Articles

High-value financial transactions are automatically reported to tax authorities under the Statement of Financial Transaction (SFT), making non-disclosure in ITRs risky.

Think Your Big Transactions Go Unnoticed? Income Tax Department Is Already Watching

Judgement

ITAT Ahmedabad quashes Rs. 90 lakh tax addition, citing bank account misidentification and lack of proper inquiry by the Assessing Officer and lower authorities.

ITAT Ahmedabad Quashes Rs. 90 Lakh Tax Addition for Misidentified Bank Account

The ITAT upheld that filing Form 10B is just a procedural requirement, and even if it is filed beyond the specified due date, exemption under section 11 can still be claimed.

Section 11 Exemption Cannot Be Denied Solely for Late Filing of Form 10B: ITAT

ITAT condoned the assessee’s delay, remanded the case to AO, and directed a Rs. 5,000 payment to the PM Relief Fund.

Delay Condoned by ITAT; Case Remanded to AO, Rs. 5,000 Directed to PM Relief Fund

Issuing a second notice under Section 148 without fulfilling mandatory conditions of Section 148A is bad in law, rules ITAT

ITAT Quashes Reassessment Proceedings Due to Procedural Lapses and Absence of New Tangible Material

ITAT noted that the assessee company was assembling different components into a combined engine cooling system at its Uttarakhand Unit, and without this process, the final product could not exist.

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Think Your Big Transactions Go Unnoticed? Income Tax Department Is Already Watching

ITAT Ahmedabad Quashes Rs. 90 Lakh Tax Addition for Misidentified Bank Account

Section 11 Exemption Cannot Be Denied Solely for Late Filing of Form 10B: ITAT

Delay Condoned by ITAT; Case Remanded to AO, Rs. 5,000 Directed to PM Relief Fund

ITAT Quashes Reassessment Proceedings Due to Procedural Lapses and Absence of New Tangible Material

Assembling Components into a New Commercial Product Would Qualify as Manufacturing Activity: ITAT