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 Chandigarh rules advance receivables qualify as application of income u/s 11(2), deleting Rs.56,947 shortfall and directing AO to accept claim.
ITAT Pune held that excess sugarcane price paid to the members and sale of sugarcane at concessional rate needs fresh consideration and accordingly, the matter is restored back to the file of AO.
ITAT Ahmedabad dismisses a revenue appeal, upholding the deletion of a ₹1.5 crore addition. The tribunal ruled the amount was a loan given, not a cash credit received.
The ITAT has set aside a penalty order against a taxpayer, Murmu Pankaj Kumar, ruling it was premature as the core quantum appeal was still pending before the CIT(A).
ITAT Bangalore upholds the deletion of a Section 56 addition. The sale of jewellery inherited through a will constitutes a long-term capital gain, allowing the assessee to claim a Section 54F deduction.
The ITAT ruled that the PCIT’s revision order was invalid as the AO had already examined the assessee’s agricultural income claim, thus not acting erroneously.
ITAT Pune held that revisionary proceedings under section 263 of the Income Tax Act rightly invoked since AO failed to make necessary enquiries and verification. Accordingly, revisionary proceedings upheld and appeal of assessee dismissed.
Revenue submitted that the order was issued in order to meet statutory limitation deadlines. During the hearing, both assessee and the authority agreed that assessee had an alternate remedy under Section 246A, along with the option to seek condonation of delay under Section 249(3).
ITAT Delhi held that addition towards accommodation entry and bogus capital gain exemption upheld since the shares were purchased in off market mode. Accordingly, appeal of revenue allowed.
Orissa High Court held that writ petition against assessment order u/s. 147 read with section 144 of the Income Tax Act is not entertained due to availability of alternative remedy. Accordingly, writ dismissed.
