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 the compounding of offences under direct tax laws, including eligible offences, competent authorities, and the process...
Income Tax : Delhi HC rules in PCIT Vs Pavitra Realcon Pvt. Ltd., ITA 579/2018, emphasizing the need for corroborative evidence in tax assessme...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : Rajasthan HC allows partial relief in reassessment dispute, directing a 20% deposit for stay on demand recovery while cases awai...
Income Tax : ITAT Jaipur rules that when search finds incriminating material, proceedings must be under Section 153C, not 147/148. Read case de...
Income Tax : ITAT Delhi deletes additions against Sanmati Jewellers due to lack of corroborative evidence and delay in 153C proceedings. Read k...
Income Tax : ITAT Mumbai held that addition under section 69 towards unexplained cash made by the AO without bringing any concrete evidence on ...
Income Tax : ITAT Chandigarh held that treating capital gains earned on sale of shares as bogus merely on the basis of warning letter of SEBI w...
Income Tax : Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlie...
Income Tax : Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search...
ITAT Mumbai held that no additions or disallowances can be made u/s. 153C of the Income Tax Act in absence of any incriminating material found during the search on a third person.
In absence of any incriminating documents seized during search, AO is not justified in making addition in non-abated assessment orders u/S 153-A r/W Sec 143(3) of Income Tax Act of 1961.
Mohamed Mohideen Ayesha Nasreen Vs ACIT (ITAT Chennai) ITAT held that it could be seen that assessee is living with her husband and three children (Two daughters and one son) in USA. She has got married in the year 2003. In this letter, the assessee has submitted that approx. 1201 grams of jewellery belong to […]
Malik Network & Computer P. Ltd. Vs ITO (ITAT Delhi) One of the controversies in the present case arises towards computation of limitation period under Section 153C of the Act for the purposes of issuance of notice and assessment thereon. As per Section 153A of the Act (in the case of searched persons), the limitation […]
ITAT Ahmedabad held that entire receipts on account of on-money-premium charged would not to be treated as the undisclosed income but only net profit rate could be applied on unaccounted sales/receipt for the purpose of making addition.
Explore the Supreme Courts insights on Section 153C of the Income Tax Act, emphasizing due process. Learn key takeaways, including scope, applicability, assessment timelines, and the burden of proof. Ensure proper handling of electronic data in tax authority procedures.
ITAT Mumbai held that initiation of proceedings under section 153C of the Income Tax Act based on documents impounded during the course of survey under section 133A of the Income Tax Act is bad in law and unjustified as no such material were found during the course of search.
Budget 2023 aligns timeline under section 153 of Income Tax Act. Learn more about the 2016 Finance Acts reduced assessment order period of 9 months for 2021-22 and later assessment years.
In the present search and impugned assessment proceedings no new / hidden fact has come to light. The learned assessing officer has only changed the opinion and has now sought to tax the receipts in the year of receipt as against the year of registration. Thus, the additions in the impugned order are purely based on a change in legal opinion and not on any ‘incriminating material’.
ITAT Mumbai held that assessment proceedings were initiated on the basis of search operation carried out at third party wherein incriminating documents relating to assessee were allegedly found. Hence, assessment was required to be framed u/s 153C read with section 153A of the Income Tax Act and not u/s 144 and hence the said proceedings are quashed.
