Category: Income Tax
Non-response by payee to statutory notice u/s 133(6) directly issued by AO, is not within reach and control of assessee – ITAT In a recent judgment, ITAT has held that non-response by a payee to statutory notice u/s 133(6) directly issued by AO, is not within reach and …
It is not open for CIT(A) to introduce a new source of income. ITAT deleted addition made section 69A changing the section 68. and the assessment has to be confined to those items of income which were the subject of matter of original assessment In a recent judgment, …
Income returned under other sources can not be recharacterised as income u/s 69A and subjected to higher tax u/s 15BBE – ITAT In a recent judgment, ITAT has held that Income returned by the assessee under the head income other sources can not be recharacterised as income u/s …
New allegation added in order passed u/s 148A(d) not present in show cause notice u/s 148A. High Court declines interference. In a recent judgment, Allahabad High Court has declined to entertain a Petition challenging addition of a new allegation in order passed u/s 148A(d) in reassessment proceedings. ABCAUS …
Penalty u/s 270A can not be levied for additions made on estimation basis. Penalty on the basis of findings in quantum proceedings not independently examined can not be sustained. ABCAUS Case Law Citation:ABCAUS 3861 (2024) (02) ITAT Important Case Laws relied upon by parties:Jai Balaji Business Corporation Pvt. …
Rectification application u/s 154 for claim of leave salary encashment exemption u/s 10(10AA) dismissed as barred by limitation In a recent judgment, ITAT has dismissed a plea for claim for leave salary encashment exemption u/s 10(10AA) as the rectification application u/s 154 was made nearly after eight years. …
Order held erroneous but not prejudicial despite depreciation allowed at higher rate because there was no taxable income on account of business loss In a recent case, the ITAT has held that the assessment order though erroneous was not prejudicial to the Revenue despite depreciation allowed at higher …
Allegation of Paper Companies without further facts insufficient to reopen assessments – SLP dismissed by Supreme Court. High Court laid down guidelines for reopening of assessments u/s 147 and 148 Recently the Supreme Court dismissed the SLP filed by the Income Tax Department against the judgment of the …
Reopening due to bank’s mistake in reporting PAN of partnership firm in bank account of proprietorship– ITAT deleted additions made In a recent judgment, ITAT has deleted additions made in reopening proceedings based on reporting of cash deposit against PAN of partnership in place of proprietorship. ABCAUS Case …
High Court declines interference under writ jurisdiction at conclusion stage of re-assessment proceedings. In a recent order, the Hon’ble Allahabad High Court has declined interference under writ jurisdiction at conclusion stage of re-assessment proceedings. ABCAUS Case Law Citation:ABCAUS 3857 (2024) (02) HC In the instant case, the assessee …