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 case concerned reopening of completed income tax assessments based on information received from DRI and Central Excise authorities. The Delhi High Court held that such information constituted tangible material sufficient to justify reassessment proceedings.
The Tribunal observed that taxpayers opting for presumptive taxation are not required to maintain books of account and therefore Section 68 could not be applied merely on the basis of bank statements.
The ITAT ruled that when the Revenue accepts business turnover and sales activity, corresponding cash deposits in bank accounts cannot again be added as unexplained cash credits under section 68. The Tribunal restricted the addition only to estimation of reasonable profit.
The ITAT held that reassessment proceedings were invalid because the Assessing Officer wrongly stated that the original return was never scrutinized. The Tribunal ruled that such factual errors while recording reasons showed complete non-application of mind.
The Delhi ITAT restored the assessment proceedings after finding that the Assessing Officer failed to consider documents and submissions uploaded during e-proceedings. The Tribunal held that the appellate finding of non-compliance was contrary to the record.
The Delhi ITAT restored the matter to the Assessing Officer after noting that the assessee had furnished certain records relating to the unsecured loan transaction. The Tribunal directed fresh examination of identity, creditworthiness, and genuineness under Section 68.
The Tribunal condoned the delay in filing the appeal after finding that the assessee had no knowledge of the assessment proceedings due to missed email notices. The assessment was restored for de novo adjudication.
Mumbai ITAT held that once receipts reflected in Form 26AS are assessed as taxable income, corresponding TDS credit cannot be denied on technical grounds. The AO was directed to verify records and grant due credit.
The Delhi ITAT deleted addition made under Section 68 on alleged bogus purchases linked to accommodation entry providers. The Tribunal held that purchases and corresponding sales were already recorded in the books, leaving no basis for separate addition under Section 68.
The Tribunal held that reassessment proceedings initiated against a deceased person are void ab initio. Since the department had prior knowledge of the death, failure to issue notice to the legal heir made the assessment invalid.
