Income Tax : Judicial rulings clarify that satisfaction for initiating action against other persons in search cases must be recorded promptly. ...
Income Tax : Courts are divided on whether the DRP-specific deadline under Section 144C(13) overrides the general assessment time bar in Sectio...
Income Tax : CBDT issues new compounding guidelines simplifying process, eligibility, charges, and procedures under the Income-tax Act from Oct...
Income Tax : A summary of prosecution offences under Chapter XXII of the Income Tax Act (Sections 275A to 280), detailing the rigorous imprison...
Income Tax : CBDT's new Compounding of Offence Guidelines (2024) simplify the process but maintain strict compliance rules. Learn about eligibi...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : The case examined whether compensation paid to exit prior agreements was a sham arrangement. The Tribunal ruled it was a valid bus...
Income Tax : The Tribunal held that loan repayment cannot be treated as unexplained cash credit under section 68. The addition was deleted as i...
Income Tax : The issue was whether a notice granting less than the statutory minimum time is valid. The tribunal held that giving less than 7 d...
Income Tax : Reassessment proceedings was invalid for a notice issued beyond three years without the sanction of the prescribed higher authorit...
Income Tax : The Tribunal held that unsigned excel sheets without supporting evidence cannot justify additions. It ruled that absence of corrob...
Income Tax : Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search...
ITAT Delhi held that addition merely on the basis of bald statement under section 153A of the Income Tax Act without any incriminating material is unsustainable in law.
CIT Vs Sikhya ‘O’ Anusandhan (Orissa High Court) Court in the first round of litigation accepted the legal position that without there being a valid search warrant authorizing the search in the premises of the Assessee under Section 132 of the Act, the question of initiating proceedings under Section 153A of the Act did not […]
In the instant case, the draft assessment orders in 123 cases, i.e. for 123 assessment years placed before the Approving Authority on 30.12.2017 and 31.12.2017 were approved on 31.12.2017
ITAT Delhi held that addition in Income Tax proceedings is liable to be set aside as the addition was made on the basis of the finding of Central Excise Department which was eventually decided in favor of the assessee.
ITAT Chennai held that undisclosed income allegation unsustainable as during search no incriminating material was found in respect of on-money receipt and AO also failed to establish the receipt of the same.
PCIT Vs Meeta Gutgutia Prop. M/s. Ferns ‘N’ Petals (Delhi High Court) There is no such statement in the present case which can be said to constitute an admission by the Assessee of a failure to record any transaction in the accounts of the Assessee for the AYs in question. On the contrary, the Assessee […]
Dy.C.I.T Vs Ashok Developers & Builders Ltd (ITAT Hyderabad) It is an admitted fact that a search & seizure operation took place in the premises of the assessee on 18.02.2016 and certain incriminating documents were found and seized. We find the AO in the order passed u/s 143(3) r.w.s. 153A of the Act determined the […]
PCIT Vs Gautam Bhalla (Delhi High Court) Appellant states that the ITAT has erred in holding that the addition which was not based on incriminating material found during the search, could not be made the basis for an assessment order under section 153A of the Income Tax Act, 1961 without going into merits of the […]
Regular books of accounts maintained by assessee in tally software, now being referred by Revenue, to justify impugned addition did not constitute incriminating material unearthed during search.
If no incriminating material found during Income Tax search in respect of an issue, no addition for such issue can be made Sections 153A/153C
