The Income Tax Appellate Tribunal (ITAT), Pune, has ruled that a Principal Commissioner of Income Tax (PCIT) cannot invoke Section 263 to revise an assessment based on mere suspicion or audit objections, especially when the Assessing Officer (AO) has conducted a proper inquiry.
The ITAT has set aside a tax order, directing the CIT(A) to properly adjudicate all legal grounds raised by a taxpayer instead of remanding the case without a decision.
The ITAT Pune ruled on the Gousmahammad Anwar Gavandi case, reducing a tax addition on seized cash by accepting cash-in-hand and part of the claimed cash sales.
An ITAT Pune order protects a charitable trust from being taxed on its gross receipts due to income tax return filing errors. Learn how Section 12AA registration and genuine expenses can shield trusts.
Pune ITAT rules that a charitable trust’s alleged bogus purchases cannot be treated as unexplained credits and deletes the tax addition due to lack of cross-examination.
Cuttack ITAT cancels penalties under sections 271D and 271E, ruling that the Assessing Officer must record satisfaction in the assessment order before initiating penalty proceedings.
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.
Delhi High Court reduced the pre-deposit amount bearing in mind the financial constraints and held that the question as to whether the imported components constituted E-Rikshaw themselves shall also be adjudicated by the CESTAT. Accordingly, writ disposed of.
In the present cases, the respondents in the first batch of cases being non-resident assessees engaged in the business of exploration in terms of Section 44BB of the Income Tax Act, 1961, are eligible assessees within the meaning of Section 144C.
The Mumbai Income Tax Appellate Tribunal quashes penalties for being time-barred and invalidates a reassessment notice, clarifying key tax law provisions on limitation and sanctioning authority.
