Category: Income Tax

Amalgamation order does not take away right of income tax department to proceed against the transferee company, In a recent judgment, Hon’ble Calcutta High Court has held that simply because the amalgamation order has been passed, the same does not take away right of the income tax department …

Addition u/s 69A for solely cash deposits in bank account deleted as it was covered by income declared u/s 44AD of the Act In a recent judgment, ITAT Rajkot held that AO erred in making addition under section 69A of the Income Tax Act, 1961 solely on the …

ITAT quashed revision order u/s 263 passed without providing information to assessee and not considering submissions & evidences furnished. In a recent judgment, ITAT Raipur has quashed the revision order passed u/s 263 holding that the PCIT grossly erred in not providing the information or documents used against …

High Court order upholding direction for Registration u/s 12A without applying determinative tests laid down by Apex Court set aside In a recent judgment, Hon’ble Supreme Court set aside the judgment of Allahabad High Court in granting registration u/s 12A without applying determinative tests laid down by Apex …

In the absence of satisfaction recorded in the assessment order regarding penalty proceedings under Section 271D, no penalty could be levied In a recent judgment, Hon’ble Supreme Court declined to interfere with Gujarat High Court judgment holding that in the absence of any satisfaction recorded regarding penalty proceedings …

Once registration u/s 12A of Income Tax Act is granted, the grant of registration under Section 80G of the Act cannot be refused In a recent judgment, Hon’ble Supreme Court declined to interfere with the view taken by Chhattisgarh High Court that when a institution stands registered as …

Case was remanded by ITAT as NFAC dismissed appeal despite assessee furnishing part reply and sought further time to make full compliance.  In a recent judgment, ITAT Pune has remanded the case as NFAC dismissed the appeal without considering that assessee had furnished part reply and sought further …

Under DBFOT contract “Right to Collect Toll”, is an intangible asset and assessee is entitled to claim depreciation on it. In a recent judgment, ITAT Lucknow has held that under DBFOT contract “Right to Collect Toll”, is an intangible asset and assessee is entitled to claim depreciation on …

Appellate remedy or forum is created by the statute to rest the dispute and not to accelerate for higher forum perfunctorily. In a recent judgment, ITAT Pune has remitted the issue observing that appellate remedy or forum is created by the statute to rest the dispute and not …

When books of accounts are rejected and profits are estimated, no separate disallowance can be made on basis of entries in books In a recent judgment, ITAT Amritsar has held that when books of accounts are rejected and gross profit is estimated at a percentage on sales, it …