Income Tax : This FAQ guide explains the applicability of ITR forms, filing methods, due dates, penalties, and taxpayer obligations for AY 2026...
Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
Income Tax : ITAT Mumbai held that an addition under Section 69A cannot be sustained when the assessee is denied the opportunity to cross-exami...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A large spousal gift exemption was denied due to failure in proving genuineness, creditworthiness, and source of funds. The ruling...
Income Tax : Bombay High Court held that non-compliance with Section 144B raised a jurisdictional issue requiring ITAT adjudication and set asi...
Income Tax : ITAT Allahabad held that estimating gross profit solely on the basis of the subsequent years GP rate is not justified after reject...
Income Tax : ITAT held that mere transfer of records cannot replace a valid transfer of jurisdiction under Section 127, rendering the assessmen...
Income Tax : ITAT Surat held that rural agricultural land falls outside Section 2(14), deleting capital gains and related additions....
Income Tax : ITAT remanded the matter after holding that the CIT(A) passed a non-speaking order without giving reasons or properly considering ...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
ITAT Ahmedabad held that unsecured loan additions could not be sustained where the assessee furnished confirmations, bank statements, and tax records, and the Revenue failed to establish any cash trail or nexus with alleged accommodation entries.
ITAT Mumbai held that reassessment proceedings were invalid because approval under Section 151 was obtained from an authority not competent under the amended law. The notice under Section 148 was declared void.
Pune ITAT observed that the Revenue had accepted the assessee’s scrap business in earlier and later years by estimating profit on turnover. The ruling held that this history must be considered before treating deposits as unexplained income.
The ITAT held that income disclosed during a survey could not be reclassified from business income to Section 69A income through rectification proceedings. A debatable issue cannot be treated as a mistake apparent from the record.
The Tribunal held that once immunity under Section 270AA was granted and the assessee accepted the assessment without appeal, the Assessing Officer could not later alter the assessment through Section 154 rectification. The ruling reinforces the finality and certainty intended by the immunity scheme.
The assessee challenged an ex parte reassessment order that treated property investment as unexplained under Section 69. ITAT held that adequate opportunity should be provided before sustaining substantial additions and remanded the matter for fresh adjudication.
Assessments arising from searches conducted after 01.04.2021 must strictly comply with the reassessment framework under sections 147 and 148. Failure to adhere to statutory jurisdictional requirements, including mandatory approvals and satisfaction for use of third-party material, rendered the entire assessment void.
The case involved additions for alleged on-money in Godhavi land transactions based on a handwritten loose sheet. The Tribunal restored the matter for fresh consideration, highlighting issues relating to evidence and assessment findings.
CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies in assessments and incorrect tax computations leading to revenue loss.
The ITAT held that once profit is estimated on unaccounted sales, separate additions for wages and operational expenditure cannot be made again under section 69C. The ruling treated such additions as double taxation of the same income stream.
