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 compounding of offences under direct tax laws, including eligible offences, competent authorities, and the process...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : ITAT Delhi held that the approval granted u/s. 153D in the nature of a ‘technical approval’ in symbolic exercise of powers und...
Goods and Services Tax : Karnataka High Court held that blocking of Electronic Credit Ledger by invoking Rule 86A of the Central Goods and Services Tax Rul...
Corporate Law : Madras High Court held that re-opening of assessment u/s. 147 must be based on some tangible material without such tangible materi...
Income Tax : ITAT Jaipur held that addition towards undisclosed income rightly sustained since assessee failed to explain the incriminating mat...
Income Tax : Madras High Court held that the recording of satisfaction note is pre- requisite before initiating proceeding under section 153C o...
Income Tax : Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search...
Delhi High Court held that in case of search, block period of ten years for search assessment, would not be attracted in case the search has taken place before 1st April 2017.
ITAT Delhi held that addition towards excess stock merely on the basis of recorded statements and without any corroborative evidence of unaccounted sales is untenable in law. Accordingly, addition deleted.
Bombay HC dismisses Revenue’s appeal in PCIT Vs Timblo Private Limited, stating additions based on seized diary without corroborative evidence are unsustainable.
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 head ‘capital gains’ and such transaction is only taxable under capital gain and not under adventure of trade.
ITAT Delhi held that in respect of assessment proceedings u/s. 153C of the Income Tax Act, block period of six assessment years has to be reckoned from date of receipt of seized documents.
Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A of the Income-tax Act, introduced to streamline assessments and reduce litigation.
ITAT Delhi held that approval granted u/s. 153D of the Income Tax Act by the superior authority in mechanical manner has no legal sanctity in the eyes of law. Thus, assessment order in consequence to such inexplicable approval lacks legality.
Detailed analysis of ACIT Vs Mansha Agencies Pvt Ltd (ITAT Mumbai) case where Mumbai ITAT rules that additions can’t be made in unabated assessments without incriminating material. Read the full text of the ITAT Mumbai order.
Read ITAT Chennai’s decision on deductibility of interest paid on borrowings for property acquisition from sale consideration. Full text order included.
In the case of Mewar Hospital Pvt. Ltd. Vs ACIT (ITAT Jodhpur), Bench ruled no addition for explained demonetization currency deposited in bank, validating proper accounting practices.
