Income Tax : Understanding the exclusion of time limits during Court stays in assessment proceedings under Finance Bill 2025 for Income Tax ass...
Income Tax : Explore Section 263 of ITA, 1961, and its implications for revising assessment orders with no discussion on certain issues. Judici...
Income Tax : Explore landmark judgments on capital gain tax exemptions under Sections 54 and 54F of the Income Tax Act. Key highlights from ITA...
Income Tax : Understand the differences between appellate powers u/s 251, revisional powers u/s 263, and 264 of the Income Tax Act, and how the...
Income Tax : Explore the necessity of issuing notices under Section 263 post the Faceless Assessment Scheme introduction. Analyze the schemes e...
Income Tax : National Chamber of Industries & Commerce, U.P has made a representation against Indiscriminate notices by the Income Tax Depa...
Income Tax : KSCAA has made a Representation on Challenges in Income Tax Related to Rectification Proceedings, Order Giving Effect, Delay in P...
Income Tax : One of the key sources of dispute is the existing arrangement for follow up on audit objections by Internal Audit Party and the Re...
Income Tax : Karnataka High Court rules Section 263 cannot be invoked solely due to the absence of a DVO report, if best judgment assessment wa...
Income Tax : ITAT Mumbai held that alternative claim of assessee (lessee) to allow depreciation on Finance Lease Rental Payment is allowable si...
Income Tax : Bombay High Court dismisses appeals by Refrigerated Distributors, upholding ITAT's 10% addition on unproved purchases for assessme...
Income Tax : Calcutta High Court addresses ITAT's role in Sec 263 orders for fresh assessments and the eligibility for enhanced vehicle depreci...
Income Tax : ITAT Pune quashes PCIT's Section 263 order against Shree Balaji Associates, stating AO made inquiries; no lack of inquiry found....
Karnataka High Court rules Section 263 cannot be invoked solely due to the absence of a DVO report, if best judgment assessment was an option.
ITAT Mumbai held that alternative claim of assessee (lessee) to allow depreciation on Finance Lease Rental Payment is allowable since lessor is allowed deduction of the same under section 37(1) of the Income Tax Act.
Bombay High Court dismisses appeals by Refrigerated Distributors, upholding ITAT’s 10% addition on unproved purchases for assessment years 2007-08 to 2012-13, citing concurrent findings of fact.
Calcutta High Court addresses ITAT’s role in Sec 263 orders for fresh assessments and the eligibility for enhanced vehicle depreciation for own business use.
ITAT Pune quashes PCIT’s Section 263 order against Shree Balaji Associates, stating AO made inquiries; no lack of inquiry found.
Janata Grahak Madhyawarti Vs PCIT-4 (ITAT Pune) Facts of the Case: The assessee, a co-operative society involved in the business of wholesale supply of consumer goods, filed its return declaring income of ₹5,50,400. The return was processed under section 143(1) of the Income Tax Act. The Assessing Officer later disallowed a deduction of ₹34,58,980 claimed […]
ITAT Mumbai held that addition under section 56(2)(x) of the Income Tax Act not justified since value adopted by the DVO and actual purchase price declared by the assessee falls within the tolerance limit of 10%. Accordingly, appeal allowed.
ITAT Ahmedabad held that PCIT cannot exercise revisionary power u/s. 263 to restore an issue for the purpose of verification only since restoring matter for verification means that PCIT is not sure of assessment order being erroneous causing prejudice to the revenue.
ITAT Delhi held that Transfer Pricing Adjustment in respect of transaction of payment of royalty is set aside and Transfer Pricing Officer [TPO] is directed to accept the parameters of determination of compensation as accepted in Advance Pricing Agreement [APA].
Madhya Pradesh HC upholds CIT’s Section 263 revision citing lack of enquiry by AO. Tribunal ruling supported by Supreme Court precedents.
