Can penalty under Section 271(1)(c) be imposed if self-assessment tax was paid before notice u/s 148? Read the detailed analysis of Smt. Kavita Sachdev Vs ITO (ITAT Indore).
ITAT Indore held that the peak credit theory should be adopted for determining income of assessee. Under this theory, only peak balance in bank account should be considered for taxation
Analysis of Bharat Jaroli vs PCIT case by ITAT Indore, highlighting AO’s failure to scrutinize cash payments under Sec 40A. Detailed review and outcome provided.
In the case of Ketan Prabhulal Dalsaniya Vs DCIT, ITAT Indore rules that once the business income of the wife is accepted during scrutiny, the AO cannot tax the husband again, stating the wife wasn’t the one carrying the business.
Indore ITAT ruling in Mohammad Ibraheem Khatri vs ITO case highlights that depositing cash after demonetization is not a reason to doubt cash availability.
Naresh Chandra Kalwani Vs PCIT case discusses excess stock, business assessment, and the applicability of section 69/69A/115BBE under Income-tax Act.
Explore ITAT Indore’s order in ACIT Vs MP Warehousing case, challenging deduction under section 35AD for specified and non-specified business income.
Indore ITAT dismisses Abhishek Singh’s appeal against PCIT for filing belatedly, citing insufficient cause for the 6-year delay.
ITAT Indore held that assessment done after considering replies/ submissions of the assessee cannot be said to be faulty. AO has taken a plausible view after considering replies/ submissions and hence revisional jurisdiction u/s. 263 of the Income Tax Act not warranted.
Indore ITAT clarifies that a firm can’t deny land ownership if bought through directors. Read the detailed analysis of Bagora Developers Pvt. Ltd. Vs ACIT case.
