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Section 153A

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Section 153A & 153C of Income Tax Act: Analysis & Implications

Income Tax : Delve into the provisions of Income Tax Act Sections 153A & 153C, governing assessments after search or requisition. Learn from co...

February 8, 2024 4521 Views 0 comment Print

Uttarakhand HC Quashes FIR U/S 153A IPC: No Proof of Disharmony

Corporate Law : Explore recent Uttarakhand High Court judgment quashing an FIR under Section 153A IPC. Analysis reveals lack of evidence for disha...

December 30, 2023 336 Views 0 comment Print

Completed/Unabated Assessments – No Addition if no Incriminating Material Found During Search: SC

Income Tax : Core issue involved in the appeals is the scope of assessment u/s 153A. question posed for consideration is, as to whether in resp...

April 25, 2023 2826 Views 0 comment Print

Budget 2023 aligns timeline under section 153 of Income Tax Act

Income Tax : Budget 2023 aligns timeline under section 153 of Income Tax Act. Learn more about the 2016 Finance Acts reduced assessment order p...

February 5, 2023 15426 Views 0 comment Print

Some Important Facts Related To Assessment Under Section 153A of Income Tax Act, 1961

Income Tax : As you are aware that provisions of Section 153A of the Income Tax Act, 1961 deals with assessment of an assessee in searched case...

March 4, 2022 20988 Views 0 comment Print

Latest Judiciary

Mere name in panchnama cannot be treated as authorisation to conduct search

Income Tax : Explore Section 153A of Income Tax Act, its implications, and judicial interpretations. Learn about search proceedings, panchnama,...

May 21, 2024 2166 Views 0 comment Print

Material gathered in search with no correlation to assessee cannot be said to pertain to assessee

Income Tax : Delhi High Court held that the documents which were seized during the course of search does was unsigned Agreement to sell (ATS) w...

May 14, 2024 495 Views 0 comment Print

ITAT Deletes Addition After Taxpayer Explains Capital Enhancement Source

Income Tax : ITAT Delhi deletes Rs. 89.7 Lakhs addition u/s 68 IT Act in ACIT vs. Daya Rani. Detailed analysis of taxpayer's explanation for ca...

May 12, 2024 312 Views 0 comment Print

ITAT confirms 12.5% gross profit margin on alleged bogus purchases

Income Tax : In DCIT Vs Nilesh Shantilal Tank case, Mumbai ITAT confirms 12.5% gross profit margin on alleged bogus purchases as sales remain u...

May 9, 2024 462 Views 0 comment Print

Assessment Based on Mere Unverified Third Party Statement Bad in Law: ITAT Mumbai

Income Tax : Analysis of Kundal Raghubir Bhandari Vs ITO (ITAT Mumbai) case reveals flaws in assessment based on unverified third-party stateme...

May 5, 2024 3483 Views 0 comment Print

Latest Notifications

Selection of Case of Search Years in ITBA Assessment module

Income Tax : Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search...

September 12, 2019 2052 Views 0 comment Print

Re-adjudicate Deceased Assessee’s Foreign Income Based on Previous Year’s Residential Status: ITAT

September 14, 2023 519 Views 0 comment Print

Read the full text of ITAT Mumbai’s order directing re-adjudication of foreign income earned by a deceased assessee based on the residential status of the previous year.

Section 263 Revision Sustained as AO not examined Seized Documents

September 13, 2023 462 Views 0 comment Print

ITAT Chennai held that assessment order passed without examining the seized documents is prejudicial to the interest of revenue and hence the revisionary order passed under section 263 of the Income Tax Act duly sustainable.

Interest incurred for acquisition of clear title of property allowable as cost of acquisition

September 12, 2023 924 Views 0 comment Print

ITAT Mumbai held that interest cost incurred towards acquisition of the clear title of the property is allowable as cost of acquisition.

Profit estimation of 10% instead of 8% adopted under presumptive taxation scheme justified

September 12, 2023 3123 Views 0 comment Print

ITAT Delhi held that estimation of profit at 10%, instead of 8% as adopted under presumptive scheme of taxation provided u/s. 44AD, justified as the same is guided by the principles of objectivity, fairness and consideration of justice.

Section 153A: No Addition Without Incriminating Evidence in Unabated Assessment

September 9, 2023 1263 Views 0 comment Print

ITAT Chennai in Estate of Late Smt. Jayanthi Krishnamurthy Vs ACIT held that no addition could be made under section 153A in absence of incriminating evidence resulting from a search, especially if assessment is unabated.

Addition towards unexplained investment u/s 69 based on presumptions unsustainable

September 6, 2023 882 Views 0 comment Print

ITAT Delhi held that entire addition towards unexplained investment under section 69 of the Income Tax Act merely on the basis of presumption is unsustainable in law.

Addition towards unexplained credit not sustained as source of credit duly explained

September 5, 2023 477 Views 0 comment Print

ITAT Ahmedabad held that addition u/s 68 of the Income Tax Act towards unexplained credit unsustainable as the assessee has been able to reasonably explain the source of gift from his mother.

Initiation of assessment proceedings u/s 153C in case of searched assessee is invalid

September 4, 2023 1899 Views 0 comment Print

ITAT Amritsar held that initiation of Assessment Proceedings u/s 153C, instead of section 153A, in case of the searched assessee makes the entire assessment invalid. Accordingly, penalty levied u/s 271(1)(c) is not maintainable.

Issuance of notice to demerged company is invalid

September 4, 2023 486 Views 0 comment Print

ITAT Indore held that issuance of notice under section 148 of the Income Tax Act to the demerged company i.e. non-existent company is invalid and liable to be quashed.

No U/s. 153A Assessment Without Incriminating Material: Patna High Court

September 4, 2023 840 Views 0 comment Print

Explore the intricacies of ACIT Vs Satish Kumar Keshri, a pivotal case by the Patna High Court about the application of Section 153A in Income Tax assessments. Learn about the court’s stand and its implications.

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