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...
Karnataka High Court quashed several notices, assessment orders, and bank garnishments issued under sections 148A, 147, 156, and 226(3), allowing the cooperative federation’s petition.
ITAT Mumbai condoned 75-day delay in filing appeal, recognizing assessee’s illiteracy and reliance on tax consultant, allowing fresh adjudication on merits.
ITAT held reassessment invalid where AO acted on belated return without issuing mandatory 143(2) notice. Entire reassessment under sections 144/147 was quashed despite late filing of return.
Tribunal found the appellate order non-speaking, failing to consider multiple submissions including 54F claims and compensation deductions. The matter is remanded for comprehensive review and proper opportunity of hearing.
Tribunal directed AO to maintain uniformity among co-owners in computing capital gains. While circle rate under section 50C applies, the cost of acquisition should follow the previously accepted benchmark of ₹50,000 per bigha.
ITAT Ahmedabad held that speculative intraday trades are genuine and not accommodation entries. Additions under Section 68 totaling ₹1.25 crore and ₹1.53 lakh were deleted due to lack of foundational facts and proper inquiry.
Tribunal emphasized reasonable opportunity of hearing and proper consideration of all evidence to resolve disputed reassessment under Section 147/144.
The Tribunal set aside the ex parte confirmation of a cash-deposit addition and directed fresh examination after the assessee produced sale-related documents. The key takeaway is that additions under section 69 require proper verification of evidence.
The Tribunal remanded the matter after noting that both assessment and appellate orders were passed ex parte. The case was returned to the AO with directions to provide the assessee a fresh opportunity upon payment of costs.
The petitioner challenged an Income Tax Order under Sections 144/144B for failure to respond to notices. The Madras HC allowed a fresh opportunity to submit replies and documents, directing compliance and a charitable payment.
