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...
ITAT Pune held that reopening based on old investigation data was invalid where transactions were already verified under Section 153A. The Tribunal found the penny stock gains genuine as supported by Demat, bank, and STT records.
The ITAT Mumbai canceled seven revisionary orders under section 263, ruling that for completed (unabated) assessments under section 153A, the Principal Commissioner of Income Tax (PCIT) cannot make additions or disallowances, such as challenging an 80IC deduction, without finding incriminating material during the search. The Tribunal reaffirmed that the PCIT’s power under $s.263$ cannot be used for a mere roving inquiry.
The central issue was the validity of a reassessment that led to additions for bogus purchases and unexplained cash. The ITAT confirmed the entire reassessment was void because the AO failed to issue the mandatory notice under S 143(2), affirming the deletion of all additions.
The case addressed a Rs.605 Cr addition under Section 68 for alleged bogus sales, where the AO didn’t reject the books. The ITAT remanded the matter, directing the AO to recompute income by applying the average three-year Gross Profit rate on sales, establishing that entire sales cannot be taxed as unexplained credits when books aren’t rejected.
Gujarat High Court held that reopening of assessment based on direction of CIT(A) cannot be sustained since the period of limitation prescribed under section 149(1) of the Income Tax Act has expired. Accordingly, reassessment notice u/s. 148 quashed and petition is allowed.
ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act on the basis of third party statement substantiated with tangible material is justifiable. Accordingly, matter restored back to CIT(A) with liberty to assessee to place supporting documents explaining source of cash deposits.
Form 3CL was not a determinative document for claiming deduction, and non-production of the same did not amount to wilful non-disclosure or suppression of material facts under Explanation 1 to Section 147.
ITAT quashes an income tax addition for cash deposits, ruling that a detailed documentary trail explaining the source for visa purposes cannot be dismissed solely by a third party’s denial.
ITAT ruled that interest on loans cannot be disallowed when the AO accepts the loan principal is genuine by dropping an addition proposed under Section 68 of the Act. which deleted a Rs 3 lakh interest disallowance after the tax officer admitted the underlying loans were genuine.
ITAT Delhi quashed a reassessment, ruling that jurisdictional AO lacked authority to issue a Section 148 notice after CBDT notification assigned exclusive power to NFAC under Section 151A. The key takeaway is that post-March 29, 2022, only NFAC can validly initiate reassessment proceedings under faceless regime.
