The ITAT Pune restores a case for fresh assessment after an updated tax return was filed with errors by a consultant, ruling that a taxpayer cannot be taxed on income they did not earn.
NCLAT Delhi held that operational debt in terms of Insolvency and Bankruptcy Code doesn’t include interest unless interest is payable in terms of any agreement among parties
ITAT Chandigarh restored an AO’s assessment order, quashing a PCIT’s revisionary order that doubted agricultural income despite adequate inquiry and documentary evidence.
A summary of the Sachin Notified Area vs. PCIT tax case. The ITAT Surat remanded the issue for fresh adjudication, citing a prior ruling in the assessee’s favor.
ITAT Chennai invalidates reassessment under Section 148 as notice issued by Jurisdictional AO post 29.03.2022 violated faceless procedure.
Supreme Court held that High Court observation regarding appellant’s advised to importer to mis-declare imported goods is incorrect since it was not a case of mis-declaration but a case of mis-classification. Accordingly, appeal disposed of.
The Karnataka High Court set aside an order against NL Tile Art Pvt. Ltd., citing that tax authorities failed to consider the company’s annual returns and ITC reversal forms.
ITAT Hyderabad held that levy of late filing fee u/s. 234E of the Income Tax Act for 1st, 2nd, and 3rd quarter TDS return in Form 26Q not justified since all the 3 quarter returns filed on or before due date of filing 4th quarter return and reasonable cause shown. Accordingly, appeal allowed.
ITAT Mumbai rules in favor of Ramesh Dhuri, deleting Rs.4.84L addition under Section 56(2)(x)(b)(B) due to retrospective 10% tolerance limit.
The Income Tax Appellate Tribunal (ITAT) Mumbai has invalidated the reassessment against Sunidhi Securities & Finance Limited, citing an incorrect sanctioning authority for the Section 148 notice. The case centered on a reassessment initiated for alleged bogus trading losses, which the Tribunal deemed null and void based on the judicial precedent set by the Supreme Court.
