Category: Income Tax

Training workshop for performance management, and career management for employees are general training programs that cannot be considered as technical services – HC In a recent judgment, Hon’ble Karnataka High Court has held that training workshop for performance management, and career management for employees are general training programs …

High Court directed closure of Capital Gain Deposit Scheme (CGDS) Account opened mistakenly by the assessee on wrong advice by tax consultant. In a recent judgment, Hon’ble High Court of Meghalaya has directed Income Tax Authorities to expeditiously close the Capital Gain Deposit Scheme (CGDS) Account of the …

Non application of correct section is a classic example of non-application of mind by Quasi-judicial authority – ITAT deleted addition u/s 69 In a recent judgment ITAT Raipur deleted addition made under section 69 instead of correct section 68 of the Income Tax Act, 1961 (the Act) holding …

Applicability of limitation for completion of assessment u/s 153 to a DRP proceeding under Section 144C – matter to be referred to larger bench In a recent judgment, Supreme Courts gave split judgment on the interpretation of applicability of limitation for completion of assessment u/s 153 to a …

It is well-settled that once the source of cash is explained to be business receipts already accounted for and taxed, addition u/s 68 is unwarranted – ITAT In a recent judgment, ITAT Surat has deleted addition u/s 68 of the Income Tax Act, 1961 (the Act) holding that …

ITAT confirmed addition u/s 69C as unexplained expenditure over and above Gross Profit addition In a recent judgment, ITAT Hyderabad confirmed addition under section 69C as unexplained expenditure over and above the GP addition holding that the two additions serve different purposes i.e. one addresses the unexplained nature …

Merely non furnishing of purchase & sale register would not amount to escapement of income In a recent judgment, the Hon’ble Supreme Court dismissed the SLP against the judgment of Gujarat High Court holding that and merely non furnishing of purchase and sale register would not amount to …

Exemption u/s 54F allowed holding that assessee was owner of only one house at the time of transfer and became owner of second house property only after mutation In a recent judgment, ITAT Delhi has allowed capital gain exemption u/s  54F holding that assessee was owner of only …

Notice u/s 143(2) issued by ITO who lacked jurisdiction held valid as in substance it was in conformity with the intent & purpose of Income Tax Act 1961. In a recent judgment, Guwahati High Court has held that in absence of ITAT finding that notice u/s 143(2) issued …

Assessment quashed as the return of income was filed by the assessee was above Rs.10 lacs, for which, the jurisdiction vested only with the DCIT/ACIT and not with ITO. In a recent judgment, ITAT Raipur quashed assessment as the return of income was filed by the assessee above …