Guarantee Fee Taxable Only at 10%; ITAT Rejects CIT(A)’s Move to Levy 40% Under ‘Other Income’
The Income Tax Appellate Tribunal (ITAT) Delhi Bench has held that the guarantee fee received by a Japanese multinational trading company from its Indian...
Delhi HC Reduces Customs Penalty in Case Involving Mis-Declaration of Broadcasting Equipment Imports
The Delhi High Court has substantially reduced the penalty imposed in a case involving the import of high-value broadcasting equipment meant for IPL and...
Bombay High Court Quashes Stay Order After Finding Tax Authority Wrongly Taxed Gross Receipts Instead of Income
The Bombay High Court has set aside an order that required the institution to deposit 15% of a disputed tax demand, holding that the...
Income Tax Dept. Turns Spotlight on Credit Card Reward Misuse
A new wave of income-tax scrutiny is sweeping across India — and this time, the target is not undisclosed assets or shell companies, but...
Income Tax Dept. Seeks Justification for Household Expenses, Including Haircuts and Perfumes
In a move that signals a sharp shift in the intensity of individual tax scrutiny, the Income Tax Department has issued a notice to...
Income Tax Reassessment Invalid in Absence of Incriminating Material: Delhi HC
The Delhi High Court has dismissed the appeal filed by the Principal Commissioner of Income Tax, Delhi–1, after concluding that no substantial question of...
Partnership Deed Contained No Recital Regarding Contribution Of Capital By Partners: AP High Court Upholds Addition of Rs. 33 Lakh for Unexplained Cash Deposits
The Andhra Pradesh High Court has dismissed Income Tax Tribunal Appeal affirming the decision of the Income Tax Appellate Tribunal (ITAT), Visakhapatnam Bench, which...
Bombay HC Frowns On Customs Officials for Not Issuing Speaking Order; Imposes Rs. 25,000 Cost
The Bombay High Court has pulled up Customs authorities for failing to issue a mandatory speaking order under Section 17(5) of the Customs Act,...
Rs. 10K Cost Imposed On CIT(A) For Passing One-Line Order: Gujarat HC
The Gujarat High Court has imposed the cost of Rs. 10,000 on the Commissioner of Income Tax (Appeals) (CIT(A)) for passing one line order.The...
PIL “Misconceived”; Affirms Municipal Bodies’ Power To Revise Taxes After 16 Years: Supreme Court
The Supreme Court while call the Public Interest Litigation (PIL) ‘misconceived’, affirmed the power of the municipal bodies to revise taxes after 16 years.The...
PCIT Sanction Sufficient For Tax Evasion Exceeding Rs. 25 Lakhs; No Need for Collegium Approval: Delhi HC
The Delhi High Court while upholding the validity of Circular No. 5/2020 dated 23.01.2020 issued by Central Board of Direct Taxes (CBDT) which provided...
Foreign Entity Not Required to File ITR: ITAT Quashes Reassessment Against UAE Taxpayer
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has quashed the reassessment proceedings initiated under Section 147 of the Income Tax Act...
Calcutta HC Orders Refund of Wrongly Deducted TDS on Arbitral Award; Rejects Interest Claim
The Calcutta High Court has directed the Award Debtor to refund the Tax Deducted at Source (TDS) that was wrongly deducted while releasing decretal...
Issuance of Re-Assessment Notice Prior To Supply Of Recorded Reasons U/s 147 Is Fatal Procedural Lapse: ITAT
The Income Tax Appellate Tribunal (ITAT), Delhi Bench has held that the Issuance of notice under section 143(2) prior to supply of recorded reasons...
Black Money Act Triggers When AO Notices the Transaction — Not When Undertaken: ITAT Deletes Foreign Asset Addition
In a landmark interpretation of the Black Money (Undisclosed Foreign Income and Assets) Act, 2015, the Income Tax Appellate Tribunal (ITAT) Pune Bench has...
Virtual Service PE Can’t Be Read Into DTAA; No Service PE Without Physical Presence: Delhi High Court
The Delhi High Court has held that a Virtual Service Permanent Establishment (PE) cannot be created without explicit provision in the India–Singapore DTAA, and...
Income Tax Dept. To Refund Excess Recovery Beyond 20% of Disputed Demand: Calcutta High Court
The Calcutta High Court has directed the Income Tax Department to refund all amounts recovered beyond 20% of the disputed tax demand.The bench of...
S. 153D Approval Termed Mechanical Without Application of Mind ; ITAT Quashes Assessments
The Income Tax Appellate Tribunal (ITAT), Agra Bench, has quashed the assessments framed against Hydrise Foods Pvt. Ltd. for AYs 2017–18 and 2018–19 on...
ITAT Deletes Rs. 59.9 Lakh Additions, Grants Major Relief to Taxpayer in Cash Deposit, Gift, Capital Gains Case
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has provided significant relief to an assessee by deleting multiple income additions made by the tax...
Income Tax Dept.’s Appeal Not Maintainable Amid Unsettled Legal Position on Prospective vs Retrospective Application of Benami Amendment Act: Bombay HC
The Bombay High Court has dismissed a first appeal filed by the Income Tax Department challenging the Appellate Tribunal’s 2023 decision in a benami...
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