Income Tax Judgements



The Hon'ble Calcutta High Court in Pramod Kumar Madhogarhia v. The Union of India & Ors. [MAT 729 of 2023 with I.A. No. CAN 1 of 2023 dated May 12, 2023] has set aside the Show Cause Notice ("SCN") issued under Section 148A(b) of the Income Tax Act,

Posted in Income Tax |   126 Views



The ITAT, New Delhi in ACIT v. Surya Global Steel Tubes Ltd[ITA No. 4778/Del/2016 dated May 09, 2023] has held that no income tax additions can be made when source of investment made against the share capital/ premium/ warrants, stands explained, as

Posted in Income Tax |   223 Views



The jewellery seized of Rs.16,77,363/- is intra polated in the jewellery found of Rs.43,17 ,442/-. Hence, keeping in view the entire disclosed jewellery as per the WTR and as found in the premises, we hold that no addition can be made on this account

Posted in Income Tax |   204 Views



The Supreme Court has set aside the Rajasthan High Court's order of allowing the loss claimed by assessee on account of confiscation of silver bars by the Customs department, as 'business loss' under Section 37(1) of the Income Tax Act, 1961. The ass

Posted in Income Tax |   168 Views



The Supreme Court has held that in a case of negligence committed by Doctor, the Insurance Company which covered the Doctor would have to reimburse the compensation to the complainant to the extent of its liability under the Insurance Policy as, agai

Posted in Income Tax |   388 Views



THE ITAT held that additions cannot be made only on the basis of declaration made under section 132(4) of the Income Tax Act, 1961 without any corroborating evidence to prove the addition.

Posted in Income Tax |   405 Views



When the addition is on estimated basis, penalty u/s. 271(1)(c) of the Act cannot be levied on such ad hoc estimated income. The disallowance of purchases on ad-hoc basis does not tantamount to furnishing inaccurate particulars of income under the pr

Posted in Income Tax |   298 Views



The appeal is allowed on the finding that no evidence has come forward to show that the company had made a public offer other than these 49 persons. Once allotment is made to less than fifty allottees by way of private allotment the first proviso to

Posted in Income Tax |   167 Views



The ITAT, Chennai in R. Muthukumar v. Deputy Commissioner of Income Tax [ITA No.: 3090/Chny/2019 dated February 15, 2023 has upheld the findings of the Appellate Authority and held that, there is no error in the reasons given by the Appellate Authori

Posted in Income Tax |   248 Views



The ITAT, New Delhi in Reverse Age Health Services Pte Ltd v. DCIT [ITA No.1867Del/2022 dated February 17, 2023] has directed the Revenue Department to delete the disallowance of Short Term Capital Gains ("STCG") and allow the benefit of the provisio

Posted in Income Tax |   192 Views





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