High Court rules in favor of taxpayer in reassessment case involving penny stocks. Lack of connection between info and transactions led to decision.

High Court rules unsecured loan not income under IT Act sec 68 if repaid in FY. Explanation key to avoid tax.

Court ruled against reopening assessment after 4 years. Assessee's disclosure was enough.

High Court Upholds Settlement Commission's Decision to Dismiss Appeals on Income Disclosure Deficiencies, Emphasizes Caution in Challenges.

Tribunal Deletes Unsustainable Additions on Property Sale; Ensures Tax Neutrality by Preventing Double Taxation.

Penalty Overturned for Mistaken Claim on Indexed Costs; Tribunal Cites No Intent to Deceive in Expense Reporting.

Co-op bank gets tax deduction for interest & dividend income, ITAT rules. Paddy business deduction restriction unjustified.

Tribunal: Land sold keeps agricultural status for LTCG if used for farming. Check if it meets definition of agricultural land. Deductions u/s 54F/54B ...

Appellate Tribunal Upholds Accounting Practices for Grants-in-Aid; Dismisses Revenue's Appeal on Section 13(1)(d) Violation.

Tribunal Nullifies Unjustified Additions in Unabated Assessments, Highlights Need for Incriminating Material.

ITAT Rules Section 79 Excludes Unabsorbed Depreciation from Loss Set-Off; Directs Verification by Assessing Officer.

Appellate Tribunal Approves Bridge Construction Costs as Deductible Capital Expenditure, Enhancing Business Access.

ITAT Affirms Disallowance of Deduction u/s 35(1)(ii) for Donations with Forged Documents, Citing Ineligible Trust.

Tribunal allows appeal before CIT(A) after 335-day delay due to Covid-19 & Norway docs issue. No negligence found. Case sent back for fresh review.

ITAT Rules Software License Payments Not Taxable as Royalty Under India-US Tax Treaty for Non-Exclusive Licenses.

Filing tax forms just got easier! Starting June 27, 2024, certain forms as 3CN, 3CS, 3CEC, 3CEFB, 59, and 59A must be submitted electronically.

Court allowed extra time for bank statements in a Black Money Act case. Petitioner gets 45 days.

Court Invalidates Tax Assessment for Denying Hearing, Citing Breach of Natural Justice; Case Remanded for Proper Review.

Court ruled notice to reassess tax invalid as approval was still in effect.

Court says one day to respond to notice is unfair! Bank proof shows less money received. Order overturned, case sent back for review.