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Income Tax : ITAT Mumbai remanded the case to examine whether Section 56(2)(x) applied based on the agreement date and to consider refund of ex...
Income Tax : ITAT Mumbai deleted a Section 69 addition after finding documentary evidence established joint ownership, source of funds, and ear...
Income Tax : ITAT Mumbai quashed reassessment after finding no Section 143(2) notice and that the AO issued a final order disguised as a draft ...
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Income Tax : CBDT hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) having her / his headqua...
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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...
The Tribunal held that assessments under Section 153A cannot be sustained when no incriminating material is found at the assessees premises. Additions based on third-party material were quashed as being without jurisdiction.
The Tribunal ruled that treating a belated return as non est is legally unsustainable. Absence of a Section 143(2) notice invalidates the entire reassessment proceedings.
Payments to AwasBandhu were allowed as application of income. The Tribunal held such statutory contributions further public purposes and cannot be treated as non-business or taxable expenses.
The Tribunal held that cash advances/on-money received for an ongoing real estate project cannot be taxed before completion when the Project Completion Method is consistently followed. Income already offered and accepted in the completion year cannot be taxed again earlier.
The Tribunal held that a continuously maintained ledger found during search constituted reliable evidence. Additions for unexplained expenditure under section 69C were sustained based on corroborated diary entries.
Holding Section 54F to be a beneficial provision, the Tribunal applied settled judicial principles to allow exemption where substantive conditions were met, directing deletion of the capital gains addition.
The Tribunal held that share capital received from promoters cannot be treated as unexplained under section 68 without tangible evidence. Mere suspicion about source of funds or share premium is insufficient.
The Tribunal held that an unsigned notice under Section 148 is invalid and does not confer jurisdiction on the Assessing Officer. Consequently, the entire reassessment and additions were quashed as void ab initio.
The Tribunal held that absence of a mandatory notice under Section 143(2) vitiates the entire reassessment. Participation by the assessee cannot cure a jurisdictional defect.
Once the reassessment was quashed for jurisdictional and limitation defects, the Revenues appeal on merits became infructuous. The decision underscores the primacy of legal compliance in reassessment cases.
