Income Tax : A guide to India's block assessment tax provisions from the Finance Act 2024. Understand pending assessments, undisclosed income, ...
Income Tax : The tribunal upheld deletion of ₹45 crore additions where losses from share transactions were disallowed as bogus. It held that ...
Income Tax : Reassessment order passed under Section 147/143(3) was quashed on the ground that no notice under Section 143(2) was issued after ...
Income Tax : Explore the ITAT Delhi ruling on deletion of additions based on manual cash books in Section 153A assessments. ...
Income Tax : Mumbai ITAT clarifies that action under section 153C can't be based solely on survey material. Detailed analysis of the case and i...
Income Tax : Revenue had placed no material on record to show that the loose papers were in the hand-writing of assessee and there was no corro...
Income Tax : CIRCULAR NO. 24/2015 Several High Courts have held that the provisions of section 153C of the Act are substantially similar/pari-m...
The tribunal upheld deletion of ₹45 crore additions where losses from share transactions were disallowed as bogus. It held that all transactions were recorded, disclosed, and supported by evidence.
Reassessment order passed under Section 147/143(3) was quashed on the ground that no notice under Section 143(2) was issued after the assessee filed the return in response to notice under Section 148, rendering the assessment void ab initio.
A guide to India’s block assessment tax provisions from the Finance Act 2024. Understand pending assessments, undisclosed income, penalties, and deadlines.
Explore the ITAT Delhi ruling on deletion of additions based on manual cash books in Section 153A assessments.
Mumbai ITAT clarifies that action under section 153C can’t be based solely on survey material. Detailed analysis of the case and its implications.
Revenue had placed no material on record to show that the loose papers were in the hand-writing of assessee and there was no corroborative material on record to prove that the expenditure recorded in the said loose papers was incurred by assessee. Therefore, no addition could be made on account of undisclosed expenses.
Supreme Court held that persons other than searched persons shall be liable to pay the interest on late filing of the return under Section 158BC even in absence of a notice under Section 158BC of the Income Tax Act.
For issuing notice u/s 158BC, there has to be a search in the case of ‘any person’, then the Assessing officer shall serve a notice to ‘such person’. It means notice u/s 158BC can be issued to only such person who has been searched u/s 132 of the Act.
Shri R. Bhoopathy Vs CIT (Madras High Court) he scourge of Capitation Fee by Medical and Engineering Colleges is an infamous and thoroughly extortionist act that is going on in the education sector in our country and it is almost a known fact that these so called Educational Institutions act more like Business Houses rather […]
Shri Ashok Kumar Aggarwal Vs ACIT (ITAT Delhi) AO repudiates the return filed u/s 1 58BC (a) of the Act and proceeds to make an enquiry, he has to necessarily follow the provisions of section 142, 143(2) and 143(3) of the Act. In the case before us, the Department has not been able to negate […]
