Income Tax : Practical guide to tax audit under Section 44AB for trader assessees, covering groundwork, data analysis, compliance checks, and f...
Income Tax : Summary of the judgement About the assessee The assessee is a limited liability company engaged in the business of manufacture and...
Income Tax : Deduction of TDS and Taxability of the same; An Analysis of section 198 and 145 of Income tax 1961. As per basic understanding, th...
Income Tax : Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any ta...
Income Tax : ♦ Section 145A of Income Tax Act, 1961 ‘145A. Method of accounting in certain cases.—Notwithstanding anything to the contra...
Income Tax : ITAT Hyderabad held that assessment orders passed pursuant to earlier remand directions were barred by limitation under Section 15...
Income Tax : ITAT Delhi held that Section 69A could not be invoked where the Assessing Officer himself accepted that transactions were recorded...
Income Tax : The Tribunal held that revisionary powers cannot be used to substitute the AO’s view with that of the Pr. CIT. It emphasized tha...
Income Tax : The Tribunal upheld reopening under Section 147 as Form 26AS reflected substantial contract receipts despite no return being filed...
Income Tax : Transfer of passive infrastructure (PI) assets under a court-approved scheme of demerger without consideration qualified as a gift...
ITAT Delhi held that addition towards unsecured loan under section 68 of the Income Tax Act sustained as assessee failed to discharge the primary onus and burden of proof of providing genuineness, creditworthiness and identity of creditors to the satisfaction of the A.O.
Explore the ITAT Pune ruling on ACIT vs. Omshree Agrotech. Learn why rejection of books under section 145(3) based on gross profit rates is deemed unjustified.
ITAT Raipur held that A.O after rejecting the books of accounts of the assessee could not have based his assessment on the said books of accounts. Accordingly, once the books of account of an assessee are rejected, then profit has to be estimated.
ITAT Indore held that in the absence of any major discrepancies or defects in the books of accounts, the rejection of the books of account only for want of tax audit report is not justified.
Kerala High Court held that provisions of section 64(1)(v) of Income Tax Act clearly states that income accruing or arising in the hands of a minor child will be added to the parent’s total income.
ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit sustained as identity and creditworthiness of the parties and genuineness of the transaction not proved.
ITAT Delhi held that as the original return was only processed u/s 143(1), AO can duly initiate re-opening of proceedings under section 147 of the Income Tax Act so as to bring the escaped income into tax.
ITAT Ahmedabad held that when interest free funds are available with the assessee, it can be said that investments are made out of interest free funds and hence disallowance under section 36(1)(iii) of the Income Tax Act not justifiable.
CIT(A) in his order while rejecting Books of Account does not specify defect in record. The basis of rejection appears to be best judgment of assessment
ITAT Allahabad held that additions made based on the incriminating material (being excess stock) found during survey conducted u/s 133A of the Income Tax Act is justifiable.
