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 Delhi held that once the books of accounts are rejected, it doesn’t warrant any adhoc addition. Thus, CIT(A) rightly restricted GP @ 1% instead of 1.5% as estimated by AO. Appeal dismissed, accordingly.
ITAT Pune condones delay in appeal by Vaibhav Surve, remands case for reassessment of capital gains on land sale under Section 50C.
In Peter Vaz vs CIT, Bombay HC rules ITAT erred in barring Sec 153C challenge & refusing delay condonation. Cites Rule 27, Balakrishnan (SC). Matter remanded.
ITAT Kolkata quashes assessment reopening in Sudha Surana case, citing lack of AO’s application of mind and invalid PCIT approval.
ITAT Jaipur quashes tax addition and penalty against 82-year-old senior citizen, finding no fault in her investment claims and supporting her submitted evidence.
ITAT Surat condones appeal delay due to non-service of assessment order, remands case for fresh adjudication, ensuring fair hearing.
ITAT Indore deleted Rs. 70.13 lakh investment addition, ruling source of funds sufficiently explained, overturning part of CIT(A) order.
ITAT Jaipur applies Section 44AD, taxing retail business gross deposits at 8%. Addition of Rs. 25.56 lakh reduced; appeal partly allowed.
ITAT Hyderabad held that addition on the basis of loose papers and documents found from the premises of third party is not tenable in the eye of law. Accordingly, appeal of the revenue is dismissed since addition not based on substantial evidence.
ITAT Lucknow overturns CIT(A) order in Bhavan Ravat’s case, citing lack of fair hearing and directs a fresh assessment with reasonable opportunity.
