Income Tax : An overview of Section 144 of the Indian Income Tax Act, which allows an Assessing Officer to make a best judgment assessment in c...
Income Tax : An analysis of Sections 263 and 264 of the Income-tax Act, 1961. It details the conditions, scope, and judicial precedents for the...
Income Tax : Gujarat HC quashed a Section 264 revision order and remanded the matter after finding the petitioner's contentions were cursorily ...
Income Tax : ITAT held penalty under Section 271AAC(1) is unsustainable after deletion of Section 69A addition under Section 264 and set aside ...
Income Tax : Bengaluru ITAT quashed Section 271D penalties as time-barred, holding the six-month limitation under Section 275(1)(c) expired bef...
Income Tax : ITAT held that delayed filing of Form 67 is a procedural lapse and directed the AO to grant foreign tax credit claimed under Secti...
Income Tax : The ITAT held that an assessee can contest a Section 143(1) adjustment in an appeal against the assessment order if the adjustment...
Gujarat HC quashed a Section 264 revision order and remanded the matter after finding the petitioner’s contentions were cursorily dealt with.
ITAT held penalty under Section 271AAC(1) is unsustainable after deletion of Section 69A addition under Section 264 and set aside the penalty order.
Bengaluru ITAT quashed Section 271D penalties as time-barred, holding the six-month limitation under Section 275(1)(c) expired before the penalty orders.
ITAT held that delayed filing of Form 67 is a procedural lapse and directed the AO to grant foreign tax credit claimed under Section 90.
The ITAT held that an assessee can contest a Section 143(1) adjustment in an appeal against the assessment order if the adjustment is retained therein. The case emphasizes that multiple statutory remedies may coexist.
Inter/Intra Circle Remittance Balance represented only internal transfer and reconciliation entries relating to assets and stock in transit between different Circles of the Assessee company. Since no expenditure or deduction had been claimed and the balances did not represent any real income or loss, the addition of Rs.1527.40 crores made by the AO and confirmed by the CIT(A) was deleted.
The ITAT held that leave encashment of ₹6.97 lakh was fully exempt as it fell within the revised ₹25 lakh ceiling under Notification No. 31/2023. The appeal was allowed accordingly.
The ITAT allowed exemption of the entire leave encashment amount after noting that the revised ₹25 lakh ceiling exceeded the amount received on retirement. The appeal was allowed by applying the enhanced exemption limit.
ITAT Hyderabad held that assessment orders passed pursuant to earlier remand directions were barred by limitation under Section 153. The Tribunal set aside all consequential transfer pricing assessment orders dated 06.12.2024.
The Bombay High Court held that reassessment proceedings became time-barred because no reassessment order was passed within the limitation period prescribed under Section 153. The Court ruled that procedural remand directions did not extend limitation under Section 153(6).
