![Assessments and Time Limits under Income Tax Act [New v/s Old Tax Act Series]](https://images.taxscan.in/h-upload/2025/12/29/2115718-assessments-time-limits-under-income-tax-act-taxscan.webp "Assessments and Time Limits under Income Tax Act [New v/s Old Tax Act Series]")
Assessments and Time Limits under Income Tax Act [New v/s Old Tax Act Series]
The Income Tax Act of 2025 marks a legislative milestone of India's direct tax framework, replacing a six decade old income tax act of 1961. While...
![Unexplained Cash Credit Addition u/s 68 unsustainable as Advances from Associate Concern Accepted in Earlier Years: ITAT [Read Order]](https://images.taxscan.in/h-upload/2025/12/29/2115685-itat-kolkata-cash-credit-unexplained-cash-credit-cash-credit-addition-itat-ruling-itat-on-cash-credit-taxscan.webp "Unexplained Cash Credit Addition u/s 68 unsustainable as Advances from Associate Concern Accepted in Earlier Years: ITAT [Read Order]")
![Breach of Mandatory Time Limits of Seven Days u/s 148A(b) and Three Months u/s 148 Invalidates Reassessment: ITAT [Read Order]](https://images.taxscan.in/h-upload/2025/12/29/2115717-breach-mandatory-time-limits-seven-days-taxscan.jfif "Breach of Mandatory Time Limits of Seven Days u/s 148A(b) and Three Months u/s 148 Invalidates Reassessment: ITAT [Read Order]")
![IGST Refund on Zero-Rated Exports Not Income: ITAT Remands Matter for Limited Verification of Refund Ledger [Read Order]](https://images.taxscan.in/h-upload/2025/12/29/2115702-igst-refund-zero-rated-exports-not-income-itat-remands-matter-limited-verification-refund-ledger-taxscan.webp "IGST Refund on Zero-Rated Exports Not Income: ITAT Remands Matter for Limited Verification of Refund Ledger [Read Order]")
Only Profit Element must be Taxed in unrecorded Business Receipts: ITAT Directs Estimation of Profit at 7% on Cash Receipts [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) that the provision of Section 69A was not applicable to unrecorded cash transactions that represent business receipts found in...
![Only Profit Element must be Taxed in unrecorded Business Receipts: ITAT Directs Estimation of Profit at 7% on Cash Receipts [Read Order]](https://images.taxscan.in/h-upload/2025/12/29/2115716-only-profit-element-must-be-taxed-in-unrecorded-business-receipts-taxsan.webp "Only Profit Element must be Taxed in unrecorded Business Receipts: ITAT Directs Estimation of Profit at 7% on Cash Receipts [Read Order]")
S. 68 Not Attracted as Repayment Established by Banking Channels: ITAT upholds Deletion of ₹2.90 Cr Addition [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal and where an assessee establishes the identity, creditworthiness, and genuineness of a transaction ...
![S. 68 Not Attracted as Repayment Established by Banking Channels: ITAT upholds Deletion of ₹2.90 Cr Addition [Read Order]](https://images.taxscan.in/h-upload/2025/12/29/2115705-repayment-established-banking-channels-itat-upholds-deletion-addition-taxscan.webp "S. 68 Not Attracted as Repayment Established by Banking Channels: ITAT upholds Deletion of ₹2.90 Cr Addition [Read Order]")
No Stay on Income Tax Demand as Assessee itself Proposed Instalment Payment before AO: Calcutta HC [Read Order]
The Calcutta High Court refused to stay the income tax demand as the assessee itself proposed the payment of Outstanding dues before the Assessing Officer. The court also noted that the appeal of...
![No Stay on Income Tax Demand as Assessee itself Proposed Instalment Payment before AO: Calcutta HC [Read Order]](https://images.taxscan.in/h-upload/2025/12/29/2115615-no-stay-income-tax-demand-assessee-proposed-instalment-payment-ao-calcutta-hc-taxscan.webp "No Stay on Income Tax Demand as Assessee itself Proposed Instalment Payment before AO: Calcutta HC [Read Order]")
Income Tax Dept Issues Intimations using Outdated ITR Filing Status: CA Flags use of ‘Harsh Language’
The Income Tax Department is sending intimations based on outdated ITR( Income Tax Return ) filing status. As per a Chartered Accountant, not only the department is sending notices based on old...
ITAT Quashes Assessment Over Contradictory Search Details and Non-Application of Mind, Invalidates Reassessment Proceedings [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) quashed reassessment orders for Assessment Years (A.Y) 2016-17 and 2019-20 after noting contradictory search details from the notices and...
![ITAT Quashes Assessment Over Contradictory Search Details and Non-Application of Mind, Invalidates Reassessment Proceedings [Read Order]](https://images.taxscan.in/h-upload/2025/12/29/2115552-itat-quashes-assessment-over-contradictory-search-details-taxscan.webp "ITAT Quashes Assessment Over Contradictory Search Details and Non-Application of Mind, Invalidates Reassessment Proceedings [Read Order]")
No Presumptive Disallowance u/s 14A: ITAT Deletes ₹118.68 Cr Addition Against Great Eastern Spinning [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that disallowance under Section 14A of the Income Tax Act, 1961 cannot be based upon presumptions and that the Assessing Officer (AO)...
![No Presumptive Disallowance u/s 14A: ITAT Deletes ₹118.68 Cr Addition Against Great Eastern Spinning [Read Order]](https://images.taxscan.in/h-upload/2025/12/27/2115334-itat-deletes-11868-cr-addition-against-great-eastern-spinning-taxscan.jfif "No Presumptive Disallowance u/s 14A: ITAT Deletes ₹118.68 Cr Addition Against Great Eastern Spinning [Read Order]")
Mistaken Identity Allegation in Accommodation Entry Requires Factual Verification: ITAT Remands Matter [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) restored a matter to the Assessing Officer for the Assessment Year 2015-16 and directed a factual verification of whether the assessee ...
![Mistaken Identity Allegation in Accommodation Entry Requires Factual Verification: ITAT Remands Matter [Read Order]](https://images.taxscan.in/h-upload/2025/12/27/2115302-itat-remands-matter-taxscan.jfif "Mistaken Identity Allegation in Accommodation Entry Requires Factual Verification: ITAT Remands Matter [Read Order]")