Court directs tax authorities to correct PAN errors in challans and release pending refund to Kashmir Tubes. Read the case summary here.
Telangana HC rules that the assessee failed to discharge the burden of proof for undisclosed investments during block assessment, upholding the addition.
Delhi HC rules that SEB rates, not IEX rates, determine the market price of electricity in transfer pricing cases, dismissing Revenue’s appeal.
ITAT Agra held that ex-parte dismissal of appeal, as notices issued by CIT(A) were not compiled, without adjudicating issues on merits is in violation of section 250(6) of the Income Tax Act. Hence, order set aside and matter remitted back to CIT(A) for fresh adjudication.