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 ITAT Kolkata quashed a penalty on a taxpayer, ruling that a one-time settlement from an employer was a capital receipt. The court held that no concealment of income occurred as the amount was disclosed in the tax return.
The Income Tax Appellate Tribunal (ITAT) in Cochin has ruled that voluntarily disclosing additional income after a search notice does not automatically justify a penalty under Section 271(1)(c) of the Income-tax Act, 1961.
ITAT Mumbai held that disallowance of expenses purely on adhoc basis without rejection of books of accounts or without pointing out any specific deficiencies is not justifiable and liable to be set aside. Accordingly, appeal of assessee allowed.
AO was bound to follow the CBDT circular 19/2019 (F. NO.225/95/2019-ITA.II], DATED 14-82019 and the omission/dereliction was anathema to the basic feature of our Constitution “Rule of Law”, so his impugned action of passing the assessment order without quoting the DIN was held to be arbitrary exercise of power and therefore, invalid.
ITAT Delhi held that assessment order u/s. 144 of the Income Tax Act is in violation of mandatory provisions of section 153D since mechanical approval is granted without application of mind. Accordingly, order is set aside.
ITAT Jaipur deletes ₹6.26 Cr. addition u/s 68, stating it would be double taxation. Tribunal also rules that the CIT(A) exceeded jurisdiction by remanding the case for verification of already submitted documents.
ITAT Kolkata cancels a Section 144 assessment, ruling that the foundational Section 143(2) notice was invalid for failing to comply with mandatory CBDT instructions on scrutiny formats and jurisdictional limits.
Notice issued by a non-jurisdictional AO was invalid rendering the addition under Section 69A void ab initio. It directly impacted the validity of the assessment under Section 69A, leading to the complete annulment of the additions.
The ITAT Ahmedabad ruled that a tax assessment notice issued to a company struck off the register years prior is null and void, invalidating the entire assessment.
The ITAT Delhi quashes a tax assessment against Dazzle Developers P. Ltd., ruling that an assessment on a dissolved company is legally invalid.
