Income Tax : Budget 2026 introduces sweeping retrospective amendments affecting limitation, reassessment jurisdiction, DIN validity, and TPO ti...
Income Tax : ITAT Kolkata quashed NFAC reassessment and consequential penalty, holding faceless reassessment lacked jurisdiction before Section...
Income Tax : ITAT Delhi deleted bogus purchase additions, holding that genuine purchases and sales were supported by documentary evidence and t...
Income Tax : ITAT Mumbai quashed reassessment for approval under Section 151(ii) by the wrong authority and deleted penalties under Sections 27...
Income Tax : ITAT Delhi held that a Section 148 notice issued beyond three years is void when sanctioned by the PCIT instead of the authority p...
Income Tax : The ITAT Bangalore held that cash deposits could not be treated as unexplained where they were sourced from earlier withdrawals fr...
The tribunal held that reassessment initiated through a jurisdictional officer instead of the mandatory faceless mechanism was invalid. Notices under Section 148 issued after 01.04.2021 must follow the faceless scheme, failing which the entire assessment collapses.
Purchase Date Doubts Not Enough to Deny LTCG Exemption: ITAT Mumbai held that transfer dates shown in share certificates satisfied the statutory holding requirement.
Finding that the Assessing Officer acted beyond section 151A, the Court quashed the reopening notices. The ruling highlights that reassessment cannot proceed without valid jurisdictional foundation.
Reassessment actions were quashed where sanctions were not lawfully granted under section 151A. The ruling reinforces strict compliance with statutory approval requirements.
The Tribunal held that reassessment notices issued by the jurisdictional officer violated the mandatory faceless regime under Sections 144B and 151A. Non-compliance with the prescribed faceless procedure renders the entire reassessment void ab initio.
The Tribunal held that reopening based on unverified Investigation Wing inputs, factual inconsistencies, and no direct nexus to the assessee’s transactions is invalid. Mechanical reproduction of information cannot sustain reassessment.
Addition of ₹2.28 crore made as long-term capital gains in the hands of the assessee society was deleted in full as amount paid by a developer directly to individual members of a co-operative housing society pursuant to redevelopment cannot be taxed as capital gains in the hands of the society, particularly when the society itself never received the amount.
The ruling declares reassessment void where notices were not issued through the faceless mechanism post-29.03.2022. Lesson: non-compliance with section 151A vitiates reopening.
The case addressed the legality of reopening an assessment when the notice was not issued through NFAC. Following jurisdictional High Court rulings, the Tribunal ruled that such deviation vitiates the entire reassessment process.
The High Court held that notices issued under Section 148 by a jurisdictional Assessing Officer were without authority when the faceless assessment scheme applied. Relying on binding precedents, the writ petition was disposed of in favour of the taxpayer, reaffirming NFAC’s exclusive role.
