Income Tax : Delve into the provisions of Income Tax Act Sections 153A & 153C, governing assessments after search or requisition. Learn from co...
Corporate Law : Explore recent Uttarakhand High Court judgment quashing an FIR under Section 153A IPC. Analysis reveals lack of evidence for disha...
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...
Income Tax : Budget 2023 aligns timeline under section 153 of Income Tax Act. Learn more about the 2016 Finance Acts reduced assessment order p...
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...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : ITAT Ahmedabad held that addition merely on the basis of retracted statement without any incriminating material seized from assess...
Income Tax : Delhi High Court held that in case of search, block period of ten years for search assessment, would not be attracted in case the ...
Income Tax : ITAT Delhi held that addition towards excess stock merely on the basis of recorded statements and without any corroborative eviden...
Income Tax : Bombay HC dismisses Revenue's appeal in PCIT Vs Timblo Private Limited, stating additions based on seized diary without corrobora...
Income Tax : Kerala High Court held that when a property kept not for trade, but for an investment purpose is sold, the gain has to fall under ...
Income Tax : Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search...
ITAT Delhi affirms penalty under section 271(1)(c) of Income Tax Act against Amandeep Singh Sran for concealing income. Analysis of the case and its implications.
ITAT Mumbai held that with regard to addition under section 69C of the Income Tax Act it is directed to set the matter back to AO to verify whether the source for the additions made in the hands of the assessee is explained through the settlement made before the settlement commission.
ITAT Mumbai held that the assessee had furnished sufficient evidences to justify the genuineness of the payments and therefore their mere non-attendance of summons, cannot be reason enough to disbelieve the genuineness of the transactions with them. Accordingly, addition u/s. 69C deleted.
ITAT Mumbai held that entire assessment order passed in the case of non-existing entity is null and void and hence is liable to be quashed.
In a significant decision, ITAT Mumbai rules in favor of D.C. Polyester Ltd., stating that penalties under Section 271(1)(c) of the Income Tax Act cannot be imposed for incorrect income head treatment.
Analysis of ACIT Vs Karsan Bhai Khimabhai Patel case where AO’s lack of independent inquiry invalidated unexplained investment addition. Learn more about ruling.
ITAT Delhi held that the additions/disallowance, devoid of any incriminating material found during the course of search, cannot validate the assessment orders framed u/s 153C of the Act. Accordingly, assessment orders u/s 153C cannot be sustained and liable to be quashed.
ITAT Chennai held that addition towards unexplained money u/s 69A of the Income Tax Act unjustified as assessee has filed necessary evidence to explain nature and source for cash deposits.
ITAT Delhi held that for the purpose of Section 153A/143(3) of the Income Tax Act, the assessment can be said to be ‘made’ only when the DIN is quoted on the order before it is signed. Order passed u/s 153A without first generating the DIN is invalid and bad-in-law.
ITAT Chennai held that acquiring jurisdiction u/s 153C of the Income Tax Act without fulfilling the requirement of satisfaction note in case of searched person is unsustainable and liable to be quashed.
