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 quashed additions for bogus purchases, cash seizures, and transfer pricing adjustments, affirming the AOP’s unified management and correct taxation at the consortium level.
ITAT Delhi restored the matter to AO, allowing the assessee to submit evidence on share and agricultural status of land to correctly determine capital gains.
Tribunal rules that Section 54 deduction applies to property purchased outside India before the 2015 amendment, overturning CIT(A) decision.
The Tribunal held that once the assessee’s own ledger reflected a creditor’s write-off, Section 41(1) was automatically triggered. The waiver in books = taxable cessation of liability.
The Tribunal held that employer-provided business advances cannot be classified as income under Section 69A without proper verification, remanding the case for limited review of TDS and expense records.
The Tribunal found that even a belated return filed in response to a Section 148 notice remains a valid return requiring a 143(2) notice. Because this mandatory notice was never issued, the reassessment order was declared illegal and set aside.
ITAT held that the AO’s 8% estimation had no support from comparables or past margins. Applying consistency with earlier family-group cases, profit was fixed at 4% and the unexplained investment addition became academic.
Tribunal clarified that the Section 251 amendment uses the term ‘may set aside,’ meaning it is discretionary. Since the issue was already resolved in remand, addition was deleted.
Tribunal held that denying opportunity to submit evidence amounts to potential miscarriage of justice. CIT(A) directed to reconsider income addition after evaluating all documents.
ITAT held that mass same-day approval without reviewing records violated Section 153D. The ruling confirms that mechanical approvals invalidate 153A assessments.
