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 issue was whether rejection of books and GP estimation was justified due to missing records. ITAT upheld the addition, ruling that failure to produce bills, vouchers, and stock records justified estimation.
The case involved denial of deduction due to delayed execution of purchase deed. The Tribunal held that investment in an under-construction property qualifies as construction within the extended time limit. It ruled that deduction cannot be denied on technical interpretation of timelines.
The case involved denial of deduction on interest earned from cooperative bank deposits. The Tribunal held that such income qualifies for deduction as it is derived from investments with a cooperative society.
The issue was whether delay in filing appeal without strong documentary proof should be condoned. The ITAT held that when sufficient cause exists, delay must be liberally condoned to ensure justice and hearing on merits.
Bright Line Test (BLT) could not be applied for determining the Arms Length Price (ALP) of Advertisement, Marketing, and Promotion (AMP) expenditure under the transfer pricing provisions.
The Tribunal ruled that section 44ADA applies only to specified professions and cannot be invoked for business income covered under section 44AD. Arbitrary substitution of a higher rate by the AO was held unsustainable.
The tribunal held that Renewable Energy Certificates are distinct from carbon credits under Section 115BBG and must be taxed at normal rates. The ruling emphasizes strict interpretation of concessional tax provisions.
The Tribunal ruled that interest earned from mandatory bank deposits by a co-operative credit society qualifies as business income and is eligible for deduction under Section 80P.
The Tribunal held that a notice issued under section 148 beyond the six-year limitation under the old law is invalid. It clarified that the first proviso to section 149 bars such reopening even under the amended regime.
The case involved addition for alleged on-money payment based on search findings of a builder. The ITAT ruled that absence of corroborative evidence and denial of cross-examination makes the addition unsustainable.
