Income Tax : Judicial rulings clarify that satisfaction for initiating action against other persons in search cases must be recorded promptly. ...
Income Tax : CBDT issues new compounding guidelines simplifying process, eligibility, charges, and procedures under the Income-tax Act from Oct...
Income Tax : CBDT's new Compounding of Offence Guidelines (2024) simplify the process but maintain strict compliance rules. Learn about eligibi...
Income Tax : AY 2015-16 assessment under Section 153C held time-barred. Judicial rulings confirm six-year limit runs from handing over of seize...
Income Tax : Learn why a consolidated satisfaction note for multiple assessment years is legally invalid under Section 153C of the Income Tax A...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : The Tribunal held that an unsigned agreement without corroboration cannot be treated as incriminating material. Proceedings under ...
Income Tax : The Tribunal deleted additions where the Revenue failed to prove actual cash transactions. It emphasized that suspicion and assump...
Income Tax : The Tribunal held that reopening under Section 147 was invalid where it was based on third-party search material. It ruled that Se...
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 : The Court held that a 21-month delay in recording the satisfaction note violates the requirement of immediacy. It ruled that such ...
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...
Denial of the entire expenditure incurred towards as cost of construction by AO could not be held to be justified even if assessee did not submit satisfactory bills/vouchers in support of her claim towards the cost of construction.
Explore reintroduction of block assessments under Income Tax Act via Finance Act 2024, its implications, challenges, and way forward for tax compliance.
ITAT Mumbai held that once the source of cash is taxed, it cannot be further taxed as unexplained cash expenditure. Hence, addition under section 69C of the Income Tax Act for cash payments deleted.
Search was conducted in the case of Sunstar Group on 19.12.2013. Based on the material found, notice u/s. 153C of the Income-tax Act, 1961 was issued on 20.01.2016. He submitted that the deemed search for the purpose of section 153C is AY 2016-17.
ITAT Delhi held that it is well settled principle of law that no addition can be made in unabated years in assessment u/s 153C of the Income Tax Act without any incriminating material. Accordingly, appeal filed by the revenue dismissed.
A search and seizure operation u/s. 132 was carried out in the case of assessee by the Investigation Wing, New Delhi on 03.05.2018. The cases of some persons were also covered during search on assessee.
ITAT Ahmedabad allowed revenue’s appeal by concluding that approach of CIT(A) in singularly dismissing each piece of evidence, we find, is totally incorrect. Accordingly, matter restored back to CIT(A) to adjudicate the matter of bogus accommodation entry afresh.
ITAT Delhi held that based on incriminating materials unearthed during the course of search, proceedings under section 153C of the Income Tax Act needs to be initiated. Hence, initiation of proceedings u/s. 148 illegal and void ab initio.
Assessee argued that AO lacked jurisdiction to initiate proceedings under Section 147/148 as the information derived from the search should had been assessed under Section 153C.
Assessee had not challenged the validity of reopening, though for the first time, assessee had challenged the action of AO by taking plea that AO should have assessed assessee under section 153C and not section 147/148.
