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 Tribunal held that an investigation report against a supplier is only a starting point for inquiry and not conclusive proof against the assessee. The key takeaway is that additions require independent evidence relating to the assessee’s own transactions
Where assessee substantiated purchase, holding and sale of shares of YICL through documentary evidence, DEMAT records, contract notes, STT payments and banking transactions, and Revenue failed to establish any nexus between assessee and alleged price-rigging operators, exemption under section 10(38) could not be denied merely on suspicion or penny-stock allegations.
Pune ITAT observed that the Revenue had accepted the assessee’s scrap business in earlier and later years by estimating profit on turnover. The ruling held that this history must be considered before treating deposits as unexplained income.
Mumbai ITAT ruled that where a capital asset was acquired before 01.04.2001, the claim for adopting fair market value as on that date must be examined on merits. The key takeaway is that statutory valuation rights cannot be rejected on technical grounds alone.
The Tribunal held that generalized investigation reports cannot substitute for concrete evidence against an assessee. Since the transactions were supported by documents and no direct evidence of undisclosed income existed, the addition was deleted.
The High Court set aside the Single Judge’s order and remitted the matter for fresh consideration following the Supreme Court’s directions on the retrospective insertion of Section 147A. The assessee was granted liberty to challenge the amended provision.
The Tribunal sent the matter back to the Commissioner (Appeals) for fresh adjudication after the assessee challenged the validity of the Section 148 notice. The issue relating to notices issued by a Jurisdictional Assessing Officer instead of a Faceless Assessing Officer was left open for reconsideration.
ITAT Amritsar held that reassessment proceedings were invalid because the reopening was based on factually incorrect AIR information. The Tribunal ruled that failure to verify bank records before issuing notice showed non-application of mind.
ITAT Chandigarh held that reassessment proceedings were invalid because the Assessing Officer relied on factually incorrect assumptions regarding the filing of return and property purchase. The reopening was therefore quashed as unsustainable in law.
The ITAT Hyderabad held that no under-reporting of income existed where the income declared in the return filed under Section 148 was accepted without any addition. The penalty under Section 270A was deleted.
