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 condones delay in filing appeal as the assessee’s police duties prevented timely submission, restoring the matter for adjudication on merits.
The ITAT Raipur restored the appeal regarding deletion of ₹15.81 crore addition, highlighting procedural lapses by CIT(A) in accepting new evidence without remand. Key takeaway: AO’s verification is crucial before deleting large additions.
The assessee showed that the ₹1.11 crore payment was an advance toward a bank-auctioned property, fully supported by bank transfers and later formalised via a registered deed. The Tribunal held that such documented transactions cannot attract section 69. The addition was therefore deleted.
The Tribunal ruled that authorities erred by ignoring the sale deed, receipt, and bank statements solely due to a technical lapse in return filing. Since the documents clearly established the source of cash, the addition could not survive. The order directed deletion of the section 69A addition.
The appeal filed by the Revenue for AY 2019-20 was dismissed as the assessee submitted all relevant documents to the AO. Written submissions and VAT summaries are not additional evidence.
The Tribunal noted conflicting positions regarding the evidence submitted by the assessee in support of agricultural income. Since the assessment appeared incomplete and lacked thorough verification, the case was returned to the AO. The ruling directs a fair reassessment and deletion of the addition if documentary proof is found satisfactory.
The tribunal ruled that Section 54 benefits apply to property purchased abroad before AY 2015-16, reversing the prior disallowance. Cash deposits in bank accounts without business entries cannot be treated as unexplained credit.
ITAT Delhi restored the appeal to CIT(A) after the assessee challenged notice issuance beyond limitation and under wrong section. Key takeaway: adherence to correct procedure is crucial in income tax assessments.
The Tribunal ruled that when a 143(3) assessment merely adopts 143(1) figures without examining adjustments, taxpayers can still appeal the 143(1) intimation. Key takeaway: merger does not automatically block appeals.
ITAT Ahmedabad deleted long-term capital gain addition where assessee incurred significant maintenance and development costs. Key takeaway: factual context and proportional treatment of joint ownership costs are critical.
