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...
Assessee claimed that cash sales were recorded and backed by VAT invoices, and that AO had misread e cash balance figures. Audited financials, VAT returns, and confirmations were placed on record, which AO had not examined.
Delhi High Court held that payments received for services that may require technical expertise, technical inventions or technology would not qualify as Fees for Technical Services under Article 13 of the India-UK DTAA. Accordingly, appeal allowed.
Gujarat High Court held that Standard Operating Procedure [SOP] to be followed under the Faceless Assessment Procedure of Section 144B of the Income Tax Act in case of non-responsive notice not followed. Accordingly, order quashed and matter remanded back to Faceless assessment authority.
ITAT Ahmedabad held that delay of 477 days in filing of an appeal on the reason that there was gross negligence on the part of the accountant is not condonable since negligence of accountant not sufficient shown for cause.
Madras High Court held that adjusting entire demand raised against refund due even during pendency of appeal is without jurisdiction. Accordingly, department directed to refund balance amount with interest.
ITAT Delhi deletes Rs. 14 lakh tax addition for Aquakiosk India, citing invalid reassessment notice and proven investment source from mutual fund switch-outs.
Once assessee had filed the Return of Income, in response to notice, u/s 142(1), (although it was late), then it was mandatory for AO, in order to acquire the jurisdiction, to make the assessment on the assessee, to issue the notice u/s 143(2).
ITAT Chennai remands Wavoo Real Estate’s tax appeals to AO for fresh adjudication, citing ex-parte assessment and new evidence, with a condition of payment to Legal Aid.
The Jammu & Kashmir High Court has ruled that a Schedule Tribe member’s income is not exempt under Section 10(26A) if the source is not from the specified Ladakh region. The court upheld a tax assessment on Mehmood Askari, finding he failed to prove his residency and income source from the exempted area.
The Jharkhand High Court has set aside a reassessment order against Anvari Khatun, citing the absence of a mandatory Section 148A notice. The case is remanded for fresh consideration with proper procedure.
