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 tribunal held that addition under Section 69C is not valid where expenditure is properly recorded and the source is explained. The key takeaway is that documented transactions through banking channels cannot be treated as unexplained.
ITAT Mumbai held that the assessee is eligible for claiming Initial Public Offer i.e. [IPO] expenses proportionate to the shareholding in terms of clause (i) of section 48 of the Income Tax Act. Accordingly, the appeal is allowed to that extent.
The Tribunal held that GST collected is not part of income for presumptive taxation under section 44B. It ruled that GST is a statutory levy and cannot be treated as revenue.
The issue was whether cash deposits from business sales could be treated as unexplained income under Section 68. ITAT held that recorded cash sales forming part of turnover cannot be taxed as unexplained credits.
The Tribunal held that ESOP costs are employee compensation and qualify as revenue expenditure. Disallowance treating them as capital expenditure was deleted.
The Tribunal held that interest earned on surplus funds is business income of a credit society. Such income qualifies for deduction under Section 80P(2)(a)(i).
The Tribunal held that adding both cash deposits and withdrawals may result in double taxation. The case was remanded for fresh examination with proper opportunity.
The issue involved revision of assessment where income was declared under Section 44AD. The Tribunal held that absence of books makes Section 68 inapplicable. The takeaway is that revision cannot be based on lack of records not required by law.
The issue was whether CSR expenditure qualifies for deduction under section 80G. The Tribunal held that deduction is allowable as there is no specific prohibition except for certain funds.
The Tribunal examined whether delay in filing appeal was justified under section 249(3). It held that sufficient cause must be interpreted liberally to ensure justice. The key takeaway is that technical delays should not deny statutory appeal rights.
