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 Delhi remands case to CIT(A) for fresh adjudication due to lack of physical notice before ex-parte decision on unexplained investment.
ITAT Ranchi held that dismissal of appeal by CIT(A) on account of non-prosecution without deciding the matter on merits is unsustainable in law. Accordingly, matter remanded back for de novo adjudication.
ITAT Nagpur held that once the computation of income is approved by the assessee before CIT(A) the same cannot be argued against the Tribunal. Accordingly, computation of income directed by CIT(A) upheld.
ITAT Delhi held that revenue has wrongly proceeded on mis-appreciation of facts of substantive nature as purchase of property wrongly alleged by AO as sale of property. Thus, matter remanded back to the file of AO.
ITAT Raipur held that law will help only those who are vigilant and will not assist the one who are careless. Accordingly, request of assessee to restore matter back not granted as assessee has chosen not to represent its matter for more than 08 years.
Assessee, an individual, had deposited cash in his bank account. During assessment, AO observed that assessee had entered into share transactions and earned income from commodities through Multi Commodity Exchange.
ITAT Ahmedabad held that invocation of section 263 by PCIT unjustified due lack of sufficient evidence to support claim that the order is erroneous and prejudicial to the interest of revenue.
This petition under Article 226 of the Constitution of India assails the Assessment Order dated 27 March, 2024 passed by Respondent No.2 under the provisions of Section 144 read with Section 144B of the Income Tax Act, 1961.
ITAT restores case to CIT(A) as incorrect filing date led to faulty judgment in Emerald Mining Pvt. Ltd. tax dispute.
Delhi ITAT rules that the requirement of filing Form 10B is procedural, allowing Section 11 exemption for an educational trust despite delayed filing.
