Income Tax : Budget 2026 proposes allowing taxpayers to file an updated return even after receiving a reassessment notice under Section 148. Wh...
Income Tax : Misreporting under Section 270A(9) applies only to six specific circumstances. Where the assessment order does not clearly establi...
Income Tax : The law now proposes a single consolidated assessment-cum-penalty order for under-reporting of income, reducing multiple proceedin...
Income Tax : Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, document...
Income Tax : Section 270A penalties must specify the exact misreporting clause. Vague notices invalidate penalties and can restore immunity und...
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 : The tribunal examined whether duty drawback should be taxed on accrual or actual receipt. It held that as per law, duty drawback i...
Income Tax : ITAT held that interest earned on bank deposits is taxable and not covered by the principle of mutuality. The ruling confirms that...
Income Tax : The Tribunal restored the penalty matter as the quantum addition was sent back to the AO. It held that penalty must follow the out...
Income Tax : The issue was penalty for misreporting on sale of land classified as capital asset. The Tribunal held the issue was debatable and ...
Income Tax : The case examined whether disallowance under section 94(7) should be limited to exempt dividend. The Tribunal held that the provis...
Read the full text of the ITAT Bangalore order in the DACSS Granites Pvt. Ltd. case. The tribunal rules that immunity under Section 270AA(2) cannot be denied due to a belated Form-68 application.
ITAT Ahmedabad held that services do not qualify as Fee for Technical Services [FTS] under India-Netherlands tax treaty since department failed to demonstrate that technology was ‘make available’ to recipient of services.
Assessee was entitled for exemption under section 10(10B) for Voluntary Retirement Scheme (VRS) compensation on whole of the amount received citing that the Central-Government approved schemes that benefited Employees.
ITAT Ahmedabad held that non-compliance to notices issued u/s. 250 by CIT(A) resulted into delayed appellate proceedings. Accordingly, cost of Rs. 5,000 imposed on the assessee for lack of diligence.
ITAT Kolkata held that condonation of delay in filing of an appeal is liable to be allowed as sufficient cause shown. Accordingly, order of CIT(A) set aside and matter restored back for fresh adjudication.
Before ITAT it was submitted that AO determined the total income/revised income as Rs.12,84,93,150/-. Thus the assessed income is lesser than the returned income of Rs.13.30 crores.
Hire charges of a vessel did not constitute ‘Royalty’ as it was in the nature of business income and as there was no Permanent Establishment therefore, no taxability arose on account of business income.
ITAT Mumbai held that the Employee Stock Option Plans [ESOP] expenses should not be regarded contingent or notional and it should be allowed as deduction u/s 37(1) of the Income Tax Act.
ITAT Chennai held that notice u/s 274 r.w.s.270A of the Act was not a valid notice for the reason that the AO did not specify the satisfaction as to whether assessee had either ‘under reported the income or ‘misreported the income’.
Assessee is a credit cooperative society engaged in the business of providing credit facilities to its members for A.Y. 2014 – 15, filed its return of income after claiming deduction u/s. 80 P (2) (a) of the income tax act.
