Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and i...
Income Tax : This guide explains the various assessments under the Income-tax Act, including summary assessment, scrutiny assessment, best judg...
Income Tax : ITAT Mumbai held that an addition under Section 69A cannot be sustained when the assessee is denied the opportunity to cross-exami...
Income Tax : The Tribunal held that CIT(A) cannot enhance income under Section 251 on matters not considered by the Assessing Officer during as...
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 : ITAT Pune held that the reassessment proceedings were invalid because the notice under Section 148 was approved by the Principal C...
Income Tax : ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to it...
Income Tax : ITAT Pune held that reassessment proceedings were invalid because the approval under Section 151 was granted by the Principal Comm...
Income Tax : The Supreme Court set aside High Court judgments quashing reassessment notices after noting that the Finance Act, 2026 introduced ...
Income Tax : The ITAT held that Section 68 could not be applied to sale proceeds received from investments already recorded in the books in an ...
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 assessee’s claim of ₹98.4 lakh as selling expenses on property sale was disallowed by AO and upheld by CIT(A) without proper reasoning. ITAT remanded the case to ensure a detailed, reasoned examination of the submissions on merits.
The ITAT Pune held that applying presumptive taxation under Section 44AD to government-collected stamp duty and registration charges was unjustified. The case was remanded for fresh examination, considering subsequent years where identical transactions were accepted without additions.
The Tribunal rejected the Revenue’s argument that TOLA extended the time for issuing notice, holding that for A.Y. 2015-16 the limitation expired on 31.03.2019. Consequently, the 21.04.2021 notice lacked legal authority. Key takeaway: TOLA does not revive time-barred assessments.
The Telangana High Court ruled that Section 148 notices for central charge cases must follow the faceless procedure under the Finance Act, 2021, quashing JAO-issued notices.
The Madras High Court ruled that Section 54F of the Income Tax Act can cover multiple residential units purchased from capital gains, reversing the ITAT’s single-flat restriction.
The Tribunal concluded that section 189 is only a machinery provision and cannot be invoked to assess alleged income arising long after a firm has ceased to exist. Since no evidence showed any business activity post-2012, the reopening for AY 2017-18 was invalid. The order quashing the reassessment also nullified the related addition and penalty.
The Tribunal ruled that a cess deduction claim based on favourable jurisprudence cannot trigger penalty. Compliance with Section 155(18), including timely Form 69 filing, protected the assessee from under-reporting allegations.
ITAT held that reassessment notices under sections 147/148 were invalid as the reasons were vague and lacked tangible evidence. Reopening cannot be used merely to verify or scrutinize transactions without proper justification.
The Court held that reassessment notices under Section 148 issued beyond the surviving period under TOLA are invalid, leading to quashing of assessment orders. Time-bar limits override procedural provisions.
Demat and broker records showed actual purchases of Rs. 1.24 crore and sales of Rs. 85 lakh, contradicting the AO’s addition of Rs. 2.11 crore. The Tribunal remitted the matter for detailed examination. Proper transaction-wise verification is essential before treating share activity as unexplained income.
