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Speculation Income Addition and Unexplained Income Addition of ₹68.45 Lakh: ITAT Remits Matter for Fresh Adjudication on Taxpayer's Affidavit [Read Order]

Franklin Joshva

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has remitted the assessment to the file of the Commissioner of Income Tax (Appeals)...

AO not competent to pass Draft Assessment Order u/s 144C(1) of Income Tax Act when TPO Makes no...

Draft Assessment Order Mandatory u/s 144C of Income Tax Act for ALP Variation : Karnataka HC Upholds...

Is DRP Procedure Bound by Time Limitation u/s.153? Split Verdict Leads Supreme Court Division Bench...

Kerala HC Stays Recovery Proceedings for One Month as Petitioners Shift Appeals to Tribunal u/s...

ITAT quashes Final Assessment order as it was passed beyond the period of Limitation [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) quashed the final assessment order as it was passed beyond the period of limitation. In this case, the assessee had appealed against...

[BREAKING] Budget 2025: Income Tax Dispute Resolution Panel to have Delayed Implementation of Faceless Scheme

The Finance Minister Nirmala Sitharaman unveiled the Union Budget 2025 on February 1st, 2025, at 11:00 AM in Parliament, marking her 8th consecutive budget under the Modi Government 3.0.This year's...

Delhi HC Rejects Challenge to Assessment Order u/s 143(3), Imposes Rs. 1 Lakh Cost for Frivolous Litigation [Read Order]

In a recent ruling, the Delhi passed under Section 143(3) of the Act. The High Court rejected a petition challenging the assessment order passed under Section 143( 3 ) of the Income Tax Act, 1961, as...

Madras HC Sets Aside Draft Assessment Issued u/s 144C Due to Failure to Address Objections, Remands Matter [Read Order]

In a recent ruling, the Madras High Court set aside the draft assessment issued under Section 144C of the Income Tax Act, 1961 by the assessing officer ( AO ). This decision was made due to AO’s...

Madras High Court - Assessment Issued - Assessment - Address Objections - Taxscan

AO fails to Implement DRP Directions while Passing Final Assessment Order: ITAT quashes Assessment Order [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) quashed the assessment order after finding that the Assessing Officer ( AO ) failed to implement Dispute Resolution Panel ( DRP )...

Interconnect usage charges paid to foreign Telecom Operators not Taxable in India under India-Sri Lanka DTAA: ITAT [Read Order]

In a recent ruling the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that Interconnect usage charges paid to foreign Telecom Operators Not Taxable in India under India-Sri Lanka...

Assessment Order passed u/s 144C(3) r.w.s. 144C(4) of Income Tax Act beyond 1 Month on Failure to file Objection within Period as per Section 144C is Invalid: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that assessment order passed under Section 144C(3) read with Section 144C(4) of the Income Tax Act 1961 beyond one month on...