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...
Read the detailed analysis of Smt. Kopparum Laxminarayan Kumuda vs ITO case by ITAT Bangalore. Learn why cash deposits were taxed at 8%.
Maddikunta Sanjeeva Reddy Vs ITO (ITAT Hyderabad): Analysis of ITAT’s decision to delete additions made by AO due to incomplete notice under section 148.
ITAT upholds addition of alleged gift from father-in-law as unexplained cash credit. Sujeet Kumar vs ITO case. Read the full text of the order.
ITAT Hyderabad rules Section 115BBDA of the Income Tax Act does not apply to domestic companies, deleting the addition made by the Income Tax Officer.
Bombay High Court deems CBDT’s refusal to condone delay in filing revised ITR by CG Power post-NCLT order unreasonable. Detailed analysis of the case.
ITAT concluded that the service of notice under Section 148 was improper and did not meet statutory requirements. Consequently, the reopening of the assessment was deemed invalid, and the assessment order was quashed as void ab initio.
Discover why ITAT Jodhpur ruled that cash deposits made by a 77-year-old assesse during demonetization couldn’t be added under section 68 of the Income Tax Act.
Madras High Court dismisses writ petition challenging revision order under Section 263 of IT Act, directing pursuit of statutory appeal.
Rajendra Kumar Mishra vs. ACIT case: ITAT Kolkata directs re-evaluation as AO misinterpreted PCIT’s orders on loan payments.
Expenditure incurred by assessee should be disallowed to the extent that expenditure which had been incurred for evaluation of business opportunities that could not be said to be in line with the existing business or an extension of the existing business of assessee of manufacturing of paints and enamels.
