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...
ITAT ruled that reopening assessment under Section 147 is invalid if the filed return is ignored. The case was remitted for fresh consideration after allowing the assessee to substantiate claims under Section 54F.
ITAT Hyderabad rules that gross sale proceeds of capital assets cannot be treated as taxable income without allowing cost of acquisition. Tribunal orders reassessment to compute correct capital gains, despite assessee’s non-compliance.
ITAT held that an appeal delayed by almost six years must not be dismissed outright without examining genuine hardships. Medical evidence of the assessee’s child justified potential condonation of delay. The case highlights the balance between limitation and natural justice.
Tribunal quashed CIT(A)’s cryptic order that upheld addition based solely on IDS declaration. The case is remanded to ensure a fair hearing, full analysis of the Joint Development Agreement, and accurate determination of tax liability.
The Tribunal held that the CIT(A) acted inconsistently by condoning delay in the quantum appeal but refusing the same in penalty appeals. Since sufficient cause existed and was already recognized, delay in all penalty appeals was condoned. Penalty matters were restored to the AO for reconsideration.
ITAT held that the assessee operated as a commission agent, not a trader, making Section 44AD inapplicable. A reasonable 5% estimation on cash deposits was upheld.
The Tribunal overturned the dismissal of the appeal for lateness and allowed a full reconsideration of the issues. It emphasized that the delay must not be raised again during adjudication.
ITAT Agra restored AO’s 145(3) rejection and additions under sections 68 & 41(1) for re-verification, directing assessee to produce complete books and supporting documents. The matter requires factual verification to ensure substantial justice.
ITAT Pune restored LTCG issue for AY 2015-16 to CIT(A)/NFAC, directing assessee to submit cost details & evidences, ensuring proper verification and fair adjudication.
ITAT rules that reliance on remand report from a different year is invalid, restoring matter to Assessing Officer for AY 2012-13.
