Income Tax : Learn about various types of income tax assessments under Sections 143, 144, and 147, their procedures, time limits, and taxpayer ...
Income Tax : Section 44AA mandates books for professionals and businesses exceeding income thresholds. Details presumptive tax rules, required ...
Income Tax : Ahmedabad ITAT quashes reassessments based on ACB report, ruling the AO lacked independent "reason to believe" and only used borro...
Income Tax : Summary of statutory deadlines for issuing income tax notices (Sec 143, 147) and completing assessments, reassessments, and appeal...
Income Tax : Understand the three core processes of Indian Income Tax: Rectification of mistakes (Sec 154), the four types of Assessment (Summa...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : Discover how Finance Act 2021 revamped assessment and reassessment procedures under Income-tax Act, impacting notices, time limits...
Income Tax : Income Tax Gazetted Officers’ Association requested CBDT to issue Clarification in respect of the judgement of Hon’ble Supreme...
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 : Tribunal held that incremental cash deposits in bank accounts cannot be treated as unexplained under Section 68 without concrete e...
Income Tax : ITAT Mumbai held that consideration from a redevelopment agreement is taxable in hands of individual members, not co-operative hou...
Income Tax : The ITAT Ahmedabad remanded the case of Harshang Kaushikkumar Rami vs ITO to the Assessing Officer for fresh verification of Rs. 5...
Income Tax : The Madras High Court stayed recovery for 90 days, allowing Faiz Wahab time to file a stay application after the sale advance refu...
Income Tax : The ITAT Kolkata upheld the deletion of a ₹2.5 crore addition under Section 68, ruling that the assessee provided full documenta...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Excise Duty : Notification No. 29/2024-Central Excise rescinds six 2022 excise notifications in the public interest, effective immediately. Deta...
Income Tax : Learn how to initiate proceedings under section 147 of the IT Act in e-Verification cases. Detailed instructions for Assessing Off...
Income Tax : Explore e-Verification Instruction No. 2 of 2024 from the Directorate of Income Tax (Systems). Detailed guidelines for AOs under I...
Income Tax : Supreme Court in the matter of Shri Ashish Agarwal, several representations were received asking for time-barring date of such cas...
Tribunal held that incremental cash deposits in bank accounts cannot be treated as unexplained under Section 68 without concrete evidence. Addition of Rs. 40.32 lakh was deleted.
ITAT Mumbai held that consideration from a redevelopment agreement is taxable in hands of individual members, not co-operative housing society. Tribunal upheld CIT(A)’s deletion of ₹4.97 crore addition, confirming that society acted merely as a representative.
The ITAT Ahmedabad remanded the case of Harshang Kaushikkumar Rami vs ITO to the Assessing Officer for fresh verification of Rs. 5 crore cash deposits treated as unexplained income.
The Madras High Court stayed recovery for 90 days, allowing Faiz Wahab time to file a stay application after the sale advance refund was taxed as unexplained income.
The ITAT Kolkata upheld the deletion of a ₹2.5 crore addition under Section 68, ruling that the assessee provided full documentary proof of the loan’s identity, creditworthiness, and genuineness. The Tribunal emphasized that once the primary onus is discharged, the AO must conduct an independent inquiry rather than relying on an unverified Investigation Wing report.
ITAT Ahmedabad held that an addition under Section 69 based only on an untested third-party statement, without cross-examination, violates natural justice. The ₹60 lakh on-money allegation was deleted.
ITAT Delhi ruled that a reassessment notice served under Section 148 on a foreign FPI (Singapore company) after its formal dissolution is void ab initio. This decision confirms that proceedings against a non-existent entity, even if served shortly after winding up, are invalid and cannot be cured by Section 292B.
The ITAT Ahmedabad reversed the CIT(A)’s deletion, upholding the addition of ₹6.73 lakh under Section 69A for bogus Long-Term Capital Gain from Safal Herbs Ltd. shares. The Tribunal ruled that the sudden investment in the obscure scrip, coupled with an unreasonable price rise, defied commercial logic and was an accommodation entry.
The ITAT Rajkot set aside reassessment proceedings initiated under Section 148 against a firm that had previously converted into a private limited company. The Tribunal held that a notice issued in the name of a non-existent entity strikes at the root of jurisdiction and renders the entire assessment void ab initio.
ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act impermissible since based solely on change of opinion without any new tangible material. Further, even on merits royalty payment represents a legitimate business expenditure allowable u/s. 37(1).
