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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 4470 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 15405 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 20955 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 180 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 480 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 309 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 438 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 3477 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 Addition on estimation basis without Rejecting Books of Accounts: Delhi HC

March 9, 2024 1599 Views 0 comment Print

Delhi High Court decrees no income addition without rejecting books of accounts in PCIT Vs Forum Sales Pvt. Ltd., upholding ITAT’s decision.

ITAT deletes addition made based on entries found in Hazir Johri software, as they were accounted in Tally

March 5, 2024 747 Views 0 comment Print

Read the detailed analysis of ITAT Delhi’s decision to delete additions made on cash salary payments without proper documentation in Vaibhav Jain Vs DCIT case.

Absence of DIN Invalidates Section 153D Approval: ITAT Delhi

March 4, 2024 876 Views 0 comment Print

Read the detailed analysis of ITAT Delhi’s decision in Bawa Float Glass Ltd Vs DCIT regarding the absence of DIN in statutory approval under section 153D of the Income Tax Act.

Bombay HC quashes reassessment notices issued after Limitation period

March 3, 2024 1698 Views 0 comment Print

Bombay High Court quashes reassessment notices against Godrej Industries, citing issuance beyond the limitation period. A landmark victory for corporate law.

ITAT Rules 90% Profit Claims Unimaginable in Development Work

March 1, 2024 567 Views 0 comment Print

ITAT Hyderabad finds 90% profit from development activities highly unusual, calling for a reevaluation of contracts and use of government funds.

Kerala HC Upholds Rejection by Income Tax Settlement Commission for Inadequate Income Disclosure

February 24, 2024 462 Views 0 comment Print

Kerala High Court dismisses a writ petition for failing to meet Section 245C(1) of the Income Tax Act, emphasizing full and true income disclosure.

ITAT deletes Section 69A and 69C addition due to insufficient evidence

February 18, 2024 2409 Views 0 comment Print

Read the full text of the ITAT Chennai order in ACIT vs. Prakash Ferrous Industries Pvt. Ltd. where the assessment order is rejected due to oversight and typographical error under section 143(3).

Kerala HC Orders Expedited Disposal of Income Tax Appeals After Over a Decade’s Delay

February 14, 2024 261 Views 0 comment Print

Kerala High Court directs expeditious decision on an income tax appeal pending for 10 years, emphasizing timely justice in tax proceedings.

Substitution of sale consideration or investment cost by FMV outside purview of sec. 50C and 56(l)(vi)/(vii) prohibited

February 13, 2024 372 Views 0 comment Print

ITAT Delhi held that “full value of consideration” or “cost of investment” cannot be substituted by the fair market value (FMV), except in the case falling within the purview of 50C and Sec. 56(l)(vi)/(vii) of the Income Tax Act.

Delay in trial cannot be used as ground to grant bail: Supreme Court

February 10, 2024 753 Views 0 comment Print

Supreme Court held that mere delay in trial pertaining to grave offences cannot be used as a ground to grant bail. Accordingly, bail application of appellant accused under Unlawful Activities (Prevention) Act, 1967 rejected.

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