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 interest earned on deposits with Cooperative Banks qualifies for deduction under Section 80P(2)(d), overturning the earlier disallowance.
The issue was whether an ex-parte reassessment for unexplained cash deposits could stand despite total non-compliance. The ITAT held that substantive justice required one final opportunity and remanded the case for fresh adjudication.
The Tribunal held that cash deposits cannot be treated as unexplained income unless books of account are formally rejected under section 145(3).
The Tribunal ruled that appellate authorities must decide appeals on merits, even if the taxpayer does not appear, reinforcing the mandate of Section 250(6).
The ITAT held that a reassessment notice dispatched after the new law took effect must follow Section 148A, and failure to do so invalidates the entire proceedings.
The ITAT held that appeals must be filed before the correct jurisdictional bench. An appeal filed before the wrong Tribunal is liable to dismissal at the threshold.
The Tribunal deleted a penalty imposed for alleged non-maintenance of accounts. It held that audited books, even if defective, do not attract penalty under Section 271A.
ITAT Delhi overturned a ₹2.61 crore addition under sections 144/147, noting notices were sent to the wrong address and the illiterate assessee was deprived of proper hearing.
The Tribunal held that enhancing profit to 10% without comparables was arbitrary. Past accepted margins around 6% had to guide estimation. Income was directed to be computed at 6%.
The High Court held that an assessment completed without granting a real opportunity to respond cannot stand. Ex parte reassessment and penalty orders were therefore set aside.
