Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : Section 145(3) allows rejection of books if accounts are unreliable or standards are not followed. The key takeaway is that specif...
Income Tax : The Tribunal held that cash deposits cannot be treated as unexplained income unless books of account are formally rejected under s...
Income Tax : Starting October 1, 2024, Commissioners (Appeals) will gain new powers to set aside and refer best judgment assessments back to As...
Income Tax : ITAT Bangalore deleted the Section 69A addition after holding that member details established the source of cash deposits made dur...
Income Tax : ITAT Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : ITAT Agra held Section 44AD could not apply where turnover exceeded the limit, adopted past profit history, allowed telescoping an...
Income Tax : Madras HC held that merely issuing a corrigendum acknowledging the return did not rectify the defective assessment process and ord...
Income Tax : Bombay High Court held penalty under Section 271(1)(c) cannot survive where bogus purchase addition is sustained only on an estima...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
ITAT Bangalore deleted the Section 69A addition after holding that member details established the source of cash deposits made during demonetisation.
ITAT Kolkata condoned appeal delay, set aside the CIT(A)’s order, and remanded the assessment for fresh adjudication after granting a fair hearing.
ITAT Agra held Section 44AD could not apply where turnover exceeded the limit, adopted past profit history, allowed telescoping and deleted Section 43B addition.
Madras HC held that merely issuing a corrigendum acknowledging the return did not rectify the defective assessment process and ordered reconsideration.
Bombay High Court held penalty under Section 271(1)(c) cannot survive where bogus purchase addition is sustained only on an estimated basis.
ITAT Mumbai quashed a Section 148 notice issued after the limitation under the first proviso to Section 149, holding the reassessment invalid for AY 2015-16.
The Bombay High Court held that failure to issue a mandatory show cause notice and draft assessment order under Section 144B rendered the faceless assessment non est. The assessment and demand notice were quashed with liberty for fresh proceedings.
ITAT deleted the ₹75 lakh capital gains addition after holding the Revenue failed to produce conclusive evidence proving any property sale.
ITAT held that increased employee remuneration cannot be disallowed merely because business revenue declined where the expenditure is justified and supported.
ITAT deleted additions after finding the AO relied only on ACB information without independent inquiry or supporting evidence. ITAT deleted additions after holding that estimated marriage expenses and FDR investment were unsupported by evidence and explanations remained unchallenged.
