Income Tax : A guide to India's block assessment tax provisions from the Finance Act 2024. Understand pending assessments, undisclosed income, ...
Income Tax : Bombay High Court held Section 153C notices invalid as the satisfaction note was not recorded immediately after the searched perso...
Income Tax : The Bombay High Court held that proceedings under Section 153C were barred by limitation as the assessments were not completed wit...
Income Tax : The Tribunal ruled that the Revenue must establish a direct connection between seized material and the assessee’s taxable income...
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 issue was whether third-party diaries and loose papers could establish receipt of unaccounted income. The Tribunal ruled that ...
Madras High Court held that Income Tax Appellate Tribunal cannot review its earlier order under Section 254(2) of the Income Tax Act. Notably jurisdiction of Tribunal is restricted only to rectify error and not review.
Karnataka High Court held that provisions of section 153C of the Income Tax Act cannot be invoked since the petitioner was a searched person and not a non-searched person / such other person. Accordingly, the proceedings quashed.
The Gujarat High Court quashed a Section 153C notice due to a 22-month delay in recording the satisfaction note, ruling it violated Supreme Court guidelines for immediate post-assessment action.
ITAT Chennai held that when sales are accepted and supported by records, entire purchases cannot be treated as bogus merely because suppliers were untraceable. Addition restricted to 12.5% as profit element.
Kerala High Court held that as the gold claimed by the petitioner, is already assessed in the name of the husband of the petitioner, and the proceedings in respect of the same are concluded, the petitioner cannot make a further claim in respect of the same. Accordingly, writ dismissed.
A guide to India’s block assessment tax provisions from the Finance Act 2024. Understand pending assessments, undisclosed income, penalties, and deadlines.
Notice under Section 132 of the Income Tax Act, 1961 was issued in the name of a dead person. The said notice was duly received by the present petitioner as the legal heir of the dead person. Notice of assessment under Section 158BC of the Act was issued and in the assessment proceedings
These are the appeals filed by the assessee against the order of CIT(A), Mumbai, for the assessment years 2002-03 to 2007-08, in the matter of order passed u/s.143(3) r.w.s. 153C of I.T.Act.
A search and seizure action was carried out at the residence of Devdas A.Alva on 13.9. 2001.During the action,a loose paper file marked A-1was seized.Pages No 1-17 contained a copy of the catering contract entered into by Apporva caterers and Ooters Club and Page No. 26 to 28 were the bills
Delhi High Court held In the case of Haryana Paneer Bhandar vs. CIT. that the Revenue has been unable to produce the satisfaction note of the AO of the searched person. Consequently, on this short ground of there being no satisfaction note, which is a mandatory requirement under Section 158BD.
