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 Amritsar held that addition under section 68 of the Income Tax Act is beyond jurisdiction as the amount is already declared as turnover and the said turnover is reflected in the books of account.
In best judgment assessment Assessing Officer must not act dishonestly or vindictively & honestly & fairly estimate proper assessment figure
ITAT Hyderabad held that as assesse failed to appear before AO as well as before CIT(A) despite numerous opportunities, matter remanded back to CIT(A) subject to cost of Rs. 10,000 to be deposited in Prime Minister National Relief Fund.
ITAT Surat held that penalty under section 271(1)(b) of the Income Tax Act not leviable merely because the assesse couldn’t make compliance due to some bonafide reasons.
ITAT Mumbai held that even after request from assessee to refer DVO for correct fair market value of the subject property, AO was duty-bound to refer the same to DVO. Accordingly, matter remanded back with a direction to refer the matter to DVO and decide the issue.
Bombay High Court held that in absence of any fresh tangible material and simply attempting to re-visit and reconsider the decision which was rendered in earlier regular assessment proceedings is nothing but a change of opinion and hence reopening unsustainable.
ITAT Hyderabad held that it is mandatory for CIT(A) to grant responsible opportunity to the Assessing Officer in case additional evidence is admitted. However, in the present case, the documents based on which relief is granted was already available with the department and hence there is no violation of Rule 46A of the Income Tax Rules.
ITAT Mumbai held that assessment proceedings were initiated on the basis of search operation carried out at third party wherein incriminating documents relating to assessee were allegedly found. Hence, assessment was required to be framed u/s 153C read with section 153A of the Income Tax Act and not u/s 144 and hence the said proceedings are quashed.
Dr. BR Ambedkar Jain Kalyan Swayam Sahayata Samiti Vs ITO (ITAT Delhi) Undisputedly, in course of assessment proceeding the assessee went unrepresented, for whatever may the reason. Therefore, the assessee did not get any opportunity to explain the source of cash deposits made in the bank account with supporting evidence. However, before learned first appellate […]
ITAT Bangalore held that expenditure for cost of improvements incurred towards capital assets is eligible for indexation benefit.
