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...
The Tribunal restored the matter after holding that dismissal of the appeal without giving a chance to explain delay and cash deposits was not justified.
ITAT ruled that property transferred under a bona fide family settlement is outside the scope of Section 56(2)(vii). Such arrangements are not treated as taxable gifts even if formalised through a gift deed.
The assessee challenged jurisdiction for lack of notice under Section 143(2). The Tribunal held that once the belated return was invalid, assessment under Section 144 was lawful.
The ITAT ruled that limitation begins when seized material is handed over to the assessing officer of the non-searched person. The key takeaway is that procedural safeguards apply even in search-related cases.
The issue was dismissal of appeals for non-payment of admitted tax without hearing on merits. The Tribunal restored the appeals, holding that the assessee deserved an opportunity to explain advance tax liability.
The Tribunal held that when no other income source exists, bank deposits linked to business cannot be taxed separately. Estimation must reflect commercial realities of the trade.
Unexplained cash deposits and rent discrepancies led to rejection of books under section 145(3). However, the Tribunal held that estimating profits at 1% was excessive and moderated it to 0.50%.
The Tribunal held that section 56(2)(vii)(b) applies automatically when stamp value exceeds purchase price. However, it remanded the matter for DVO valuation to ensure fair determination of market value.
The Tribunal held that cash deposits reflecting routine business transactions cannot be treated wholly as unexplained income. Only the profit element embedded in such receipts is taxable.
The Revenue challenged the appellate authoritys decision to remand an ex-parte order. The Tribunal ruled that the remand was lawful and well within statutory appellate powers.
