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Assessment Proceedings

Entire Income Tax Assessment Must Conclude within 30 Months where TPO Reference Exists: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has held that in cases where the Transfer Pricing Officer (TPO) reference exists, the entire ...

Income Tax Return Figures Alone Insufficient for GST Demand: Madras HC Orders Forensic Verification...

No Separate Rent provided by Co-tenants: ITAT Grants relief to Landlord based on Tenant’s Bank...

Relief to Aircel Ltd: Madras HC quashes Income tax Penalty Proceedings as No hearing Granted, Hardly...

Income Tax Reassessment Initiated During Pending Assessment Proceedings: Delhi HC Sets Aside Order...

Revised Disallowance Claim u/s 14A should be Backed by Revised Certificate by Auditor in Form 3CA: ITAT [Read Order]

In a recent decision, the Ahmedabad bench of Income Tax Appellate Tribunal ( ITAT ) has held that any revised disallowance claim under Section 14A of the Income Tax Act must be supported by a revised...

Same Supplies of Damro Furniture Subject to Assessment more than Once: Madras HC sets aside Order, directs to Examine [Read Order]

The Madras High Court recently quashed an GST ( Goods and Services Tax ) assessment order, considering the petition claiming that the same supplies of Damro furniture were subjected to the assessment...

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ITAT quashes Income Tax Additions based on Third Party Statements [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) has quashed income tax additions based solely on third-party statements, as seen in the recent ruling in Olive Overseas Pvt. Ltd. vs. DCIT. In this case,...

Assessment Proceedings should be conducted u/s 153C instead of Section 147 when material is found on Third-Party Premises: ITAT [Read Order]

In a recent judgement, the Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has ruled that, based on material found at a third person's premises, assessment proceedings should be conducted...

Taxpayer Rectifies Excess Salary Income Declaration with Revised Return: ITAT deletes Penalty u/s 271(1)(c) [Read Order]

In a significant ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271(1)(c) of the Income Tax Act,1961, after the taxpayer rectified the excess...

Assessment Proceedings u/s 153C of Income Tax Act initiated after 10 Years Block Period is Invalid: Delhi HC [Read Order]

The Delhi High Court has held that the initiation of Section 153C of the Income Tax Act assessment proceedings falling beyond the maximum 10-year block period is unsustainable. Flowmore Limited,...

No Corroborative Evidence to Prove that Taxpayer made any Payment of Rs. 5 crore: ITAT deletes Addition [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) has deleted the addition of 5 crore, citing the absence of corroborative evidence to prove that the taxpayer had indeed made any payment of Rs. 5 crores. ...