Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : Budget 2025 revises block assessment rules for search cases, covering undisclosed income, assessment procedures, penalties, and ti...
Income Tax : Explore reintroduction of block assessments under Income Tax Act via Finance Act 2024, its implications, challenges, and way forwa...
Income Tax : Understand the compounding of offences under the Income-tax Act, 1961, including categories, charges, and procedures as per the Fi...
Income Tax : Learn about prosecution under IT Act sections 275A to 280, including penalties and conditions for launching prosecution....
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : Bombay High Court held that Court cannot exercise its discretionary jurisdiction to restrain income tax officers from proceedings ...
Income Tax : Madras High Court sets aside IT assessment orders for Vetrivel Minerals citing lack of incriminating evidence and breach of natura...
Income Tax : Delhi High Court held that section 153C of the Income Tax Act doesn’t required AO to find or uncover a relationship or an associ...
Income Tax : ITAT Chennai rules on Sakthi Realty case, deleting additions for unexplained deposits. Details on customer deposits, tax assessmen...
Income Tax : Rajasthan High Court held that initiation of proceedings under section 153C of the Income Tax Act based on WhatsApp chats with spe...
Income Tax : Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search...
ITAT Delhi held that penalty u/s. 271AAB of the Income Tax Act not imposable as AO failed to link additional income disclosed by the assessee with the incriminating material found during search. Thus, penalty u/s. 271AAB deleted.
ITAT Bangalore held that the addition of provision of bad and doubtful debts as per P&L account to determine the book profits u/s. 115JB of the act is not warranted as actual write off would not be hit by clause (i) of explanation to section 115JB.
The ITAT Jaipur ruled in ACIT vs Naresh Jain, addressing Section 115BBE, unexplained income, and the benefit of telescoping in tax assessments.
Punjab and Haryana High Court held that cash seized cannot be adjusted against tax liability as advance tax and hence interest under section 234B of the Income Tax Act on delayed payment of advance tax duly leviable.
ITAT Delhi held that addition based on reliance placed on third party statement without any corroborated evidence is not sustainable in law. Accordingly, issue restored to AO for de novo adjudication.
ITAT Nagpur rules no additions in Faiz Zakir Vali case, as no incriminating materials were found during search despite unabated assessment.
ITAT Cochin held that treating section 153D of the Income Tax Act as pari-materia to section 148 mechanism without any such indication in the Act is unjustified and hence matter remanded back to CIT(A).
ITAT Bangalore held that both AO and First Appellate Authority failed to conduct examination of cash deposit during demonetisation period in the light of CBDT instructions and hence matter remanded to that extent.
ITAT Delhi held that assessments completed u/s. 153A, making addition u/s. 68 of the Income Tax Act, without any incriminating material found during the search action is unsustainable in law. Accordingly, addition deleted.
Assessee-company was carrying out the business of manufacturing and trading of dies and pigments, but no business activity was carried out during the period when the assessment proceedings were carried out.
