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S. 68 of Income Tax Act not Invokable in absence of unexplained Amount in Bank Statement: Gujarat HC [Read Order]

In a recent case, the Gujarat High Court stated that there cannot be any income escapement by the assessee if there is no unexplained amount in the...

Calcutta HC stays Notice issued by Jurisdictional AO in contravention to provisions u/s 151A of...

ITAT Condones Delay in Filing Appeal and Restores Matter for Fresh Assessment to AO [Read Order]

ITAT invalidates Deemed Gift Addition u/s 56(2)(vii)(b)(ii) based on Allotment Letter Validity [Read...

ITAT quashes Reassessment Order u/s 147 due to Lack of Jurisdiction and Procedural Defects [Read...

ITAT Partially reduces addition of Unexplained Cash Deposits to ₹6,50,000, upholding CBDT Guidelines [Read Order]

The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) partially reduced the addition of unexplained cash deposits to ₹6,50,000 while upholding the Central Board of Direct Taxes ( CBDT )...

Higher Tax Rate u/s 115BBE not Applicable as per Earlier Rulings for Assessee: ITAT [Read Order]

The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the higher tax rate under Section 115BBE of the Income Tax Act, 1961, was not applicable to the assessee, for Assessment Year...

Non-Submission of crucial Evidence on Unexplained Cash Credits due to COVID-19 disruptions: ITAT accepts delayed Evidence, remands matter [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal ( ITAT ) accepted new evidence submitted by the assessee regarding unexplained cash credit, acknowledging the delays caused by the COVID-19...

No Jurisdiction to AO for considering Claim by Assessee in Revised Return filed after Time Prescribed u/s 139(5) of Income Tax Act: Supreme Court [Read Order]

In a significant case, the Supreme Court while upholding the order of the Madras High Court held that the Assessing Officer ( AO ) had no jurisdiction to consider the claim by Assessee in revised...

ITAT Deletes ₹55,14,076 Penalty for Concealment of Income, Citing Inconsistencies in Income Assessment Estimates [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the penalty of ₹55,14,076 imposed under Section 271(1)(c) of the Income Tax Act,1961, for concealment of income, citing...

Calcutta HC Stays Notice Issued u/s 148 of Income Tax Act Till Disposal of Writ Petition [Read Order]

In a recent case, the Calcutta High Court stayed the notice issued under section 148 of Income Tax Act , 1961 till the disposal of Writ Petition challenging the jurisdictional issue relating to...

Own-Occupancy and Usage of Office Space: ITAT Remands Matter for Production of Lease Agreement and other Evidences [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Visakhapatnam in a recent case regarding self-occupancy and usage of office, proceeded to remand the matter back to the Commissioner of Income Taxes...

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