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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 4401 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 2808 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 15396 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 20892 Views 0 comment Print

Latest Judiciary

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 462 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 297 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 426 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 3441 Views 0 comment Print

Section 132(1) search authorization Warrant was qua ‘premises’ & not qua ‘assessee’

Income Tax : Search warrant is issued regarding premises and not necessarily regarding an assessee, and a common search warrant and panchnama i...

May 5, 2024 513 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 2049 Views 0 comment Print

No section 276CC prosecution in absence of “Mens Rea”: Rajasthan HC

April 23, 2024 408 Views 0 comment Print

Explore the Rajasthan High Court’s judgment on delayed ITR filing, emphasizing the necessity of ‘mens rea’ for offense establishment. Full analysis provided.

Action under Section 153C cannot be based solely on Survey Material

April 16, 2024 489 Views 0 comment Print

Mumbai ITAT clarifies that action under section 153C can’t be based solely on survey material. Detailed analysis of the case and its implications.

Reassessment of completed assessment Without Incriminating Material Untenable: Delhi HC

April 12, 2024 1530 Views 0 comment Print

Delhi High Court held that a reopening or abatement would be triggered only upon the discovery of material which is likely to “have a bearing on the determination of the total income”. Thus, AO seeking to reassess completed assessment without incriminating material is untenable in law.

Section 14A: AO Must records Discontent with Assessee’s Expenditure Claim with Cogent Reasons

April 11, 2024 345 Views 0 comment Print

Bombay High Court ruling: Assessing Officer (AO) must record dissatisfaction with Assessee’s claim regarding expenditure. Detailed analysis of PCIT-2 Vs Tata Capital Ltd case.

Section 271(1)(c) Penalty Unsustainable if Quantum addition Deleted

April 9, 2024 414 Views 0 comment Print

In a case of DCIT Vs Milan Kavin Parikh, ITAT Mumbai dismisses Revenue’s appeal against deletion of penalty under Section 271(1)(c) of the Income Tax Act, 1961, as the quantum addition was deleted.

Vested right of person cannot be affected by retrospective legislation: Bombay HC

April 5, 2024 483 Views 0 comment Print

Bombay High Court held that retrospective legislation cannot deprive a person of an accrued right vested in him under a statute or under the Constitution.

AO Can’t Tax Husband for Business Income taxed to Wife during Scrutiny

April 5, 2024 405 Views 0 comment Print

In the case of Ketan Prabhulal Dalsaniya Vs DCIT, ITAT Indore rules that once the business income of the wife is accepted during scrutiny, the AO cannot tax the husband again, stating the wife wasn’t the one carrying the business.

CIT(A) Cannot disbelieve Cash Book Solely Based on General Practice

April 4, 2024 363 Views 0 comment Print

Mool Chand Aggarwal Vs ACIT (ITAT Delhi) CIT(A) cannot disbelieve cash book only on the ground that ‘generally individuals do not maintain cash book and it is not mandatory to maintain cash book for the individual’.

AO cannot disallow interest expense on Mere Presumption without disproving supporting evidences

April 4, 2024 261 Views 0 comment Print

The case pertained to the disallowance of interest amounting to Rs. 1,16,82,953/- paid on an unsecured loan. This ruling sheds light on the meticulous examination of evidence and the importance of substantiating claims in tax matters.

Section 68 Addition Unjustified if Shares’ Purchase & Sale Validated by Evidence: ITAT Mumbai

April 2, 2024 777 Views 0 comment Print

ITAT Mumbai held that addition under section 68 of the Income Tax Act unsustainable as assessee has established the genuineness of purchase and sale of shares by producing documentary evidence and transaction of purchase and sale of shares is done via banking channel.

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May 2024