Latest Income tax judgemets - thetaxtalk- Simplifying the tax laws

Validity of Assessment if ‘limited scrutiny’ shifted to ‘complete scrutiny’ without Prior approval of Principal Commissioner/Commissioner

5 years ago

Validity of Assessment if ‘limited scrutiny’ shifted to ‘complete scrutiny’ without Prior approval of Principal Commissioner/Commissioner Short Overview : AO was…

IT Judgement

No incriminating material found during search–Unabated assessment cannot be disturbed

5 years ago

No incriminating material found during search–Unabated assessment cannot be disturbed Short Overview Where regular assessment for the year under consideration remained…

IT Judgement

Landmark Judgment: Validity of Addition under section 68 towards Cash deposits in bank account if Assessee is not required to maintain books of account under section 44AD

5 years ago

Landmark Judgment : Validity of Addition under section 68 towards Cash deposits in bank account if Assessee is not required…

IT Judgement

Levy of tax: Mobilisation advance received prior to implementation of GST

5 years ago

Levy of tax: Mobilisation advance received prior to implementation of GST IN THE AUTHORITY FOR ADVANCE RULING, TAMILNADU BENCH MANASA…

IT Judgement

Loss of stock due to fire: Forget Insurance, it is allowable as deduction in the year in which loss occurred

5 years ago

Loss of stock due to fire: Forget Insurance, it is allowable as deduction in the year in which loss occurred…

IT Judgement

Landmark Judgment by Jaipur ITAT: No disallowance u/s 40A(3) if identity of sellers & source of cash payment were established.

5 years ago

Landmark Judgment by Jaipur ITAT: No disallowance u/s 40A(3) if identity of sellers & source of cash payment were established.…

IT Judgement

Benefit of Sec. 54G exemption isn’t available if land was notified as urban land after its sale: High Court

5 years ago

Benefit of Sec. 54G exemption isn’t available if land was notified as urban land after its sale: High Court Fabsun…

IT Judgement

No penalty if Declaration is made under section 132(4) by duly substantiating manner in which such undisclosed income was derived; including those undisclosed income in the return filed under section 153A and the payment of taxes is done thereon

5 years ago

No penalty if Declaration is made under section 132(4) by duly substantiating manner in which such undisclosed income was derived;…

IT Judgement

Addition under section 56(2)(viib) for issue of shares at premium & validity of rejection of DCT method adopted by assessee for valuation of shares

5 years ago

Addition under section 56(2)(viib) for issue of shares at premium & validity of rejection of DCT method adopted by assessee…

IT Judgement

Benefit of set off of loss of Partnership Firm: AO could examine applicability of section 79 only in the year in which loss was set off, and not in the year in which assessee claimed the loss to be carried forward.

5 years ago

Benefit of set off of loss of Partnership Firm: AO could examine applicability of section 79 only in the year…

IT Judgement

Income declared during survey & Year of taxability: Assessment year for which declaration had been made or the year in which survey was conducted?

5 years ago

Income declared during survey & Year of taxability: Assessment year for which declaration had been made or the year in…

IT Judgement

Statements recorded under section 132(4) cannot be made the sole basis for making additions unless it is supported by any documentary evidence

5 years ago

Statements recorded under section 132(4) cannot be made the sole basis for making additions unless it is supported by any…

IT Judgement

Premium for hedging foreign exchange fluctuations as regards loan availed of for purchase of fixed asset is a Capital on revenue expenditure?

5 years ago

Premium for hedging foreign exchange fluctuations as regards loan availed of for purchase of fixed asset is a Capital on…

IT Judgement

CBDT instructs officers to levy for false entries in the books of accounts

5 years ago

CBDT instructs officers to levy for false entries in the books of accounts F. No. 414/02/2021 — IT (Inv. I)…

IT Judgement

Co-ownership in the property & Reckoning the Limit of Rs. 1.80 Lakh of Rent for applicability of TDS provisions.

5 years ago

Co-ownership in the property & Reckoning the Limit of Rs. 1.80 Lakh of Rent for applicability of TDS provisions. Short…

IT Judgement

Allowability of depreciation owned jointly with others

5 years ago

Allowability of depreciation owned jointly with others Short Overview : Where value of building and value of land on which…

IT Judgement

If Sales made by the assessee is not disputed, purchases could not be added considering them as bogus and only profit embedded in such purchases is required to be added

5 years ago

If Sales made by the assessee is not disputed, purchases could not be added considering them as bogus and only…

IT Judgement

Valuation of shares for a consideration more than FMV: Validity if AO changed the method of valuation adopted by assessee

5 years ago

Valuation of shares for a consideration more than FMV: Validity if AO changed the method of valuation adopted by assessee…

IT Judgement

Validity of Assessment if ‘limited scrutiny’ shifted to ‘complete scrutiny’ without Prior approval of Principal Commissioner/Commissioner

No incriminating material found during search–Unabated assessment cannot be disturbed

Landmark Judgment: Validity of Addition under section 68 towards Cash deposits in bank account if Assessee is not required to maintain books of account under section 44AD

Levy of tax: Mobilisation advance received prior to implementation of GST

Loss of stock due to fire: Forget Insurance, it is allowable as deduction in the year in which loss occurred

Landmark Judgment by Jaipur ITAT: No disallowance u/s 40A(3) if identity of sellers & source of cash payment were established.

Benefit of Sec. 54G exemption isn’t available if land was notified as urban land after its sale: High Court

No penalty if Declaration is made under section 132(4) by duly substantiating manner in which such undisclosed income was derived; including those undisclosed income in the return filed under section 153A and the payment of taxes is done thereon

Benefit of set off of loss of Partnership Firm: AO could examine applicability of section 79 only in the year in which loss was set off, and not in the year in which assessee claimed the loss to be carried forward.

Income declared during survey & Year of taxability: Assessment year for which declaration had been made or the year in which survey was conducted?

Statements recorded under section 132(4) cannot be made the sole basis for making additions unless it is supported by any documentary evidence

Premium for hedging foreign exchange fluctuations as regards loan availed of for purchase of fixed asset is a Capital on revenue expenditure?

CBDT instructs officers to levy for false entries in the books of accounts

Allowability of depreciation owned jointly with others

If Sales made by the assessee is not disputed, purchases could not be added considering them as bogus and only profit embedded in such purchases is required to be added

Valuation of shares for a consideration more than FMV: Validity if AO changed the method of valuation adopted by assessee

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