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 : The Gujarat High Court held that reassessment cannot be sustained merely because of high-value bank transactions without evidence ...
Income Tax : ITAT Ahmedabad held that an addition under Section 68 cannot be sustained solely on information received from the Investigation Wi...
Income Tax : The ITAT Hyderabad held that the entire sale consideration could not be assessed as short-term capital gains without examining the...
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 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 Kolkata held that addition under section 68 of the Income Tax Act as unexplained cash credit not sustainable since identity, creditworthiness and genuineness of the transaction relating to the share capital sufficiently established.
ITAT Kolkata condones 186-day delay, remands Umang Webtech Private Limited’s case to AO for fresh examination due to ex-parte assessment and inadequate representation.
ITAT Kolkata rules in favor of Goldman Stocks, deleting ₹4.82 Cr addition as unexplained cash credit, citing genuine sales transactions as evidence.
ITAT remits ₹46 lakh ex-parte income tax addition after assessment under sections 144 & 147, ruling no opportunity was given to adduce evidence.
ITAT Chennai remands a case to CIT(A) for reassessment, allowing the assessee a fresh opportunity to substantiate ₹51.20 lakh cash credit under Section 68.
Court emphasized that issuing a notice to a non-existent entity constitutes a jurisdictional defect, which Section 292B cannot cure.
ITAT Ahmedabad dismisses Revenue’s appeal due to low tax effect under CBDT Circular No. 09/2024. The case involved taxability of interest income on project funds.
Clause (ba) of sub-section (1) of section 12A was applicable for AY.2018-19 onwards and not for AY.2017-18, assessee-temple trust was entitled to tax exemptions under Sections 11 and 12 . Hence, the order of AO was not erroneous and prejudicial to the interests of revenue and therefore, it was not amenable to revision u/s 263.
In the case abovementioned ITAT Ahmedabad remanded the matter to CIT (A) after considering that assessee could not file evidence before CIT (A) in lack of service of notices.
Return for AY 2002-03 was filed on 30.10.2002 and an intimation under Section 143(1) was issued on 19.12.2003. A Revised return was filed on 23.03.2004 for which notice u/s 143 (2) can be issued up to 31.03.2005. AO issued notice u/s 148 on 09.07.2004.
