Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
Income Tax : ITAT Mumbai held that penalty under Section 270A cannot be levied merely because income was estimated after rejection of books. Si...
Income Tax : The article explains how transactions between associated domestic entities exceeding ₹20 crore must comply with arm's length pri...
Income Tax : The Tribunal ruled that non-specification of the precise statutory charge under sections 270A(2) and 270A(9) violated principles o...
Income Tax : Budget 2026 proposes allowing taxpayers to file an updated return even after receiving a reassessment notice under Section 148. Wh...
Income Tax : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...
Income Tax : ITAT Delhi held that IT, salary and travel reimbursements without any profit element were not taxable and deleted the disallowance...
Income Tax : ITAT held that an Assessing Officer cannot substitute the DCF method chosen under Rule 11UA with the NAV method without legal just...
Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
Income Tax : ITAT excluded EDCIL, Just Dial, Info Edge and India Exposition Mart as transfer pricing comparables due to functional differences ...
Income Tax : The Tribunal ruled that a penalty notice lacking a specific allegation of under-reporting, misreporting, or the applicable clause ...
ITAT Jaipur held that addition towards unsecured loan cannot be sustained since identity of lenders, creditworthiness of parties and genuineness of loan transaction duly proved. Accordingly, CIT(A) order upheld and appeal of revenue dismissed.
Tribunal held that tax authorities erred in invoking Article 24A to deny capital gains exemption under Article 13(4A) without first satisfying preconditions of economic substance. The decision underscores that anti-abuse provisions cannot override bona fide investments made before 2017.
The Tribunal found that subscription payments were made for using copyrighted articles, not for using copyright itself. Hence, the income was not taxable in India as royalty under Section 9(1)(vi) or Article 12 of the DTAA with the USA.
ITAT Delhi held that penalties were invalid where the Assessing Officer failed to specify the exact charge—concealment, inaccurate particulars, under-reporting, or misreporting. The Tribunal reaffirmed that vague notices under Sections 271(1)(c) or 270A are legally unsustainable.
Revenue from film distribution was specifically excluded from the definition of “royalty” under both the Act and the India-USA DTAA and interest earned on income tax refund was not effectively connected with any permanent establishment in India and should be taxed at 15% as per Article 11(2) of the India-US DTAA.
Gagil FDI Limited Vs ACIT (ITAT Delhi) The case concerns Gagil FDI Limited, a company incorporated in Cyprus, which appealed against an assessment order dated 29 April 2024 for the assessment year 2021–22 under Sections 143(3) and 144C(13) of the Income Tax Act, 1961. The primary dispute relates to whether the assessee was entitled to […]
ITAT Pune held that issue of taxability of ex-gratia payment to be decided based on identical judgement as decided by coordinate bench of Tribunal in Mahadev Vasant Dhangekar. Accordingly, matter remanded back.
The ITAT Mumbai deleted the penalty imposed on Bharatkumar Jaishinh Soni, ruling that his claim for full leave encashment exemption was a bona fide legal interpretation, not a deliberate misreporting of income. The Tribunal held that an arguable claim, where all facts are disclosed, does not warrant the severe 200% penalty under Section 270A(9).
ITAT Mumbai held that in absence of any contrary inference by Transfer Pricing Officer [TPO] in the TP analysis, ad hoc disallowance cannot be restored towards the international transaction of technical service and other transaction. Accordingly, appeal allowed.
The Karnataka High Court set aside the ex parte assessment, penalty, and demand orders passed under Sections 143(3) and 144B, accepting the taxpayer’s plea of bona fide non-appearance. The court adopted a justice-oriented approach, remitting the case back to the Assessing Officer for a fresh consideration from the show-cause notice stage.
