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...
DCIT Vs Vikas Jain (ITAT Delhi) Apparently, it appears that the seized document was found at a place other than the place where the search on the assessee has been carried out. Thus, in these circumstances, it cannot be said that this document was found in possession or control of the assessee. If that be […]
Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search Years’ in Assessment module of Income Tax Business Application (ITBA)- reg. ITBA – Assessment Instruction No. 12 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. System/ITBA/Instruction/Assessment/177/2016-17/ Dated: 12/09/2019 To All Principal […]
B.R. Associates Pvt. Ltd. Vs ACIT (ITAT Delhi) In absence of adverse material found during search, no addition could be made merely on the basis of statement recorded under section 132(4) of Income Tax Act, 1961 which did not constitute conclusive evidence and having been given under pressure was immediately retracted. Additions made u/s 153A […]
ACIT Vs SMC Power Generation Ltd. (ITAT Delhi) ITAT held that assessment was earlier completed u/s 143(3) wherein the share capital had been scrutinized and accepted by the revenue, holding the same share capital as unexplained in the present reassessment u/s 153A tantamounts to change of opinion not backed by any evidence and, therefore, not […]
Mr. Trilok Chand Chaudhary Vs ACIT (ITAT Delhi) Conclusion: AO made assessment under section 153A in case of assessee by using the material found in the course of search at the premise of third party which was not permitted in view of the express provision of the law as proceedings should be initiated u/s 153C […]
Omprakash Gupta Vs ACIT (Central)- II (ITAT Indore) Conclusion: No addition could be made in case of concluded assessments and non abated assessments in absence of an incriminating material discovered during search. Held: In the assessment order, AO observed that once search was conducted and notice was issued u/s 153A, AO was bound to issue […]
While on search nothing adverse was found so as to prove that documents filed during original assessment proceedings were false or untrue, AO on same set of material could not take a different view than already taken at the time of original assessment merely because a search had taken place.
Since no incriminating material was unearthed by AO during the course of search operation under section 132, therefore no addition could be made during the relevant assessment year under section 153A by reopening the assessment on the matter, which was examined earlier during original assessment.
Assessment made by AO under section 153A was was barred by limitation as though assessment order was dated 28-3-2013, however, it was served on assessee on 18-4-2013, i.e., after expiry of period on which assessment order was liable to be time-barred as per section 153, i.e., 31-3-2013.
M/s Shree Krishna Vatika Construction Pvt. Ltd. Vs DCIT (ITAT Jaipur) From the record we also found that the assessee had attended the proceedings under the bonafide belief that the losses as claimed (which was same in both returns filed u/s 139(1) and 153A) were duly being assessed by the AO, and this intention of […]
