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...
High Court dismisses writ petition alleging SOP breach in faceless assessment, advising the taxpayer to seek remedy through the statutory appellate process under the Income Tax Act.
The Tribunal held that deposits in the assessee’s bank account represented genuine receivables from a previously acknowledged liquor business. Since the source was documented and undisputed, the Sec.69A addition of Rs.12.21 lakhs was deleted.
The Tribunal upheld deletion of a large cash-credit addition after the AO confirmed in remand that branch sales and cash transfers were genuine. The key takeaway is that once sales are accepted, related cash deposits cannot be taxed under Section 68.
ITAT Indore held that the registered sale-deed would relate back to and have effect from 26.03.2013 falling with previous year 2012-13 relevant to AY 2013-14 and hence the impugned transaction of sale was taxable in AY 2013-14 and not in 2014-15. Accordingly, reopening of assessment for AY 2014-2015 is illegal and unsustainable.
Tribunal held that Rule 8D disallowance cannot exceed the assessee’s total claimed expenditure and directed restriction of the 14A addition. The ruling clarifies limits on 14A disallowances where expenses are minimal.
The Tribunal held that several comparables selected by the tax authorities failed the RPT filter and were functionally dissimilar, warranting exclusion. It ordered verification, directed inclusion of suitable event-management comparables, and remanded the interest-on-receivables and ICDS issues for fresh review.
The Tribunal held that the ₹2.5 Cr flat investment was fully explained through agreement details and a DHFL housing loan, leaving no basis for an addition. Penalty u/s 271(1)(c) was remanded for fresh examination since the foundation for concealment no longer survived.
Covers the Tribunal’s ruling upholding most TPO-selected comparables while excluding product-owning entities, clarifying how functional similarity drives benchmarking in software distribution.
The Tribunal held that additions made by treating real estate receipts as capital gains required fresh verification. The case was remanded as the earlier order failed to examine the assessee’s claim of business income under section 44AD.
The Court held that a Section 148 notice issued by the Jurisdictional Assessing Officer instead of the Faceless Assessing Officer was invalid. It ruled that mandatory faceless procedures apply even in international taxation matters.
