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...
ITAT deleted ₹14.74 lakh addition as identical source was accepted in spouse’s case. Alleged on-money payment lacked corroborative evidence.
Tribunal ruled that once consideration was received and possession handed over in an earlier year, subsequent registration cannot shift taxability. Revenue’s reliance on Insight Portal data was rejected.
ITAT Mumbai held allotment letter is an agreement to sell; stamp duty value on booking/allotment date applies u/s 56(2)(x) where payments were via banking channels. ₹45.03L addition set aside for verification.
The Tribunal ruled that mere circulation of funds among group entities does not prove round-tripping unless supported by cogent evidence. Suspicion alone cannot justify addition under Section 68.
ITAT held that labeling transactions as accommodation entries without investigation is impermissible. With all three ingredients satisfied, the addition of ₹86.90 lakh was removed.
ITAT held that reassessment proceedings initiated by NFAC before Notification No. 18/2022 dated 29.03.2022 were without jurisdiction. Since Section 151A became effective only upon notification, the entire reassessment and related penalty were quashed.
The ITAT Bangalore held that the entire cost of construction claimed by the assessee while computing capital gains on sale of property could not be outrightly disallowed merely due to lack of complete supporting documents.
The ITAT Bangalore held that reopening of assessment was invalid as it was based on an incorrect assumption that the assessee had claimed bogus long-term capital gains (LTCG) from penny stock transactions.
ITAT Mumbai held that the provision for leave encashment made on actuarial basis constitutes an ascertained liability and is allowable as deduction. Accordingly, the said ground is allowed.
The Tribunal held that revision under Section 263 is invalid where the Assessing Officer examined records and adopted a plausible view. Mere disagreement or desire for further enquiry is insufficient.
