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 remanded the sustained cash deposit addition after accepting additional evidence. It directed the CIT(A) to reconsider the ₹7.02 lakh addition through de novo adjudication.
ITAT Chennai ruled that notional contract values in F&O trading cannot be treated as real income. The case was sent back to the AO for reassessment based on actual profits and losses.
The Tribunal ruled that issuing a Section 143(2) notice before communicating reasons for reopening deprives the assessee of its statutory right to object. This violation invalidated the entire reassessment for the second year. The decision underscores that procedural fairness in reopening is a statutory mandate, not optional.
The Tribunal held that cash deposits were fully supported by stock records and sales invoices, proving they were genuine business receipts. It ruled that Section 68 cannot apply to recorded turnover already taxed.
Tribunal held that natural justice was violated when notices were sent only by email despite explicit instructions otherwise. Appeals were restored with costs, and the Assessing Officer must reconsider the case after allowing additional evidence.
Tribunal directs AO to apply the 30% tax rate on unexplained cash deposits during Nov–Dec 2016, citing Madras High Court ruling, partially allowing assessee’s appeal.
ITAT condoned delay as assessee learned of assessment only after bank account attachment, emphasizing the violation of natural justice. Key takeaway: Ex-parte orders require proper notice before dismissal.
Court held that an income tax assessment issued after the assessee’s death is null and void, emphasizing the legal heir’s right to contest the order.
ITAT held that the reassessment notice issued after the assessee’s death raised jurisdictional issues. Legal grounds like issuance to a deceased must be adjudicated before proceeding with assessments.
ITAT held that before treating high-value purchases as bogus, authorities must verify supplier’s GST status, ITC claims, and money trail. Key takeaway: Procedural diligence is required for large-scale disallowances.
