Income Tax : The FAQs explain the revised CBDT guidelines on compounding offences under the Income-tax Act effective from 17 October 2024. They...
Income Tax : The article explains who can file appeals before the Income Tax Appellate Tribunal, the orders that are appealable, applicable tim...
Income Tax : The Tribunal held that additions cannot stand without a clear link between seized material and the assessee. It ruled that third-p...
Income Tax : Judicial rulings clarify that satisfaction for initiating action against other persons in search cases must be recorded promptly. ...
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 : Gujarat High Court held that rejection of a Vivad se Vishwas declaration was invalid because final assessment arose from survey pr...
Income Tax : The Tribunal held that an addition under Section 69 could not be sustained solely on the basis of a seized loose sheet without ind...
Income Tax : The ITAT held that assessments under Section 153A were invalid because no search warrant was issued in the assessee’s name. As t...
Income Tax : The ITAT Hyderabad held that the assessment orders were time-barred under Section 153 despite the DRP process. Both assessments we...
Income Tax : The ITAT held that limitation under Section 153B had to be computed from the searched person's last panchanama, making the assessm...
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 Ahmedabad held that addition towards accommodation entries of bogus LTCG cannot be sustained in absence of any iota of tangible perceptible evidence. Accordingly, appeal allowed and addition set aside.
Delhi High Court held that addition towards unexplained credits against companies used as a conduit for routing accommodation entries is not justified since they are not ultimate beneficiaries. Accordingly, appeal of revenue dismissed.
Delhi High Court rules that the limitation period under Section 153C of the Income Tax Act begins from the date the Assessing Officer receives the seized documents, quashing an assessment notice for AY 2015-16.
Madras High Court held that writ against assessment orders issued under section 153C of the Income Tax Act is dismissed existence of alternative remedy. Accordingly, writ petition dismissed and petitioner directed to approach the appellate authority.
Delhi High Court quashes tax notices against R.C. Jewellers, rules Section 153C proceedings require incriminating material linking seized items to assessee’s income.
Delhi High Court sets aside Section 153C notice for AY 2015-16, ruling assessment time-barred based on date documents were handed over by the search AO.
Assessee challenged this, arguing the procedure under Section 148A was not followed. The Supreme Court ruled that notices after 31.03.2021 had to follow the amended Section 148A.
ITAT Jaipur held that without considering the merits of the dispute and without verifying the veracity of the documents, the documents signed by third party cannot be directly held to be colorable devise. Accordingly, matter remanded to AO for due verification.
ITAT Delhi held that loose papers cannot be considered as admissible evidence for making an addition unless backed by independent corroborative material. Accordingly, addition made under section 69B of the Income Tax Act liable to be deleted.
ITAT Delhi held that in absence of original certificate, benefit of jewellery and ornaments declared in VDIS Scheme 1997 is granted based on affidavit and valuation report of the jewellery declared under VDIS.
