Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A detailed look at how the Finance Act, 2021 reshaped Sections 147–151, introduced Section 148A, and reduced limitation periods ...
Income Tax : The Finance Bill, 2026 clarifies who can issue notices under sections 148 and 148A. It confirms that only jurisdictional Assessing...
Goods and Services Tax : The court held that once late fee is imposed for delayed annual return filing, a further general penalty is not permissible. Secti...
Income Tax : The issue was whether an assessment could be reopened after four years. The Court held that full disclosure by the taxpayer barred...
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 : The issue was deletion of additions on unsecured loans treated as unexplained cash credits. The tribunal upheld deletion, holding ...
Income Tax : The issue involved dismissal of appeal due to delay and non-appearance. The tribunal condoned the delay citing medical reasons and...
Income Tax : The issue was whether reassessment could be initiated after four years without fresh evidence. The court held such reopening inval...
Income Tax : The issue was whether reassessment notice issued without approval from the correct authority is valid. The tribunal held it invali...
Income Tax : The Court held that reassessment proceedings must be initiated within the statutory time limit. It found the notice issued after t...
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...
The ITAT Delhi quashed a rectification order under Section 154, holding that a debatable issue regarding provision for construction expenses is not a “mistake apparent from record.” The ruling reinforces that Section 154 cannot be used to make additions that require a long-drawn process of reasoning or legal interpretation.
The ITAT followed its earlier ruling for the German financial institution, confirming that the management/processing fee was a component of the loan financing and not a fee for technical services. The decision directed the deletion of the entire addition, reinforcing that the taxability of fees must be determined based on their underlying nature and link to the principal loan.
The ITAT confirmed the CIT(A)’s pragmatic decision to restrict an addition of ₹8.21 crore for unexplained cash deposits to a 5% profit margin on the total deposits. This estimation was deemed reasonable, considering the nature of the assessee’s pottery trading business where full documentation was absent, balancing commercial reality with revenue protection.
The ITAT allowed the assessee’s appeal, holding that the PCIT’s order under Section 263 was unsustainable because it failed to cite any specific instance where the AO neglected to verify the alleged fictitious loan transaction. For Section 263 to apply, both the error in the assessment and prejudice to the revenue must be proven, which the PCIT did not demonstrate.
Section 44AA mandates books for professionals and businesses exceeding income thresholds. Details presumptive tax rules, required records, retention period, and ₹25,000 penalty.
The ITAT Mumbai ruled that an assessment made against a duplicate “Company PAN” for a non-existent entity was void ab initio. This led to the deletion of a ₹3.18 crore cash addition, as the bank account and transactions belonged to a proprietary concern already assessed.
ITAT Pune allowed the appeal, holding that the AO lacked jurisdiction because the necessary approval for the Section 148 notice, issued for A.Y. 2017-18 after three years, was obtained from the wrong authority. Following jurisdictional precedents, the Tribunal confirmed that the invalid approval under Section 151 vitiates the entire reassessment process.
The ITAT ruled the reassessment void because the AO failed to verify Insight data against the taxpayer’s filed return, leading to a factual mismatch and generic reasons for reopening. The decision confirms that mechanical satisfaction based on unverified information lacks the “live link” required for a valid Section 147 jurisdiction.
The ITAT Ahmedabad confirmed additions totaling over ₹4.78 crore for unexplained partners’ capital and unsecured loans. The Tribunal ruled that the firm failed to discharge its onus under Section 68 by relying on unaudited and unsubstantiated documents.
The ITAT restored an NRI’s tax appeal, accepting the argument that non-compliance before the lower authorities was not deliberate, as the taxpayer was abroad and faced difficulties accessing records during the pandemic. The Tribunal ruled that the appeal should be decided on its merits, setting aside the ex-parte order and directing the AO to verify the factual claims regarding the assessment year and capital gains.
