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...
Tribunal observed failure to produce books of accounts and remitted matter to AO, emphasizing proper compliance and opportunity to present evidence.
The Tribunal condoned a 294-day delay and remanded the case to the Assessing Officer for AY 2017-18. Cash deposits of ₹49,80,700/- were initially treated as unexplained income under section 68. The ruling allows the assessee one more opportunity to present evidence, emphasizing procedural fairness.
ITAT held that Section 263 requires the PCIT to conduct independent inquiry before declaring an order erroneous. Since the PCIT relied only on assumptions of inadequate inquiry, the revision was invalid.
The ITAT held that notices under Section 148 issued by JAO post-29.03.2022 lacked jurisdiction. Consequently, the reassessment was annulled, emphasizing only Faceless Assessing Officers can issue such notices.
The Tribunal condoned the delay and held that the appeal could not be dismissed in limine. CIT(A) must issue a reasoned order on merits under Section 250(6).
The Tribunal condoned a 28-day delay in filing the appeal due to reasonable cause. The assessee had failed to comply with notices and did not provide evidence for deductions. All additions made by the Assessing Officer, including capital gains and salary income, were upheld.
The Tribunal observed that the cooperative society’s members relied entirely on their CA, who failed to represent them in ex-parte assessments. In the interest of justice, the quantum additions were set aside and restored for fresh adjudication. Penalties were also deleted pending reassessment.
The ITAT quashed assessments under Section 153A due to ex-parte orders, mechanical Section 153D approvals, and failure to give the assessee an opportunity to be heard, emphasizing the importance of natural justice in tax proceedings.
The Tribunal allowed the assessee another opportunity to challenge both the reopening notice u/s 148 and the addition of ₹2.25 Cr. NFAC’s ex-parte dismissal was found inappropriate in the interest of justice.
The Tribunal condoned a 27-day delay after accepting the assessee’s affidavit explaining non-intentional default and lack of familiarity with e-proceedings. It held that the CIT(A) wrongly dismissed the first appeal ex parte without addressing merits. The matter was remanded for fresh adjudication with full opportunity of hearing.
