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 reversed the CIT(A)’s decision for wrongly quashing assessment due to lack of notice under Section 143(2). It held ...
Income Tax : The Court held that recording satisfaction after a delay of nine months was not immediate as required by law. It upheld quashing o...
Income Tax : The ITAT held that absence of a valid notice under Section 143(2) is a jurisdictional defect. Since the notice was not properly is...
Income Tax : The Tribunal examined whether prior approval under Section 153D was granted after due application of mind. It held that mechanical...
Income Tax : The High Court held that jewellery seized during a search cannot be retained once tax liability is fully settled under the Vivad S...
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...
Court rules partial co-ownership of property constitutes ownership under Section 54F, disallowing exemptions claimed on reinvested capital gains. Tribunal’s earlier allowance set aside.
ITAT Jaipur held that addition made on the basis of documents found from the third party without providing any opportunity of cross-examination is liable to be deleted on the ground of violation of principles of natural justice.
Delhi High Court held that security deposit which is nothing more than sale consideration hence the same used as a devise to postpone tax liability towards an uncertain date. Accordingly, the said question is answered in favour of revenue.
Gujarat High Court held that denial to condoned delay in filing cross-objections without adequate reasoning is not justifiable. Accordingly, order is quashed and delay in filing cross-objection condoned.
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.
