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 Kolkata ITAT held that reassessment proceedings were invalid where the reasons initially supplied related to a different company and the reopening was based on mechanical satisfaction. The Tribunal ruled that borrowed satisfaction without independent application of mind cannot justify reopening under Sections 147 and 148.
The Tribunal ruled that once transfer was held to have occurred in 1993 through the sale agreement, the Assessing Officer could not tax capital gains in Assessment Year 2007-08.
The Tribunal held that accounting treatment in the Profit and Loss Account does not determine taxability of a receipt. Principal loan waiver remained non-taxable despite being shown as extraordinary income in accounts.
ITAT Mumbai held that where reassessment is based on documents seized during a search on another person, proceedings must be initiated under Section 153C and not Section 147.
The Tribunal ruled that deemed dividend arising from reduction of share capital qualified for exemption under Section 10(34). The decision followed earlier Bombay High Court rulings involving identical transactions and shareholders.
The Delhi ITAT held that a reassessment notice digitally signed on 31 March 2021 but served on 1 April 2021 falls under the new Section 148A regime. Failure to follow mandatory reassessment procedures rendered the entire assessment void.
The ITAT Mumbai deleted additions under Section 69 after holding that denial of cross-examination violated principles of natural justice. The Tribunal ruled that third-party statements cannot be relied upon against an assessee without allowing effective cross-examination.
ITAT Mumbai held that once the lender confirmed the transaction during assessment and remand proceedings, the Assessing Officer could not doubt the genuineness of the loan. The ruling reinforces that proper documentary evidence carries significant evidentiary value.
The Bangalore ITAT held that uncorroborated WhatsApp chats and retracted statements are insufficient to sustain large on-money additions in search assessments. Additions based purely on estimates without incriminating evidence were deleted.
The ITAT Mumbai held that a reassessment notice cannot be treated as valid merely because it carried an earlier date when it was actually signed and served after limitation expired. The reassessment proceedings were quashed as without jurisdiction.
