Double Taxation

Income Tax

ITAT Deletes Notional Interest Addition on Interest-Free Loans to Subsidiaries and Remands Ad-hoc Capitalization of Installation Expenses | Biz Flow Kit
Byadmin June 6, 2026

ITAT Deletes Notional Interest Addition on Interest-Free Loans to Subsidiaries and Remands Ad-hoc Capitalization of Installation Expenses The Income Tax Appellate Tribunal (ITAT) Delhi has held that Notional interest on interest-free advances cannot be assessed as income if there is no actual receipt , particularly where the assessee possesses sufficient interest-free funds. The assessee, M/s…

Read More ITAT Deletes Notional Interest Addition on Interest-Free Loans to Subsidiaries and Remands Ad-hoc Capitalization of Installation Expenses | Biz Flow Kit
Income Tax

ITAT Quashes Assessment for Invalid Section 143(2) Notice; Grants Multiple Reliefs to Assessee | Biz Flow Kit
Byadmin April 19, 2026

ITAT Quashes Assessment for Invalid Section 143(2) Notice; Grants Multiple Reliefs to Assessee The assessee, ABC India Limited, filed its return declaring a loss for AY 2022-23, which was selected for scrutiny under CASS. The Assessing Officer completed the assessment under Section 143(3) read with Section 144B, making multiple additions, including capital gains on the…

Read More ITAT Quashes Assessment for Invalid Section 143(2) Notice; Grants Multiple Reliefs to Assessee | Biz Flow Kit
Income Tax

ITAT Curbs Rs 1.47 Cr Addition to Rs 10 Lakh, Rejects 115BBE Applicability to Avoid Double Taxation | Biz Flow Kit
Byadmin April 16, 2026

ITAT Curbs Rs 1.47 Cr Addition to Rs 10 Lakh, Rejects 115BBE Applicability to Avoid Double Taxation ITAT Delhi held that, even though the assessee failed to fully prove transactions with a suspicious party, taxing the entire Rs 1.47 crore would cause double taxation. It restricted the addition to Rs 10 lakh and ruled Section…

Read More ITAT Curbs Rs 1.47 Cr Addition to Rs 10 Lakh, Rejects 115BBE Applicability to Avoid Double Taxation | Biz Flow Kit
Income Tax

No Penalty Under Section 74 After Voluntary ITC Reversal due to non-existent supplier, says High Court | Biz Flow Kit
Byadmin April 14, 2026

GST: No Penalty Under Section 74 After Voluntary ITC Reversal due to non-existent supplier, says High Court The dispute began when the Anti-Evasion wing alleged that the petitioners had claimed input tax credit (ITC) based on invoices issued by a non-existent supplier. On receiving this communication, the petitioners acted without delay and voluntarily reversed the…

Read More No Penalty Under Section 74 After Voluntary ITC Reversal due to non-existent supplier, says High Court | Biz Flow Kit
Income Tax

Capital Gains from Spouse Gifted Property Taxable Only in Transferor’s Hands | Biz Flow Kit
Byadmin March 16, 2026

Income Tax: Capital Gains from Spouse Gifted Property Taxable Only in Transferor’s Hands The assessee filed her return of income for A.Y. 2016–17 declaring income of Rs. 5,86,740 and claiming TDS credit of Rs. 20,00,000 deducted under Section 194-IA on sale of immovable property. The property comprised six plots measuring about 37,236 sq. ft. situated…

Read More Capital Gains from Spouse Gifted Property Taxable Only in Transferor’s Hands | Biz Flow Kit
Income Tax

High Court Quashes Reassessment Notice Based on Same Bank Deposits Already Examined Earlier | Biz Flow Kit
Byadmin March 8, 2026

High Court Quashes Reassessment Notice Based on Same Bank Deposits Already Examined Earlier M/s. Sanjay Kumar Bijay Kumar, a partnership firm engaged in the wholesale and retail trade of cattle feed and building materials, challenged reassessment proceedings initiated for AY 2019-20. The firm held two PANs but had consistently filed its income tax returns using…

Read More High Court Quashes Reassessment Notice Based on Same Bank Deposits Already Examined Earlier | Biz Flow Kit