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 : The ITAT held that leave encashment of ₹6.97 lakh was fully exempt as it fell within the revised ₹25 lakh ceiling under Notifi...
Income Tax : The ITAT allowed exemption of the entire leave encashment amount after noting that the revised ₹25 lakh ceiling exceeded the amo...
Income Tax : ITAT Hyderabad held that assessment orders passed pursuant to earlier remand directions were barred by limitation under Section 15...
Income Tax : The Bombay High Court held that reassessment proceedings became time-barred because no reassessment order was passed within the li...
Income Tax : The ITAT Kolkata held that delayed filing of Form No. 67 is only a procedural defect and cannot deprive an assessee of Foreign Tax...
The High Court held that the Commissioner did not properly apply the wide discretionary powers under section 264. The matter was remanded for fresh consideration in light of the petitioner’s circumstances and submitted records.
The Kerala High Court held that scrutiny of exempted trust returns was correctly conducted as complete scrutiny, allowing assessment of appropriation of receipts under Section 12A.
ITAT held that most jewellery seized during a search could be accounted for from declared drawings and past income, reducing addition to ₹72.45 lakh. Ruling emphasizes that unexplained investment must be proven in relevant assessment year.
Relying on the Schneider Electric judgment of the Delhi High Court, the ITAT held that absence of a separate immunity order within one month does not justify penalty imposition.
Bombay High Court quashed reassessment proceedings initiated using data from a valid IDS declaration, holding that once accepted under the Income Disclosure Scheme, the Revenue cannot revisit or reassess the same income.
The Karnataka High Court set aside the PCIT’s rejection of a condonation delay application for late online Form 68 filing. The court adopted a justice-oriented view, directing a fresh, liberal reconsideration, as the taxpayer’s manual compliance was timely and the error was bona fide.
The Income Tax Appellate Tribunal (ITAT), Delhi, ruled against the revenue’s additions of unaccounted capitation fees and cash loan interest under Sections 69A and 69C against the Saraswati Ammal Educational & Charitable Trust.
An overview of Section 144 of the Indian Income Tax Act, which allows an Assessing Officer to make a best judgment assessment in cases of non-compliance.
An analysis of Sections 263 and 264 of the Income-tax Act, 1961. It details the conditions, scope, and judicial precedents for these revisional powers.
ITAT Delhi ruled a CIT(A) order invalid, stating it had no jurisdiction once a superior authority (PCIT) had already allowed a revision under Section 264.
