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 ...
The appeal was dismissed as the assessee had already offered the disputed income to tax at 30%. The ruling clarifies that reassessment cannot survive when there is no loss of revenue or escaped income.
Delhi High Court held that employee’s contribution deposited after statutory due date under relevant Acts is disallowed under section 143(1)(a) of the Income Tax Act even if the same is paid before filing of income tax return. Accordingly, question is decided against appellant.
The court held that late filing of Form 10B is a procedural lapse and does not automatically bar charitable exemption. Substantial compliance before appellate proceedings was found sufficient.
The issue was whether retention money credited and subjected to TDS accrued as income. The Court held that retention money is contingent on contract completion and not taxable until the right to receive crystallises.
The High Court upheld deletion of additions based solely on unsigned loose sheets seized during search. In absence of independent corroborative evidence, such documents were held to have no evidentiary value.
The Tribunal ruled that Sections 144C and 153 must be read harmoniously and that DRP proceedings do not extend statutory limitation. Any final order issued beyond the prescribed time is void ab initio and liable to be quashed.
The issue was whether interest on enhanced compensation could be spread over earlier years. The Court held it taxable as income from other sources in the year of receipt, subject to statutory deduction.
The Tribunal ruled that reopening beyond six years is invalid without a recorded satisfaction of undisclosed assets exceeding ₹50 lakh. The takeaway is strict compliance with the fourth proviso to section 153A is mandatory.
The tribunal held that suspicion, abnormal price rise, or third-party reports are insufficient to deny LTCG exemption. Revenue must establish direct involvement of the taxpayer in price rigging.
This ruling clarifies that repayment of loan with interest, coupled with documentary proof, negates allegations of unexplained cash credit. Mere suspicion without defects in evidence cannot sustain an addition.
