Income Tax : Understand the three core processes of Indian Income Tax: Rectification of mistakes (Sec 154), the four types of Assessment (Summa...
CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...
Income Tax : Understand the penalty for failure to furnish income tax return. Learn about the increased late fees and provisions under Section ...
Income Tax : I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includ...
Income Tax : While filing your income tax return within due date is important, it does not mean that if for any reason you missed the dead line...
Income Tax : The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31S...
Income Tax : The Court held that a Section 148 notice issued beyond the statutory six-year limitation period is invalid. It ruled that expired ...
Income Tax : The issue was whether delay in filing appeal without strong documentary proof should be condoned. The ITAT held that when sufficie...
Income Tax : The Tribunal ruled that admitting additional evidence without seeking a remand report from the Assessing Officer breaches Rule 46A...
Income Tax : The Tribunal ruled that penalty for non-response to notices cannot survive when the assessee later participates in the assessment ...
Income Tax : The Tribunal observed that when a foundational jurisdictional issue exists, dismissal on limitation without examining merits is un...
The assessee claimed the firm had dissolved and deposits belonged to a partner. The Tribunal held that absence of documentary proof justified treating bank deposits as unexplained income.
The Tribunal held that CIT(A) misinterpreted a VSVS 2020 declaration for penalty as covering quantum, dismissing the appeal without considering merits. The order was set aside, and the matter remanded for de-novo adjudication. Quantum issues must be assessed independently of VSVS for penalties.
The Bombay High Court held that a reassessment notice issued under Section 148 on 5th April 2022 is barred by limitation, following the Supreme Court’s Rajeev Bansal decision and prior High Court rulings.
ITAT Ahmedabad held that speculative intraday trades are genuine and not accommodation entries. Additions under Section 68 totaling ₹1.25 crore and ₹1.53 lakh were deleted due to lack of foundational facts and proper inquiry.
The ITAT Mumbai deleted Rs. 10.84 crore addition made under Section 68, ruling that the assessee had properly documented loans and repayments. Key takeaway: Genuineness of transactions with third-party entities can neutralize claims of unexplained credits.
ITAT Pune held that late filing of audit report cannot disentitle trust from availing benefit of section 11 of the Income Tax Act. Accordingly, order of CIT(A) allowing claim of exemption u/s. 11 upheld and appeal of revenue dismissed.
The Tribunal held that the assessee’s income tax return for AY 2013-14 was filed within the permissible time under Section 139. Therefore, the penalty of ₹5,000 imposed under Section 271F was unjustified and was deleted.
ITAT sustained PCIT’s revisional order under Section 263, ruling that AO’s mechanical acceptance of a low profit margin return without proper inquiry was both erroneous and prejudicial to Revenue’s interest. AO failed to examine applicability of mandatory audit under Section 44AB and correctness of declared profit ratio in liquor trade.
Tribunal set aside the CIT(A)’s order confirming addition of ₹15.01 lakh as unexplained cash deposits, directing the authority to give the assessee a fair opportunity to rebut the remand report and produce supporting evidence.
Understand the three core processes of Indian Income Tax: Rectification of mistakes (Sec 154), the four types of Assessment (Summary, Scrutiny, Best Judgment, and Reassessment), and the Appeal mechanism to CIT(A)/ITAT against adverse orders.
