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 authorities compared intra-group commission rates without economic analysis. The Tribunal ruled that such an approach leads to invalid transfer pricing adjustments.
Since the reassessment notice was barred by limitation, the tribunal did not examine capital gains issues on merits. The ruling confirms that jurisdictional defects override substantive tax disputes.
ITAT Bangalore held that at the relevant time co-founder of Flipkart stayed in India for 141 days and balance days in other countries. Hence, assessee is an Indian national and thus the appeal of the assessee is dismissed.
The issue was whether reopening based only on portal information is valid. The Tribunal held that absence of independent inquiry and tangible material vitiates reassessment and nullifies the addition.
The dispute examined whether loan interest used to buy virtual digital assets could be deducted. The ruling held that such interest forms part of cost of acquisition and is allowable despite Section 115BBH restrictions.
The issue was dismissal of appeals for non-payment of admitted tax without hearing on merits. The Tribunal restored the appeals, holding that the assessee deserved an opportunity to explain advance tax liability.
The High Court set aside the assessment after finding that the order was passed before the scheduled video hearing. The ruling underscores that granting a requested personal hearing under Section 144B is mandatory.
The case examined taxation of a charitable entity when registration under Section 12A was unsettled. While scrutiny selection was upheld, the assessment was remanded to await the outcome of registration proceedings.
he Tribunal held that unsecured loans could not be treated as unexplained cash credits when identity, creditworthiness, and genuineness were duly proved. Consistency with earlier rulings involving the same lenders led to deletion of the addition.
The Tribunal ruled that the PCIT lacked jurisdiction to revise an assessment when the very issue was already under challenge before the appellate authority. Parallel revision proceedings were held to be impermissible.
