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 Mumbai held that depreciation on the business/commercial rights arising from the manufacturing contracts, supply contracts and maintenance contracts as claimed by the assessee is allowable. Accordingly, appeal allowed.
ITAT Pune rules penalty cannot be levied under Section 270A if assessee, unaware of consultant’s fraud, paid tax before Section 148 notice, demonstrating good faith.
ITAT Ahmedabad allows a co-operative society to deduct interest earned from co-operative bank deposits under Section 80P, clarifying its distinction from other bank types.
The ITAT Ahmedabad deleted a ₹10.61 lakh penalty against Snehalkumar Bhogilal Trivedi, ruling that a notice citing both under-reporting and misreporting of income was void due to ambiguity.
The ITAT Chennai has canceled a penalty against Anna University’s Institute for Ocean Management after the underlying tax addition was deleted by the CIT(A).
Ahmedabad ITAT deletes a penalty under Section 270A for a deduction on education cess. The court ruled the claim was bona fide and not a case of misreporting.
Kerala High Court held that dismissal of stay petition on the ground of failure to comply with a non-existing condition precedent is perverse and requires interference. Accordingly, writ admitted and order set aside.
ITAT Jaipur held that merely the claim of the assessee was not entertained it cannot be a reason automatically to levy the penalty for misreporting or under reporting of the income. Accordingly, levy of penalty under section 270A of the Income Tax Act set aside.
While computing arm’s length price (ALP), it is required both the tested party and the comparable should have similar financial year endings for proper analysis of the functions performed, assets employed and risks assumed.
Ahmedabad ITAT rules cooperative society income is 100% tax-exempt if S.80P deduction is allowed, making disallowances irrelevant to final tax liability.
