Judgement

ITAT quashes CPC’s denial of exemption, holding that disallowance of the entire income application is beyond the scope of adjustments permissible under Section 143(1).

Income Tax: CPC cannot do tax adjustment beyond purview of provisions of section 143(1)

The Tribunal cited a previous ruling where it was clarified that investments that did not earn exempt income cannot be included for calculation under section 14A.

Investments Not Yielding Exempt Income Cannot be Considered for Calculating Disallowance u/s 14A: ITAT

HC invalidates 153C action without incriminating material; exempts rural agricultural land sale profits from tax.

HC Quashes 153C Proceedings; Rural Agricultural Land Sale Not Taxable

The Bombay HC sought compliance from the tax authorities on processing petitioner's refund and directed that interest be paid until the actual date of credit.

Bombay High Court Seeks Compliance on Income Tax Refund and Interest Payment

Income Tax Interest should be paid upto date of Refund credit and not date of Order: Bombay High Court

The ITAT restored the matter to the Assessing Officer. It directed the officer to verify the tax paid by the assessee for the entire financial year 2022-23 from the tax return filed by the assessee in the USA.

ITAT Mumbai Restores Foreign Tax Credit Claim for Fresh Verification

The ITAT quashed the reassessment proceedings against the assessee due to invalid notice under Section 148A(b), time-barred action, and improper full addition despite joint property ownership.

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Income Tax: CPC cannot do tax adjustment beyond purview of provisions of section 143(1)

Investments Not Yielding Exempt Income Cannot be Considered for Calculating Disallowance u/s 14A: ITAT

HC Quashes 153C Proceedings; Rural Agricultural Land Sale Not Taxable

Income Tax Interest should be paid upto date of Refund credit and not date of Order: Bombay High Court

ITAT Mumbai Restores Foreign Tax Credit Claim for Fresh Verification

ITAT Invalidates Entire Reassessment; Cites Breach of Section 148A(b) and Joint Ownership Error