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 : Learn about various types of income tax assessments under Sections 143, 144, and 147, their procedures, time limits, and taxpayer ...
Income Tax : Summary of statutory deadlines for issuing income tax notices (Sec 143, 147) and completing assessments, reassessments, and appeal...
Income Tax : Understand the three core processes of Indian Income Tax: Rectification of mistakes (Sec 154), the four types of Assessment (Summa...
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 : Tribunal noted the assessee’s contention that only his share in jointly owned properties could be taxed instead of the entire tr...
Income Tax : ITAT Hyderabad condoned a 182-day delay in filing the appeal after accepting medical evidence relating to failed liver transplanta...
Income Tax : Court upheld the validity of the Section 148 notice but set aside the assessment order after finding that notices were sent to an ...
Income Tax : Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subse...
Income Tax : The Delhi ITAT held that reassessment proceedings initiated solely on the basis of a revenue audit objection without fresh tangibl...
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...
Tribunal noted the assessee’s contention that only his share in jointly owned properties could be taxed instead of the entire transaction value. It directed the CIT(A) to re-examine the matter on merits after considering documentary evidence.
ITAT Hyderabad condoned a 182-day delay in filing the appeal after accepting medical evidence relating to failed liver transplantation and continuous dialysis treatment.
Court upheld the validity of the Section 148 notice but set aside the assessment order after finding that notices were sent to an old email address, resulting in denial of adequate opportunity to the assessee.
Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subsequent years. The matter was remanded for verification because the assessee had not furnished complete creditor details.
The Delhi ITAT held that reassessment proceedings initiated solely on the basis of a revenue audit objection without fresh tangible material were invalid. The Tribunal ruled that such reopening amounted to a mere change of opinion.
The Tribunal ruled that the use of the word may in Section 271AAC gives discretionary power to the Assessing Officer and does not mandate automatic penalty levy. It emphasized that such discretion must be exercised judiciously.
The Tribunal ruled that a flat 15% profit estimation was excessive where all contract receipts were received through banking channels with TDS deductions. It directed recomputation of income at 7% of turnover.
ITAT Hyderabad held that assessment orders passed pursuant to earlier remand directions were barred by limitation under Section 153. The Tribunal set aside all consequential transfer pricing assessment orders dated 06.12.2024.
Delhi ITAT held that notices issued under Sections 148A(b), 148A(d) and 148 without digital signatures are invalid in e-proceedings. The Tribunal quashed the entire reassessment as void ab initio.
Delhi ITAT held that before the amendment effective from 01.04.2015, exemption under Section 54 could be claimed for investment in more than one residential house. The Tribunal deleted the disallowance relating to the second property purchase.
