Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : ITAT Mumbai held that penalty under Section 270A cannot be levied merely because income was estimated after rejection of books. Si...
Income Tax : The Income Tax Department explains how faceless assessments under Section 144B operate through the e-Filing portal without requiri...
Income Tax : The guide explains faceless assessments, appeals, penalties, rectification requests, and demand responses under the Income-tax Act...
Income Tax : Courts have held that non-compliance with mandatory procedures under Section 144B renders faceless assessment orders void. The rul...
Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...
Income Tax : The Kerala High Court, today admitted a batch of Writ Petitions challenging the constitutional validity of the Faceless Assessment...
Income Tax : ITAT Mumbai remanded the case to examine whether Section 56(2)(x) applied based on the agreement date and to consider refund of ex...
Income Tax : ITAT Mumbai deleted a Section 69 addition after finding documentary evidence established joint ownership, source of funds, and ear...
Income Tax : ITAT Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : ITAT Mumbai quashed a Section 148 notice issued after the limitation under the first proviso to Section 149, holding the reassessm...
Income Tax : The High Court held that an assessment order passed without issuing a show cause notice detailing the proposed additions violated ...
Income Tax : CBDT issues guidelines for IT verification under Section 144B(5), detailing circumstances for digital and physical checks, effecti...
Income Tax : In pursuance of sub-section (3) of section 144B of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the fo...
Income Tax : Standard Operating Procedure (SOP) for Assessment Unit (AU), Verification Unit (VU), Technical Unit (TU) and Review Unit (RU) unde...
Income Tax : Roll out of first phase of changes in ITBA functionalities for Faceless Assessment due to amendments in Section 144B by Finance Ac...
Income Tax : National Faceless Penalty Centre, in accordance with the guidelines issued by the Board, may,–– (a) in a case where imposit...
The ITAT Mumbai held that the assessee had satisfactorily explained the source of Rs. 1.25 crore through bank records, PPF withdrawals, and documented fund movements. Since the transactions were verifiable through banking channels, the addition under Section 69 was deleted.
Tribunal held that reassessment beyond three years was not permissible where alleged escaped income was only ₹38 lakh. Since statutory threshold of ₹50 lakh was not met, reassessment was quashed.
ITAT Mumbai held that the assessee had fully explained the source of investment through bank records showing direct payment by her father. The addition under Section 69 was deleted as unsupported by evidence.
The Hyderabad ITAT found contradictions in the TPO’s reasoning for excluding a comparable company due to alleged lack of RPT data. The Tribunal directed fresh verification and recomputation of the RPT filter before deciding whether the company should remain excluded.
The Tribunal held that although the assessee produced documentary evidence supporting the loan, questions regarding the lender’s financial capacity and source of funds required deeper examination. The matter was remanded to the Assessing Officer for fresh verification.
ITAT Ahmedabad held that unsecured loan additions could not be sustained where the assessee furnished confirmations, bank statements, and tax records, and the Revenue failed to establish any cash trail or nexus with alleged accommodation entries.
Whistleblower reward of Rs. 8.16 crore received by the assessee from the U.S. SEC for providing information and substantial assistance in enforcement proceedings was a taxable revenue receipt.
The Nagpur ITAT restored the matter to the CIT(A) after noting that the legal issue regarding notices issued by the Jurisdictional Assessing Officer is pending before the Supreme Court. A fresh adjudication on merits was directed.
Mumbai ITAT held that a reassessment notice issued beyond three years was invalid because approval was obtained from the Principal CIT instead of the prescribed higher authority under Section 151. The reassessment proceedings and assessment order were quashed.
The Mumbai ITAT held that a Section 148 notice issued beyond three years was invalid because the alleged escaped income was only Rs. 2,03,816, below the Rs. 50 lakh threshold. The reassessment and consequential additions were quashed.
