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 a reassessment notice issued beyond three years was invalid where the alleged escaped income was less than ₹50 lakh. The consequential assessment order was quashed.
Addition of ₹11.14 crore on account of alleged bogus purchases could not be sustained without first verifying the assessee’s claim that purchases worth approximately ₹11.07 crore had been reversed in its books and were never claimed as a deduction while computing taxable income.
Pune ITAT observed that the Revenue had accepted the assessee’s scrap business in earlier and later years by estimating profit on turnover. The ruling held that this history must be considered before treating deposits as unexplained income.
Pune ITAT held that once TNMM is accepted for a taxpayer’s aggregated international transactions, the TPO cannot isolate a single transaction and apply a different method. The ruling deleted the transfer pricing adjustment and reinforced consistency in benchmarking.
Mumbai ITAT ruled that where a capital asset was acquired before 01.04.2001, the claim for adopting fair market value as on that date must be examined on merits. The key takeaway is that statutory valuation rights cannot be rejected on technical grounds alone.
The Tribunal sent the matter back to the Commissioner (Appeals) for fresh adjudication after the assessee challenged the validity of the Section 148 notice. The issue relating to notices issued by a Jurisdictional Assessing Officer instead of a Faceless Assessing Officer was left open for reconsideration.
ITAT Mumbai condoned a 524-day delay in filing an appeal after finding that the assessee remained unaware of the assessment order due to communications being routed through his tax consultant. The matter was remanded for adjudication on merits.
ITAT Ahmedabad held that the Transfer Pricing Officer cannot determine the arm’s length price of intra-group services at Nil merely based on assumptions regarding benefit or commercial necessity.
The Tribunal found that the assessees claim for deductions under Chapter VI-A required factual verification rather than outright rejection. It directed the Assessing Officer to reconsider the claim after examining relevant documents and evidence.
The Tribunal criticized the Assessing Officer for taking a contrary stand in later years after allowing the same deduction on identical facts in an earlier assessment. It held that such inconsistent treatment without distinguishing facts was unsustainable.
