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 Jaipur to rule on NRI Ravindra Gaur’s Rs. 86 lakh NRE account deposit, claimed as foreign remittance, challenging ex-parte addition and Section 68 application.
ITAT Raipur held that assessment framed under section 144 of the Income Tax Act by Additional CIT in absence of order under section 127 and order under section 120(4)(b) is invalid as without having valid assumption of jurisdiction.
Gujarat High Court held that Revisional authority ought to have taken into consideration that AO has to pass best judgement assessment order without granting an opportunity of being heard. Thus, matter remanded back to AO for de novo consideration.
Non-compliance due to overseas employment leads to ITAT remanding Rs. 1.9 crore tax matter for fresh adjudication, offering assessee a new hearing opportunity.
ITAT Delhi rules in favor of assessee, deleting Section 68 additions for unsecured loans from director and another company, citing sufficient evidence.
Rajkot ITAT condones 98-day appeal filing delay, citing taxpayer’s illiteracy and prior consultant’s negligence, prioritizing substantial justice.
Pune ITAT remands Sahyogh Nagri Sahkari Patsanstha Maryadit’s appeal, ruling non-payment of advance tax alone cannot dismiss an appeal; directs re-adjudication on merits.
ITAT Indore held that there is no authority to deny exemption u/s. 10(23C)(vi) for non-filing return since 20th Proviso to section 10(23C) denying exemption for non-filing return u/s. 139(4C) came to statue from AY 2023-2024 only.
ITAT Amritsar removes Rs. 4.72 lakh income addition for senior citizen, citing accumulated cash for emergencies. Overturns CIT(A) decision on bank deposit.
ITAT Raipur held that the appeal is treated as withdrawn due to initiation of proceedings under Vivad Se Vishwas Scheme, 2024 (VSVS 2024) by filing of Form 1. Thus, present appeal dismissed as withdrawn.
