Income Tax : Kerala HC rules no separate challenge needed for Sec 263 remand order before appealing revised assessment; restores Malabar Instit...
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 : 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 : Delhi High Court held that no addition on account of sale of fly ash since the entire sale proceeds of fly ash were deposited in a...
Income Tax : By way of this appeal, the assessee has challenged the correctness of the order of the Learned Principal Commissioner of Income Ta...
Income Tax : ITAT Ahmedabad held that revisionary order passed under section 263 of the Income Tax Act in the name of non-existent entity (amal...
Income Tax : ITAT Ahmedabad partly sets aside PCIT order, rules PCIT cannot issue mandatory direction to add income for accommodation entries u...
Income Tax : ITAT upholds PCIT's revision of an assessment order. The AO failed to probe cash payment for a second property purchase, rendering...
ITAT Cuttack held that revisionary proceedings under section 263 of the Income Tax Act is liable to be quashed since assessee is entitled for exemption u/s. 11 and hence twin conditions are not satisfied in as much as there is no loss of revenue.
ITAT Patna held that addition towards unexplained income upheld since assessee failed to prove genuineness of transaction and creditworthiness. Accordingly, appeal dismissed and addition upheld.
ITAT Chennai held that material/ information referred by AO in reasons recorded cannot be held to be tangible material hence reopening of assessment under section 147 of the Income Tax Act without tangible material is invalid.
ITAT Pune confirms CIT’s order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. Appeals for AYs 2013-14 & 2014-15 dismissed.
ITAT Delhi held that interest on enhanced compensation under section 28 of Land Acquisition Act, 1894 is not exempt u/s. 10(37). Such interest is exigible to tax u/s. 56(2)(viii) r.w.s. 145B(1). Accordingly, appeal of the assessee dismissed.
ITAT Bangalore held that reopening of assessment under section 148 after expiry of four years without failure on part of assessee to disclose fully and truly all material facts is invalid and hence liable to be quashed.
ITAT Chennai dismisses FLsmidth’s appeal, upholding PCIT’s order for reassessment due to lack of verification by AO.
Bombay High Court upholds CIT’s revisional jurisdiction in KEC International’s tax dispute, dismissing the appeal on Section 115J and 32AB adjustments.
The assessee is into development and construction of a project. The case was selected for scrutiny and AO issued notices u/s 142(1) and 143(2) of the Act, calling for certain details.
PCIT observed that no agricultural activity was carried out from the year 2014 till 2018 in both the lands i.e. the agricultural land which was transferred by the assessee and also the land which was purchased by the assessee.
