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 : Gulshan Investment Pvt. Ltd. Vs JCIT (OSD) (ITAT Delhi) No Addition u/s 153A without incriminating material found during search �...
Income Tax : Aggrieved against the directions of CIT(A) to the AO for assessment of gross profit on unaccounted sales of unaccounted purchases ...
Income Tax : The JDA was signed between one Mr. U.K. Hasanabba and Mr. U. Ibrahim on one side as landowners and Mr. Abdul Khader K (on behalf o...
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 : Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search...
ACIT Vs. K. S. Chawla & Sons (HUF) (ITAT Delhi) > HELD THAT:- In the present assessee’s case, search & seizure action u/s 132 of the Act was carried out on 15.10.2009 in the premises of Mr. Abhinav Arora and Mrs. Ranju Arora. Consequently, the Assessing Officer initiated reassessment proceedings u/s 147 of the Act […]
In search assessment, any undisclosed income, which can ultimately be added, is only to the extent of any unrecorded assets/material found or any incriminating documents found as representing undisclosed income earned, since, AO had not made any specific reference to the incriminating material found during the search in respect of additions made by him, therefore, assessment so framed, was bad in law.
S. R. Trust Vs ACIT (Madras High Court) Conclusion: Search proceedings had been rightly initiated as assessee had nothing to fear, they could as well place all the materials before AO for consideration and more so, the jurisdictional facts exist for assumption of jurisdiction under Section 153A as well as Section 153C of the Act. […]
Section 153A only states that an assessment in terms thereof shall be completed in terms of the provisions of the Income Tax Act, 1961 as if such return were a return required to be furnished under Section 139. It would thus suffice that in framing an assessment under Section 153A, due regard must be given to the principles of natural justice, which requirement will stand satisfied either by issuance of notice under Section 143(2) or a question-naire under Section 142(1). Therefore, a notice under Section 143(2) was not to be mandatorily issued prior to completion of an assessment in consequence of a notice under Section 153C.
PCIT Vs Taneja Developers and Infrastructure Ltd. (Delhi High Court) Tribunal was required to consider, was: whether penalty could be imposed on the assessee only because it had made a new claim [in line with the change in its accounting policy] in its fresh return? Admittedly, [and there is no dispute about it] AS-7 permitted […]
USG Buildwell Pvt. Ltd. Vs Additional CIT (ITAT Delhi) The Ld. DR submitted that the disallowance u/s 37 on account of additional payment for purchase of land was righty made as the assessee could not establish his case as the expenditure was incurred without any substantial evidence produced before the Assessing Officer to that effect […]
ACIT Vs Mittal Roadways Pvt. Ltd. (ITAT Jabalpur) From the above correspondence between the A.O. on one hand and the JCIT on the other hand and the letter addressed by the JCIT to the Commissioner clearly shows that it was at the stage of discussion and the JCIT could not able to make his mind. […]
M.L. Singhi & Associates (P) Ltd. Vs DCIT (ITAT Delhi) No addition could be made against the assessee if no incriminating material was found during the course of search It is not in dispute that whatever queries were raised by the A.O. time to time, have been replied by assessee along with documentary evidences. All […]
Regular Books Of Accounts Maintained By Assessee Can Not Be Termed As Incriminating Material To Frame Assessment Under Section 153A , All Addition On Basis Of Such Material Is Therefore Invalid
Section 153A Invalid Where Statement Belonging And Pertaining To Person Other Than Searched Person Used To Assume Jurisdiction and Only Section 153C Can Be Invoked And Without Cross Examination Of Witness There Can Be No Valid Proceedings Under Law.
