Category: Income Tax
It can never be the object of assessment proceedings to find an empirically, absolutely correct solution on every fact issue – High Court In a recent judgment, Hon’ble High Court has held that assessment proceedings are summary that must be concluded in a time bound manner. While full …
Penalty u/s 270A deleted as assesse filed revised computation during scrutiny correcting the mistake which was noticed only after the case was selected for scrutiny. In a recent judgment, ITAT has deleted penalty u/s 270A as the assesse filed revised computation during scrutiny and stated that due to …
Penalty u/s 271B for unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. for previous and preceding year deleted by ITAT In a recent judgment, ITAT has held that unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. …
Merely rectifying computation without amending assessment order without notice to assessee does not nullify the entire assessment – ITAT In a recent judgment, ITAT Guwahati has held that merely rectifying computation without touching in the body of order without giving opportunity to the assessee does not nullify the …
Once assessee discharges primary onus of providing basic documents in support of the identity, genuineness and the creditworthiness it shifts to AO to bring any evidence to the contrary – ITAT In a recent judgment, ITAT has held that once the assessee discharges his primary onus of providing …
CBDT has notified Cost Inflation Index for Financial Year / Tax Year 2026-27 CBDT has notified “384” as Cost Inflation Index for FY / Tax Year 2026-27. The increase in CII is only 2.12% or eight points as compared to increase of 3.58% or 13 points in the …
Power of CIT(A) under section 251(1)(a) to remand case could be exercised only when the assessment is passed u/s 144 of the Act only. In a recent judgment ITAT has held that the power to remand case entrusted to CIT(A) under newly inserted proviso to section 251(1)(a) of …
AO was not competent in valuing the share premium amount as he is not an expert to do the job – ITAT In a recent judgment, ITAT Calcutta has deleted addition made by the AO by calculating fair market value of shares premium by applying the NAV …
Under Dayabhag law there is nothing to prevent Bengalis to be in Hindu Joint Family (HUF) In a recent judgment, ITAT has held that Bengali have right to be in Hindu Joint Family (HUF) against the Assessing Officer (AO) holding that under Dayabhag law there is no concept …
There is no presumption of accuracy or truthfulness of any loose sheet found in search premises of a third party – ITAT In a recent judgment, ITAT has held that presumption u/s 132(4A) r.w.s. 292C is applicable only in case of searched person and cannot be raised against …
