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 : ITAT Hyderabad holds 12.5% profit estimation on ₹2.52 crore bank credits excessive; rejects commission agent claim due to lack o...
Income Tax : ITAT Hyderabad holds that Section 249(4)(b) cannot bar appeal where no income is admitted and no advance tax is payable; sets asid...
Income Tax : The Tribunal restored the case as the CIT(A) confirmed additions without granting adequate opportunity of hearing. It held that fa...
Income Tax : The tribunal held that cash deposits cannot be treated as unexplained when sufficient recorded cash receipts exist. Once books sup...
Income Tax : The High Court quashed assessment and penalty orders after finding notices were sent to an incorrect email address. It held that i...
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 Indore held that Section 249(4)(b) does not apply in reassessment proceedings where no advance tax obligation arises. The dismissal of appeal without examining merits was set aside and the matter remanded for fresh adjudication.
ITAT Raipur held that Section 249(4)(b) applies only where advance tax was legally payable. In absence of taxable income and advance tax liability, dismissal of appeal was set aside and matter restored for decision on merits.
The Tribunal held that the reassessment notice was time-barred under the Supreme Court ruling on surviving period. Notices issued beyond the permissible limit were declared invalid.
ITAT Mumbai held that reassessment beyond three years is invalid if approval is not obtained from the specified higher authority under Section 151(ii). The notice under Section 148 was declared void ab initio.
The Court held that failure to comply with payment conditions under the 2020 Scheme automatically revived withdrawn revision petitions. This made the assessee eligible under the 2024 DTVSV Scheme.
The Tribunal found inconsistencies in the CIT(A)’s findings while restricting addition to 12.5% of purchases. As key facts were not properly examined, the issue was restored for fresh adjudication.
ITAT deleted ₹14.74 lakh addition as identical source was accepted in spouse’s case. Alleged on-money payment lacked corroborative evidence.
The Tribunal ruled that failure to issue notice under Section 143(2) after receiving return in reassessment proceedings is a jurisdictional defect. The reassessment order was quashed.
ITAT held that mere signature or rubber-stamp approval under Section 151 is invalid if it does not reflect independent satisfaction. The reassessment and consequent additions were quashed for lack of valid jurisdiction.
ITAT held that reassessment proceedings initiated by NFAC before Notification No. 18/2022 dated 29.03.2022 were without jurisdiction. Since Section 151A became effective only upon notification, the entire reassessment and related penalty were quashed.
