Reopening can be done based on audit opinion even if query was raised during assessment proceedings: Bombay HC
Reopening can be done based on audit opinion even if query was raised during assessment proceedings: Bombay HC Bombay High Court in the case of Sanjay Patel WP 31458/2024 has held that reopening can be done based on audit opinion even if query was raised during assessment proceedings. Let us have a Short Overview of the… […]
For invoking section 41(1), there must be an allowance or deduction claimed by the assessee in the past concerning a trading liability, which is subsequently remitted or ceased.
For invoking section 41(1), there must be an allowance or deduction claimed by the assessee in the past concerning a trading liability, which is subsequently remitted or ceased. In the case of Income Tax Officer Ward-2(1), Nagpur v. N. Kumar Housing and Infrastructure Pvt. Ltd., ITA No. 481/Nag/2024, dated February 25, 2025, the Income… […]
Neither Section 41(1) nor Section 68 applied to the lease deposits and booking Advances: ITAT
Neither Section 41(1) nor Section 68 applied to the lease deposits and booking Advances: ITAT The ITAT upheld the Commissioner of Income Tax (Appeals)’s decision to delete the addition of ₹5.20 crore, concluding that neither Section 41(1) nor Section 68 applied to the lease deposits and booking advances in question. While considering the case, ITAT… […]
Income Tax Department cannot indefinitely keep the properties attached: Delhi HC
Income Tax Department cannot indefinitely keep the properties attached: Delhi HC Fasttrack Tieup Pvt. Ltd. Versus UOI Case No.: W.P.(C) 15237/2023 and CM APPLs.60975/2023, 17044/2024 Facts: 1. Summit Aviation Pvt. Ltd. had availed financial assistance from Punjab National Bank (PNB) in 2008 for purchasing helicopters. 2. A hypothecation agreement was executed on 12.05.2008, wherein three… […]
Call centre services are not technical or managerial services: Bombay HC
Call centre services are not technical or managerial services: Bombay HC Commissioner of Income-Tax (TDS)-2 Versus Vodafone Essar Ltd (ITA 1838 of 2018) Facts: 1. The Revenue was of the view that, agreement entered by the assessee with IGSPT and the other material on record clearly showed that the agreement concerned the assessee’s availing… […]
Income Tax Department’s Scrutiny of Household Withdrawals: A Wake-Up Call for Taxpayers
Income Tax Department’s Scrutiny of Household Withdrawals: A Wake-Up Call for Taxpayers Imagine opening your mailbox and finding a notice from the Income Tax Department asking for a breakdown of your monthly expenses-down to the last rupee spent on haircuts, shoe polish, and even perfumes. Sounds like a nosy neighbor, right? Well, one such notice… […]
Where the assessee has submitted all the necessary documentary evidence, addition of bogus purchases cannot be made: ITAT Delhi
Where the assessee has submitted all the necessary documentary evidence, addition of bogus purchases cannot be made: ITAT Delhi Facts: 1. The assessee is in the business of manufacturing flour and rice in which maida and Choker (wheat bran) being a necessary ingredients were purchased by the assessee from vendors including one, M/s Raghuveer Singh… […]
WhatsApp Messages alone Cannot Justify addition under Section 69C Addition: Mumbai ITAT
WhatsApp Messages alone Cannot Justify addition under Section 69C Addition: Mumbai ITAT In a significant ruling of ACIT v/s Prashant Prakash Nilawar , the Mumbai ITAT has held that WhatsApp messages alone are insufficient to justify additions under Section 69C (Unexplained Expenditure) of the Income Tax Act, 1961. Let us have a Short Overview… […]
No question of law if Assessing Officer had concluded that the transaction of purchase and sale of shares was a sham transaction & disallowed Short-Term Capital Loss
No question of law if Assessing Officer had concluded that the transaction of purchase and sale of shares was a sham transaction & disallowed Short-Term Capital Loss Where the Assessing Officer had concluded that the transaction of purchase and sale of shares was a sham transaction, disallowing short-term capital loss claimed by the assessee did… […]
CIT (A) non admission of confirmation of account as additional Evidence – ITAT restored the matter to AO for fresh adjudication
CIT (A) non admission of confirmation of account as additional Evidence – ITAT restored the matter to AO for fresh adjudication The AO has passed an assessment order during the pendency of confirmation from parties to whom notice u/s 133(6) of the Act was issued. The confirmations were submitted as additional evidence before honourable CIT(A) & the… […]
