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 held that documented WhatsApp communications established counsel’s negligence and the assessee’s due diligence, justifying condonation of delay. The matter was restored for fresh adjudication to ensure substantial justice.
The Tribunal held that estimating commission income without corroborative evidence is unsustainable. Audited accounts and consistent interest income showed genuine business activity, leading to deletion of the addition.
ITAT held that assessing an AOP without initiating reassessment proceedings against it is impermissible in law. The entire reassessment was declared non-est and additions were deleted.
The Tribunal held that a loan repaid through banking channels cannot be treated as unexplained when identity and creditworthiness are shown. Allegations based on untested statements were rejected.
The assessment was set aside as the Revenue produced no acknowledgment of service. The ruling reiterates that service of notice is foundational to reassessment.
The Tribunal held that reassessment under Sections 147/144B is void if no notice under Section 143(2) is issued. Acting on a return filed or adopted in response to Section 148 triggers mandatory jurisdictional compliance.
The Tribunal held that extended block assessment beyond six years is invalid where escaped income is below ₹50 lakh. Jurisdiction under Sections 153A/153C cannot be assumed without meeting statutory limits.
The Tribunal ruled that treating a belated return as non est is legally unsustainable. Absence of a Section 143(2) notice invalidates the entire reassessment proceedings.
Cash deposits were added as unexplained money due to alleged lack of proof. The Tribunal ruled that a plausible and documented source cannot be rejected without contrary evidence.
The issue was whether reassessment could be initiated for an amount implicitly accepted in original assessment. The Tribunal ruled that reopening amounted to change of opinion and was legally unsustainable.
