Income Tax Judgements

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.

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

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

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

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

The ITAT, Pune in Pride and Expert Properties Pvt. Ltd. v. ACIT [ITA No.860/PUN/2022 dated February 14, 2023] has held that the order passed by the Appellate Authority, confirming the view of the Revenue Department is not justified on the grounds tha

The Hon'ble Bombay High Court in Survival Technologies Pvt. Ltd. v. the Deputy Commissioner of Income Tax [Writ Petition No. 3035 of 2022 dated February 20, 2023] has set aside the notice issued under Section 148 of the Income Tax Act ("the IT Act")

The ITAT, New Delhi inACIT v. Sh. Sanjay Choudhary [ITA No.1274/Del/2020 dated January 23, 2023] has affirmed the decision of the Appellate Authority holding that the exemption claimed under Section 54F of the Income Tax Act, 1961 (“the IT Act”) woul

The ITAT, Pune in Mukesh PadamchandSogani v. ACIT, [ITA No.29/PUN/2022 dated January 30, 2023] has overturned the order passed by the Revenue Department for disallowing the Tax Deducted at Source ("TDS") to be provided to the assessee for the income

The Hon'ble Bombay High Court in B.U. Bhandari Autolines Pvt. Ltd. v. The Assistant Commissioner of Income Tax, And Ors. [Writ Petition No. 5059 of 2022 dated February 10, 2023] has quashed the notice under Section 148 of the Income Tax Act, 1961 ('t