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...
CESTAT Chennai held that classification of Amprolium HCL under Customs Tariff Heading [CTH] 2933 9900 upheld. Accordingly, duty and interest as ordered is upheld.
ITAT Delhi: Cash deposits in a dissolved firms bank account are taxable only in the proprietors hands, not the partnerships. The protective addition was deleted.
Delhi ITAT invalidates reassessment notices issued for AY 2015-16 after April 1, 2021. The ruling, based on Supreme Court and High Court precedents, confirms they are time-barred.
The ITAT Kolkata has quashed a reassessment notice and a subsequent Rs. 7.03 Cr addition, ruling that once a Section 263 revision proceeding is dropped, a Section 147 reassessment on the same issue cannot be initiated.
The ITAT Ahmedabad has sent a cash deposit addition case back to the Assessing Officer for review, citing new evidence including a joint bank account with an agriculturist father and an affidavit.
The ITAT Mumbai ruled that a penalty cannot be levied on additions made on an estimated basis. The case of Khodiyar Impex vs. ITO clarified that a 3% disallowance on alleged bogus purchases doesn’t constitute concealment of income.
ITAT Mumbai held that the Explanation to section 14A of the Income Tax Act inserted by the Finance Act, 2022 is prospective in nature and cannot be applied to assessment years preceding the amendment. Accordingly, appeal of revenue dismissed.
The ITAT Pune has ordered a fresh hearing for a scrap dealers ₹3.84 crore tax dispute, ruling that the initial appeals were wrongly dismissed without merit review.
Late Return Filed after Sec 142(1) Notice Held Invalid; No 143(2) Notice Required When Return is Invalid; ITAT Restores Sec 69A Addition to AO
ITAT Ahmedabad has remanded a tax reassessment and penalty case to the CIT(A) for fresh adjudication on merits, imposing a cost on the assessee for non-compliance.
