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 : The Tribunal held that cash deposits linked to recorded cash sales could not be taxed again under Section 68, as doing so would am...
Income Tax : ITAT Surat held that additions relating to credit card payments and cash deposits could not be sustained when the assessee had exp...
Income Tax : ITAT Agra held that reassessment proceedings framed using a PAN surrendered years earlier were invalid. Since the assessment was b...
Income Tax : The ITAT held that a penalty under Section 271AAC could not be decided independently when the underlying assessment had already be...
Income Tax : The Tribunal ruled that reassessment proceedings initiated on the basis of an invalid Section 148 notice were void ab initio. It o...
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 Delhi condoned a 333-day delay in filing appeal after finding the reasons stated by the assessee to be bona fide. The matter was remanded to the CIT(A) for fresh consideration.
ITAT Bangalore held that NIL taxable income disclosed by an Alternative Investment Fund does not automatically negate its creditworthiness. The Tribunal recognized the statutory pass-through taxation mechanism applicable to AIF structures.
Delhi ITAT held that cash deposits during demonetisation cannot be treated as unexplained when supported by prior bank withdrawals. The Tribunal ruled that the Revenue must prove cash was spent elsewhere before invoking Section 69A.
The Pune ITAT held that entire cash deposits in bank accounts cannot automatically be treated as unexplained income when the assessee appears to be only a conduit in an accommodation entry network. The Tribunal restricted the taxable addition to 2% of deposits after finding no evidence of actual enrichment.
Pune ITAT held that appellate authorities must adjudicate issues raised in appeals and cannot mechanically dismiss matters for non-compliance. The Tribunal restored the case for fresh consideration on merits.
Pune ITAT observed that reassessment proceedings initiated beyond three years may not be maintainable where the alleged escaped income is below ₹50 lakh. The matter was remanded for verification of jurisdictional facts and statutory notices.
ITAT Indore set aside the ex parte appellate order after noting that the assessee had died and the legal heirs could not effectively pursue the proceedings. The Tribunal granted one final opportunity for fresh adjudication on merits.
The issue involved estimation of income based solely on bank credits without supporting verification. The Tribunal remanded the case, directing assessment based on GST and VAT turnover.
The Tribunal held that lack of inquiry into a large receipt justified revision under Section 263. It found the assessment erroneous and prejudicial to revenue. The ruling reinforces duty of proper verification.
The case examined reassessment based on third-party information without independent application of mind. The Tribunal ruled that reliance on borrowed satisfaction invalidated the addition, leading to its deletion.
