Income Tax : The issue is when High Courts can entertain appeals against ITAT orders. The key takeaway is that only debatable, material legal q...
Income Tax : Supreme Court disallows ₹10 crore bad debt deduction for Khyati Realtors Pvt Ltd, ruling it as capital expenditure, not eligible...
Income Tax : Explore remedies for taxpayers under the Income Tax Act, 1961, comparing appeals & revisions. Understand procedures, limitations &...
Income Tax : On commencement of regular assessment proceedings u/s 143(2) of Act , there is no need for intimation u/s 143(1)(a)(i) Where the s...
Income Tax : Substantial question of Law (SQL). On interpretation of section 260A of the Income Tax Act , 1961 and section 100 of the code of c...
Income Tax : The Gujarat High Court upheld deletion of an addition relating to alleged bogus capital gains. The Court found that shares held fo...
Income Tax : The Delhi High Court upheld deletion of additions after authorities under the Black Money Act concluded that the assessee was not ...
Income Tax : Tribunal could not recall and restore an appeal dismissed ex parte under Rule 24 of the ITAT Rules, 1963, when assessee filed mi...
Income Tax : The Karnataka High Court ruled that appellate authorities are empowered to entertain claims not made before the Assessing Officer....
Income Tax : The Bombay High Court held that a DVO reference under Section 55A was invalid because the assessee’s declared value was higher t...
DGFT : All conditions in policy circular no 15 of 1st February 2011 will continue to apply, except the specification about dates and the ...
The Gujarat High Court upheld deletion of an addition relating to alleged bogus capital gains. The Court found that shares held for over a decade as genuine investments could not be treated as penny stock transactions.
The Delhi High Court upheld deletion of additions after authorities under the Black Money Act concluded that the assessee was not the beneficial owner of the foreign assets. The Court held that a protective assessment could not survive on those facts.
Tribunal could not recall and restore an appeal dismissed ex parte under Rule 24 of the ITAT Rules, 1963, when assessee filed miscellaneous applications after a lapse of 14 years without establishing sufficient cause for non-appearance, and where service of the original order was presumed under section 27 of the General Clauses Act as the term “afterwards” used in Rule 24 of the ITAT Rules provided procedural flexibility but did not grant an indefinite timeline.
The Karnataka High Court ruled that appellate authorities are empowered to entertain claims not made before the Assessing Officer. The absence of a revised return did not bar consideration of the claim.
The Bombay High Court held that a DVO reference under Section 55A was invalid because the assessee’s declared value was higher than the fair market value. The ruling reiterates the scope of Section 55A as it existed before the 2012 amendment.
Where ITAT directed inclusion of Cepha Imaging Pvt. Ltd. as a comparable solely on the basis that it satisfied the export turnover filter without examining its functional comparability with assessee, and further directed inclusion of CG Vak Software & Exports Ltd.
The High Court upheld the ITAT’s restriction of disallowance to 6% of alleged bogus purchases, holding that similar issues involving the same accommodation entry group had already been decided in earlier cases.
The Bangalore Bench held that filing Form No. 10B along with the return is directory and not mandatory in circumstances where the audit report becomes available during appeal proceedings. Relief under Sections 11 and 12A was restored.
Gujarat High Court observed that additions in bogus purchase cases should be confined to the income component embedded in such transactions rather than the entire purchase amount.
Madras High Court held that time-share membership fees could not be fully taxed in the year of receipt since the assessee had continuing obligations extending over several years. The Court approved spreading part of the income over the membership tenure.
