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 ITAT held that reassessment notices issued after the surviving limitation period prescribed by the Supreme Court were invalid....
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 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 Delhi held that addition primarily on the basis of statements alone and no other corroborative evidence and that too without giving assessee an opportunity to cross examine the said persons is unsustainable in law and liable to be set aside.
Calcutta High Court denies the writ petition challenging the assessment order u/s 147, emphasizing no objection filed in time. Alternative remedies noted.
ITAT Delhi held that addition of cash credits in various bank accounts deleted by CIT(A) without verifying the persons/firm/Companies from whom the alleged amount has been credited is bad-in-law. Accordingly, matter resorted to the file of AO.
ITAT Ahmedabad held that provisions of section 68 of the Income Tax Act doesn’t attract as unsecured loan availed was repaid in the next financial year through cheque payments to the creditor and bank statement thereof was filed.
ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act after four years without bringing on record that escapement of income was occurred by reason of omission or failure on the part of the assessee to disclose fully or truly all the material facts is bad-in-law and liable to be quashed.
ITAT Kolkata held that gross receipts cannot be taxed entirely, estimated expenditure incurred by the society for earning this income needs to be allowed even if the society is not registered under section 12A of the Income Tax Act.
ITAT Mumbai held that the assessee not entitled to deduction u/s 48(i) of the Act for repayment of the mortgage debt which was incurred subsequent to the acquisition of the property and not for the purpose of acquisition.
ITAT Mumbai held that AO is bound to dispose of the objections filed by the assessee against reopening and give at least four weeks time, from the date of rejection of objection, to assessee to seek any legal remedy. In absence of the same, reopening of assessment is not legally sustainable.
ITAT Indore grants a new opportunity to rectify Form 35 mistakes, emphasizing a fair appeal process in Vijesh Samule Vs ITO. Read the full order here.
Analysis of the ITAT Chennai ruling on Carborundum Universal Limited vs ACIT, emphasizing no scope for reassessment on an issue under appeal.
