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 Delhi held that consolidated approvals granted without application of mind under Section 153D were invalid. Consequently, the...
Income Tax : The Tribunal held that cash deposits linked to recorded cash sales could not be taxed again under Section 68, as doing so would am...
Income Tax : ITAT Surat held that additions relating to credit card payments and cash deposits could not be sustained when the assessee had exp...
Income Tax : ITAT Agra held that reassessment proceedings framed using a PAN surrendered years earlier were invalid. Since the assessment was b...
Income Tax : The ITAT held that a penalty under Section 271AAC could not be decided independently when the underlying assessment had already be...
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 Court found that statutory notices were properly issued but went unanswered by legal heirs. To balance equities, the assessment was quashed and remitted subject to a 20% pre-deposit of disputed tax excluding interest.
The tribunal held that dismissal for non-prosecution was invalid where notices were not served on the email ID specified in Form 35. Authorities must strictly follow the communication mode chosen by the taxpayer, failing which proceedings are vitiated.
The Tribunal held that assessments based on survey and requisition material are invalid when such material is not furnished to the assessee. All quantum additions were remanded for fresh adjudication after complying with principles of natural justice.
The issue was whether six years of search assessments could stand when the first appeal was dismissed ex-parte. ITAT held that denial of meaningful hearing violates natural justice and remanded the matters for fresh adjudication.
ITAT Mumbai held that long-term capital gains earned from the transactions, which are grandfathered as per the provisions of Article 13(4) of the India-Mauritius DTAA, doesn’t form part of total income hence cannot be adjusted against the brought forward long-term capital loss incurred by the assessee. Accordingly, order set aside.
The tribunal held that taxing the full sale consideration as short-term capital gain without allowing cost of acquisition is legally incorrect. Capital gains must be computed on net gains, not gross receipts.
The core issue was whether lack of knowledge of proceedings justified late appeals. The Tribunal held that notices sent to an inaccessible email amounted to sufficient cause. The decision emphasizes procedural fairness.
The case examined whether interest beyond Section 24 limits could be claimed when loan funds were temporarily used elsewhere. The Tribunal ruled that authorities must verify real deployment of funds before disallowance.
The Tribunal examined cash deposits made during the demonetisation period and accepted explanations relating to past savings and business collections. Only the agricultural income claim was remanded for limited verification.
The ITAT restored an ex-parte assessment where LTCG was added mechanically without hearing the taxpayer. The ruling reinforces that denial of natural justice vitiates capital gains assessments.
