Income Tax : The ruling clarifies that unauthenticated digital chats and screenshots cannot form the sole basis of tax additions without proper...
Income Tax : Judicial rulings clarify that satisfaction for initiating action against other persons in search cases must be recorded promptly. ...
Income Tax : Section 270A penalties must specify the exact misreporting clause. Vague notices invalidate penalties and can restore immunity und...
Income Tax : Understand the three core processes of Indian Income Tax: Rectification of mistakes (Sec 154), the four types of Assessment (Summa...
Income Tax : Understand your legal rights and procedural protections during Income Tax and PMLA raids in India. Learn what to do and what to a...
CA, CS, CMA : Legal opinion sought by NFRA on auditing standards, penalties, and regulatory roles in India. Analysis of NFRA’s powers under th...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Goods and Services Tax : The Ministry of Finance reports the arrest of a firm's finance head for GST evasion worth Rs 88 crore. Learn about the case and it...
Income Tax : The Central Board of Direct Taxes ( CBDT) has directed re-opening of all cases under the search and seizure label, income-escapin...
Income Tax : The case examined whether compensation paid to exit prior agreements was a sham arrangement. The Tribunal ruled it was a valid bus...
Income Tax : The Tribunal held that an unsigned agreement without corroboration cannot be treated as incriminating material. Proceedings under ...
Income Tax : The Tribunal deleted additions where the Revenue failed to prove actual cash transactions. It emphasized that suspicion and assump...
Income Tax : The Tribunal held that loan repayment cannot be treated as unexplained cash credit under section 68. The addition was deleted as i...
Income Tax : Reassessment proceedings was invalid for a notice issued beyond three years without the sanction of the prescribed higher authorit...
Income Tax : Read the order issued by the Central Board of Direct Taxes (CBDT), Ministry of Finance, specifying the scope of the e-Appeals Sche...
Income Tax : Dispute arose between the Department and the assessees with regard to adjustment of such seized/requisitioned cash against advance...
Kerala High Court held that writ petition not entertained as alternate remedy available with the petitioner since notices and assessment orders issued under section 153C of the Income Tax Act are duly issued within jurisdiction.
ITAT Delhi held that deletion of additions on account of understated sale consideration based on loose papers, dairy, documents, etc. seized in search action without dealing with the fundamental aspects of the matter by CIT(A) order cannot be countenanced in law. Accordingly, matter restored back to CIT(A) for fresh determination.
ITAT Delhi held that assessee belonging to upper higher strata of society receipt of gifts in the shape of cash “shaguns” on various occasions such as marriages, birthdays, anniversaries, birth of a child, auspicious festivals and other such occasions is common. Accordingly, addition towards unexplained money u/s 69A deleted.
ITAT Ahmedabad held that addition towards unexplained expenditure unsustainable as impugned amount has already been surrendered by the firm and accepted by the Settlement Commission.
Revenue had placed no material on record to show that the loose papers were in the hand-writing of assessee and there was no corroborative material on record to prove that the expenditure recorded in the said loose papers was incurred by assessee. Therefore, no addition could be made on account of undisclosed expenses.
Madras High Court held that clause (xi) to Explanation to Section 153B of the Income Tax Act relating to the exclusion of the period taken for handing over seized material to the assessing officer is effective prospectively from 01.04.2021. Accordingly, prior assessment years are held to be barred by limitation.
Held that the entries in the books of account of amalgamating companies prior to amalgamation cannot be part of the additions made under section 153A in the hands of the assessee (i.e. amalgamated company). Accordingly, additions deleted.
ITAT’s decision on Rounak Farms Pvt. Ltd. vs. ACIT case where a section 69B addition was upheld due to the appellant’s non-appearance despite 20 notices.
ITAT Delhi held that addition u/s. 69A of the Income Tax Act unsustainable as cash found during search involves cash belonging to the family members and cash belonging to company.
The ITAT Panaji dismisses the appeal by Manoj Anand against a tax evasion case involving colourable devices and sham transactions. Get the details in this article.
