Income Tax : Learn about common income tax notices for salaried individuals, their implications, and steps to handle them effectively. Avoid le...
Income Tax : Supreme Court disallows ₹10 crore bad debt deduction for Khyati Realtors Pvt Ltd, ruling it as capital expenditure, not eligible...
Income Tax : Learn about rectifying mistakes in income tax orders under Section 154, including types of rectifiable orders, responsible authori...
Income Tax : Learn about the Faceless Income-Tax Proceedings, including e-Proceedings features, differences from manual assessments, and how to...
Income Tax : Understand the implications of receiving a notice under Section 143(2) of the Income Tax Act. Learn how to respond, time limits, a...
Income Tax : Read how Income Tax Gazetted Officers’ Association addresses last-minute case reallocations affecting timely issuance of notices...
Income Tax : The Supreme Court has ruled that it is mandatory for the Income Tax Department to issue notice within the prescribed time limit of...
Income Tax : ITAT Raipur held that penalty under section 271(1)(c) of the Income Tax Act justifiable since no plausible explanation provided fo...
Income Tax : ITAT Jaipur held that issuance of notice under section 148 of the Income Tax Act by ACIT, Jaipur, is illegal and liable to be quas...
Income Tax : ITAT Kolkata held that reopening of assessment framed u/s. 148A(d) without application of mind and without controverting the expla...
Income Tax : Delhi High Court held that reopening of an assessment under section 147 of the Income Tax Act merely on the basis of communication...
Income Tax : ITAT Mumbai held that addition under section 69 towards unexplained cash made by the AO without bringing any concrete evidence on ...
Income Tax : Understand the guidelines set by the Indian Ministry of Finance for the compulsory selection of returns for complete scrutiny duri...
Income Tax : CBDT hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) having her / his headqua...
Income Tax : The three formats of notice(s) are: Limited Scrutiny (Computer Aided Scrutiny Selection}, Complete Scrutiny (Computer Aided Scruti...
Income Tax : Central Board of Direct Taxes, with approval of the Revenue Secretary, has decided to modify notice under section 143(2) of the In...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
ITAT Bangalore held that once the sale consideration mentioned in the sale deed differs from the stamp value adopted by the officer, AO has to adopt the procedures contemplated u/s. 50C of the Act. Accordingly, appeal filed by the assessee dismissed.
ITAT Mumbai held that there is no relation of disallowance u/s. 14A while computing the book profit u/s. 115JB. Thus, lower authorities were not correct in adding notional expenditure as computed u/s. 14A and increasing the book profit by that sum u/s. 115JB.
ITAT Chandigarh held that no incriminating material found during course of search and assessment is completed during date of search hence addition under section 68 of the Income Tax Act not sustainable.
AO observed that Wealth Tax Act was already abolished from financial year 2015-16, and the details of the assets were now required to be filed in the Income-tax Return for the assessment year.
ITAT Ahmedabad imposed cost of Rs. 5,000 on the assessee due to non-compliance and procedural delay. Accordingly, ex-parte order passed by CIT(A) set aside and matter remitted back to CIT(A).
Assessee had given reasons that as per the previous counsel, late Shri R.R. Jain (C.A.) had given advice no separate appeal against the order passed u/s 263 was filed before ITAT.
ITAT Delhi held that CIT(A) wrongly deleted addition made by AO towards one fifth of the expenses since assessee failed to produce documentary evidences of the expenses. Accordingly, appeal of the revenue allowed.
ITAT Delhi held that dismissal of appeal by CIT(A) for non-prosecution and confirmed the order of the AO as no submissions were made on behalf of the assessee. Accordingly, matter restored to CIT(A).
ITAT Kolkata held that in terms of block assessment under section 153A of the Income Tax Act, reopening of unabated assessment without any incriminating material found with respect to concerned assessment year is impermissible in law.
ITAT Bangalore held that since assessee filed voluminous documents in paperbooks during the course of hearing before ITAT, the matter is remitted back to CIT(A) for consideration of documents furnished by the assessee and fresh decision as per law.
