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Assessing Officer

Supreme Court upholds 100% Income Tax Addition on Bogus Purchases u/s 69C, Dismisses SLP [Read Order]

The Supreme Court has upheld the Bombay High Court’s ruling that restored the Assessing Officer’s 100% addition of ₹20.06 crore as bogus purchases...

ITAT Affirms CIT(A)'s Deletion of Bad Debts of ₹1.26 Cr, Management Fee and Depreciation Citing...

WhatsApp Chat Between Buyer’s Son and Accountant Has No Evidentiary Value Without 65B Certificate:...

Supreme Court bars Income Tax Dept from Coercive Steps While Examining Faceless vs Jurisdictional AO...

Time-Barred Audit Visit Report Vitiates Entire Proceeding: Orissa HC Sets Aside OVAT Assessment on...

Taxpayer Provided Only Informal Assistance to Relatives and Lacked Clear Ownership: ITAT Deletes from profits of Alleged firms [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the additions made on account of unsecured loans and estimated profits related to two entities Gopala Garments and Race Kids...

Bombay HC Quashes Reassessment Notice Issued to Non-Existent Entity [Read Order]

The Bombay High Court has held that a reassessment notice issued under Section 148 of the Income Tax Act, 1961 to a company that had ceased to exist upon its conversion into a limited liability...

Unabated Assessment and Lack of Incriminating Material in Search: ITAT Deletes Benami Addition [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of ₹4,20,000 made on account of an alleged Benami investment noting the unabated assessment and lack of...

AO Failed to Disprove Expenses Vouched by Cheque on Painting & Marble Work: ITAT Deletes unaccounted expenditure addition [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted the additions made on account of unexplained expenditure related to the construction of his residential house for Assessment ...

AO's Failure to issue SCN and Grant Cross-Examination Opportunity Necessitates Deletion of Unaccounted Interest Income Addition: ITAT [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of ₹20,34,000 made on account of undisclosed interest income for the Assessment Year (A.Y.) 2020-21 by observing ...

Lower Margin on High-Value Items Traded Out of Books: ITAT Reduces 10% to 6% GP Rate on Unaccounted Sales [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) allowed partial relief by substantially reducing the estimated Gross Profit (GP) rate applied to sales transactions kept outside the...

Testing Equipment Not a Taxable Benefit u/s 28(iv): ITAT Deletes ₹7.73 Cr Addition Against AMD India [Read Order]

The Bangalore bench of Income Tax Appellate Tribunal (ITAT) has ruled that testing equipment received free of cost by AMD India Pvt. Ltd. from its Associated Enterprises (AEs) does not constitute a...

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