Assessment itself is not a process to penalise assessee for earning undisclosed income – High Court upheld application of peak credit theory to undisclosed income.  In a recent judgment, Hon’ble High Court has upheld addition as per peak credit holding that the process of assessment itself is not …

Actual use of asset not the sole test for allowability of depreciation and it may be allowed when business only temporarily remained suspended In a recent judgment ITAT has held that Actual use of asset is not the sole test for allowability of depreciation and that, in appropriate …

It can never be the object of assessment proceedings to find an empirically, absolutely correct solution on every fact issue – High Court In a recent judgment, Hon’ble High Court has held that assessment proceedings are summary that must be concluded in a time bound manner. While full …

Penalty u/s 270A deleted as assesse filed revised computation during scrutiny correcting the mistake which was noticed only after the case was selected for scrutiny. In a recent judgment, ITAT has deleted penalty u/s 270A as the assesse filed revised computation during scrutiny and stated that due to …

Penalty u/s 271B for unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. for previous and preceding year deleted by ITAT In a recent judgment, ITAT has held that unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. …

Merely rectifying computation without amending assessment order without notice to assessee does not nullify the entire assessment  – ITAT In a recent judgment, ITAT Guwahati has held that merely rectifying  computation without touching in the body of order without giving opportunity to the assessee does not nullify the …