Judgement

ITAT quashes Section 147 reassessment for A.Y. 2015-16, holding the April 2021 reopening notice legally unsustainable under the Supreme Court’s earlier ruling.

ITAT Grants Major Relief In Penny-Stock Case, Quashes Reassessment Under Section 147

ITAT held that the Income Tax Department adopted the wrong legal procedure by reopening the assessments under Section 147 instead of proceeding under Section 153C.

ITAT Quashes Section 147 Reassessment Proceedings, Holds Income Tax Dept Must Follow Section 153C After Third-Party Search

The ITAT quashes Rs 7.03 crore reassessment proceedings, holding that the AO cannot make additions on issues beyond the reasons recorded for Section 147 reopening.

ITAT Quashes Rs 7.03 Crore Reassessment, Holds AO Cannot Make Additions Beyond Recorded Reasons for Reopening

Notifications

The CBDT notifies of TDS exemption on aircraft leasing payments to IFSC units opting for a 20-year tax deduction under section 147 of the Income Tax Act, 2025.

CBDT Notifies TDS Exemption on Aircraft Lease Payments to IFSC Units Under 20-Year Tax Deduction Scheme 

The CBDT notifies of TDS exemption on ship leasing payments to IFSC units with a 20-year deduction option under Section 147 and a mandatory declaration requirement.

CBDT Grants TDS Exemption On Ship Leasing Payments To IFSC Units Under 20-Year Tax Deduction Scheme

The ITAT quashed the reassessment against Ishleen Kaur, holding that reopening under Sections 147/148 cannot be based on vague allegations and borrowed satisfaction without tangible evidence.

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ITAT Grants Major Relief In Penny-Stock Case, Quashes Reassessment Under Section 147

ITAT Quashes Section 147 Reassessment Proceedings, Holds Income Tax Dept Must Follow Section 153C After Third-Party Search

ITAT Quashes Rs 7.03 Crore Reassessment, Holds AO Cannot Make Additions Beyond Recorded Reasons for Reopening

CBDT Notifies TDS Exemption on Aircraft Lease Payments to IFSC Units Under 20-Year Tax Deduction Scheme

CBDT Grants TDS Exemption On Ship Leasing Payments To IFSC Units Under 20-Year Tax Deduction Scheme

ITAT Invalidates Reassessment Proceedings, Holds Vague Reasons Cannot Justify Reopening Under Section 147