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 Court held that tax proceedings cannot continue without first determining who legally represents a deceased assessee. Orders passed without such determination were set aside.
The issue involved reassessment completed without a reply to the reopening notice. The Court set aside the orders and remanded the case to allow the assessee a fresh opportunity.
Karnataka High Court invalidated reassessment proceedings and related notices for AY 2015-16, holding that actions initiated beyond Section 151A are legally void.
The ITAT held that approval merely stating “Yes, I am satisfied” shows no application of mind. Such sanction fails the statutory requirement and invalidates reopening.
Chennai ITAT held that dismissing appeals as non-maintainable was erroneous. Orders giving effect to appellate directions retain their character as assessment orders.
The ITAT held that capital gains under Section 50C cannot be mechanically applied where a sale deed is alleged to be an erroneous document and no real transfer occurred. The case was remanded to verify whether the transaction was actually a gift with no consideration or possession transfer.
The ITAT held that the appellate authority mechanically affirmed reassessment additions without independent examination of merits. The matter was remanded to grant the assessee a fair and effective opportunity to explain cash deposits and other additions.
The ITAT held that reassessment based on a duplicate PAN, despite disclosure under a valid PAN, suffers from jurisdictional infirmity. Ex parte orders passed without addressing such objections violate principles of natural justice.
The issue was whether appeals dismissed as time-barred should be revived when delay was caused by a tax consultant. The Tribunal condoned the delay and restored the cases for merits-based adjudication.
The appeal was filed late due to ongoing police proceedings against the assessee. The Tribunal held this to be sufficient cause and restored the appeal for fresh consideration.
