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...
ITAT held In the case of ACIT vs. Raj Kumar Jalan that in view of the proposition laid down by the Honble Delhi high Court in the case of CIT Vs. Bharat Bhusan Jain and others in ITA No.648/09 and 669/2009 etc order dated 08.01.2015
In the Case of ACIT v Akhil Jain, ITAT Delhi held that no interest will be levied u/s 234B during the Block Assessment by the virtue of Section 158BF.
Revenue has to be vigilant in issuing notice to the third party under Section 158 BD, immediately after the completion of assessment of the searched person, this Court is of the opinion that a delay ranging between 10 months of 1 ½ years cannot be considered contemporaneous to assessment proceedings.
The assessee contended that the note was antedated and is accordingly not valid. He tried to substantiate his argument by demonstrating the following: If the satisfaction note was recorded on 29th Aug., 2002
Explore the Kerala High Court judgment in CIT vs. Shri. C. Najeeb regarding penalty on income determined under Section 158BC of the Income Tax Act. Discover key questions of law, such as whether the Tribunal’s decision to levy income tax on 15% of total receipts is correct. Dive into the intricacies of assessment and penalty proceedings, including insights on undisclosed income, civil liability, and the interpretation of Section 158BFA. Uncover the court’s findings, providing clarity on the computation of undisclosed income and the imposition of penalties in this significant tax case.
