Assets Can’t Be Retained Indefinitely Without Finalising S. 158BC Proceedings: Delhi HC Orders Release of Seized Jewellery, Cash
The Delhi High Court has held that the Income Tax Department cannot indefinitely retain jewellery, bullion and cash seized during a search without finalising...
No Incriminating Material, No Addition: Delhi High Court Dismisses Income Tax Appeal in Rs. 21 Crore Addition
The Delhi High Court has dismissed an appeal filed by the Income Tax Department , reiterating the settled legal position that no additions can...
8-Year Delay in Tax Refunds Is Shocking: Delhi High Court Warns Income Tax Officers of Personal Liability for Non-Compliance
In a strong indictment of administrative apathy, the Delhi High Court has directed the Income Tax Department to refund Rs. 5.37 crore to Microsoft...
Delhi HC Orders Conditional Release of Seized Jewellery, Cash After Income Tax Search
The Delhi High Court has directed the Income Tax Department to release gold jewellery, bullion and cash worth over ₹6.35 crore seized during a...
Shares Received on Amalgamation Are Taxable as Business Income If Held as Stock-in-Trade: Supreme Court
The Supreme Court has held that the shares received on amalgamation are taxable as business income if held as stock-in-trade.The bench of Justice J.B....
Binny Bansal’s Non-Resident Claim Rejected; ITAT Denies India–Singapore DTAA Relief on Flipkart Share Sale
The Bengaluru Bench of the Income Tax Appellate Tribunal (ITAT) has rejected claims made by Flipkart co-founder Binny Bansal that he was a non-resident...
No Income Tax Payable On Income Earned From Sale Of Tissue Cultured Plants: Telangana HC
The Telangana High Court has held that income earned from the sale of tissue-cultured plants qualifies as agricultural income exempt from income tax under...
VDIS Declaration Does Not Bar Income Tax Scrutiny Where Discrepancies Exist: Madhya Pradesh High Court
The Madhya Pradesh High Court at Jabalpur has dismissed a writ petition challenging the validity of scrutiny notices issued under Section 143(2) of the...
ITAT Quashes Reassessment Based on “Fictitious Loan” Allegations, Slams Dept. for Acting on Incorrect Information
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has quashed reassessment orders passed against Shah Mahendrakumar Mafatlal HUF for Assessment Years 2014-15...
ITAT Restricts Addition to 8% Presumptive Profit in Cattle Feed Trader’s Case, Rejects Full Disallowance of Cash Purchases
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has granted substantial relief to a small rural trader by restricting the income addition...
No TDS Required For Services Rendered Outside India: ITAT Deletes Disallowance on Foreign Commission
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has allowed the appeal of a manufacturing company and deleted the disallowance of commission expenses paid...
Composite Trust Eligible for Section 80G Approval If Religious Spending Is Within 5% Limit: ITAT
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a charitable trust with incidental religious objects cannot be denied approval...
Jewellery Found During Search Can’t Be Fully Treated as Unexplained When Relatives Are Present for Family Function: ITAT
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has partly allowed appeals filed by a husband and wife against additions made on...
Wrong Legal Advice Justifies 543-Day Delay; But ITAT Upholds PCIT’s Section 263 Revision Over Demonetisation Cash Deposits
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has condoned a substantial delay of 543 days in filing an appeal against a...
ITR Non-Filing by Suppliers Alone Can’t Justify Disallowance of Purchases: ITAT Deletes of Rs. 25.55 Crore Addition
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that mere non-filing or alleged irregular filing of income tax returns by...
ITAT Slams CPC for Ignoring CBDT Extension on Form 56F; Upholds S. 10AA Deduction Despite Late Return
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the Centralised Processing Centre (CPC) wrongly denied the deduction by ignoring...
E-Filing Mandatory for Companies; Madras High Court Allows Dept’s Appeal on Section 80-IC Deduction
The Madras High Court has held that companies were mandatorily required to file their returns electronically from Assessment Year (AY) 2008–09 onwards and could...
Reassessment Invalid Where Income Reopened U/s 68 but Ultimately Taxed as Anonymous Donations U/s 115BBC: ITAT
The ITAT Pune held that Sections 68 and 115BBC operate in distinct and mutually exclusive fields, and a reassessment founded on one provision cannot...
Once Statutory Time Limit Under Unamended Law Expires, No Reassessment Could Be Initiated Under New Regime: Allahabad HC
The Allahabad High Court has held that once the statutory time limit under the unamended law had expired, no reassessment could be initiated under...
99 Year Leases, 10% TDS? The Tax Debate
The taxation of upfront lease premium paid for long-term land leases has once again come under scrutiny, as taxpayers and tax authorities continue to...
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