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Penalty u/s 271(1)(c) Invalid when Notice Fails to Specify Charge and Irrelevant Limb not Struck Off: ITAT [Read Order]

Manu Sharma

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that penalty proceedings under Section 271(1)(c) of the Income Tax Act, 1961,...

Income Tax Dept can Conduct Surprise Searches on Family’s Lockers over Suspicion of Undisclosed...

ITAT Erred in Holding Vedanta’s Block Assessment Order Time-Barred: Madras HC Restores 25 Years...

Paintings Gifted by Well-Known Artists: Delhi HC Confirms Through Diwali Cards and Signed Letters,...

Income Already Disclosed: ITAT Deletes Unexplained Expenses and Stock Valuation Addition [Read...

Additions cannot be Made Without Incriminating Document: ITAT Set Asides Rs. 2 Crore Unexplained Cash Credit Addition [Read Order]

The Lucknow Bench of the Income Tax Appellate Tribunal (ITAT) has set aside an addition of Rs. 2 crore made under Section 68 of the Income Tax Act, ruling that no additions can be made without any...

ITAT dismisses Appeals, Sustains Additions for Unexplained items Found During Search, Citing Evidentiary Value [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Delhi Bench has dismissed the appeals filed by two companies and upheld the additions made by the Assessing Officer ( AO ) under Section 153A of the Income...

ITAT deletes Rs. 3 lakh Income Addition, Finds proportionate Income already disclosed in return [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the Rs. 3 lakh income addition, ruling that the proportionate income was already disclosed in the tax return. Harish Jain,...

Budget 2025 proposes Amendment for Non-Applicability of Section 271AAB of the Income Tax Act in Certain Cases

Finance Minister Nirmala Sitharaman presented the Union Budget 2025 on February 1st, 2025 at 11:00 AM before the Parliament. The FM proposed to amend section 271AAB of the Income Tax Act to...

PMLA Scam of Investment in Cloud Particles: Punjab & Haryana HC refuses to Defreeze Bank Account [Read Order]

In a scam of Huge transaction through induced investment in Cloud particles, the High Court of Punjab and Haryana has refused to de-freeze bank account of Vuenow Infotech Pvt. Ltd and directed...

Lack of specific information or positive evidence to reject Assessee’s Submissions: ITAT deletes ₹48 Lakh Income Tax Addition [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) recently deleted an income tax addition of ₹48,48,356, observing that the concerned Assessing Officer (AO) and precursory Commissioner of...

Validity of S.153C Proceedings for AY 2006-07 : ITAT Restores Matter to CIT(A) [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Commissioner of Income Tax(Appeals) [ CIT(A) ] for further scrutiny regarding the validity of proceedings...