Income Tax : The Tribunal held that CIT(A) cannot enhance income under Section 251 on matters not considered by the Assessing Officer during as...
Income Tax : The ITAT held that revisional powers under Section 263 cannot be exercised when the Assessing Officer has already examined the iss...
Income Tax : ITAT quashed PCIT’s Section 263 order, holding AO’s treatment of survey income as business income valid and not erroneous or p...
Income Tax : Ahmedabad ITAT quashes reassessments based on ACB report, ruling the AO lacked independent "reason to believe" and only used borro...
Income Tax : ITAT Pune upholds PCIT's order u/s 263, setting aside an assessment for failure to verify ₹82.64 crore in advances for property...
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 : The ITAT Amritsar held that a valuation report by itself cannot justify addition under Section 69 without evidence of extra paymen...
Income Tax : ITAT Mumbai held that amortization of BOT road project expenditure must be computed based on the actual concession period and not ...
Income Tax : The Tribunal held that the reassessment order could not be revised under Section 263 since the conditions for treating jewellery e...
Income Tax : ITAT Hyderabad held that assessment orders passed pursuant to earlier remand directions were barred by limitation under Section 15...
Income Tax : Delhi ITAT held that an Assessing Officer cannot make additions beyond the specific issues remanded by the Principal Commissioner ...
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 under […]
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.
ITAT Delhi held that interest and penalty due to default in payment of license fee is merely compensatory in nature and hence the same is revenue expenditure. Accordingly, PCIT classifying them to be capital expenditure is not sustainable.
