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 dispute concerned whether dividend received on capital reduction by a foreign subsidiary could trigger restrictions under Section 115BBDA. ITAT held that the statutory conditions of Section 115BBDA were not satisfied, and therefore the assessment order could not be treated as erroneous or prejudicial to revenue.
The ITAT Mumbai held that when the reason recorded for reopening an assessment does not ultimately result in any addition, the Assessing Officer cannot make an addition on a completely different issue.
The Tribunal condoned the delayed appeal filing after finding sufficient cause and allowed the matter to proceed. It also clarified that reassessment jurisdiction remains valid despite arguments regarding faceless assessment provisions.
The ITAT ruled that deduction of TDS does not excuse failure to file an income tax return. The decision emphasizes that income discovered through departmental records can attract penalty for under-reporting under Section 270A.
The Tribunal held that technical glitches on the income tax portal, coupled with grievances raised by the taxpayer, justified condonation of a 2-month and 21-day delay in filing an appeal. The key takeaway is that genuine system-related difficulties may amount to sufficient cause for procedural delays.
The ITAT upheld depreciation on goodwill arising from a slump sale acquisition after finding that the business was acquired through a valid Business Transfer Agreement. The ruling confirms that goodwill valuation in a slump sale can support a depreciation claim when properly examined during assessment.
The Tribunal ruled that audited books and quantitative reconciliation supported the genuineness of agricultural commodity purchases. In the absence of contrary evidence, arbitrary disallowance of purchases could not be sustained.
The ITAT condoned the delay after finding that assessment and appellate notices were sent to incorrect email addresses. The ruling highlights the importance of valid service of notices in tax proceedings.
The Delhi ITAT held that reassessment proceedings were invalid where the Assessing Officer made additions unrelated to the reasons initially recorded for reopening. The consequential penalty proceedings were also set aside.
The Tribunal quashed the reassessment after finding that the Assessing Officer failed to issue notice under Section 143(2). The decision confirms that compliance with this statutory requirement is indispensable in reassessment proceedings.
