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Proper Course of Action for Assessment Based on Information from Search must be u/s 153C: ITAT Rules S. 147 Invocation Invalid [Read Order]

Franklin Joshva

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) quashed the entire reassessment proceedings and ruled that proper course action must be...

No Satisfaction Recorded to Invoke S.153C under Income Tax: Calcutta HC Upholds S.147 Reassessment,...

Is Excessive Share Premium a Capital Receipt or Income? Supreme Court to determine Taxability of...

Reassessment in Wrong Year and Notice Beyond Limitation: ITAT Quashes ₹2.13 Cr Additions u/s 50C...

Reassessment Order Passed Ex Parte After No Response to Notice: Madras HC Dismisses Writ as...

Reassessment Cannot Survive Once Recorded Reasons Fail: Delhi HC [Read Order]

The bench of the Delhi High Court held that reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, cannot be sustained once the very reasons recorded for reopening are...

Homebuyer Claims S. 80C Deduction for Housing Loan Repayment, Wins Dept Challenge: Know How ITAT Ruled

The Income Tax Appellate Tribunal (ITAT) Panaji recently ruled in favour of a taxpayer who had claimed a deduction under Section 80C of the Income Tax Act, 1961, for repayment of a housing loan...

Non-Filing of Form 3CL Not Ground to Reopen Assessment u/s 147: Kerala HC Quashes ITAT Order Against Apollo Tyres on Limitation [Read Order]

In a recent ruling, the Kerala High Court held that the non-filing of Form 3CL could not be treated as suppression of material facts for reopening an assessment under Section 147 of the Income Tax...

ITAT restricts Addition on “Peak Purchase” to Differential Margin Between Declared and Benchmark Profit in Rice Trading Case [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Raipur, has restricted the addition to the differential margin between the Gross Profit (GP) declared by the assessee and the benchmark rate...

Non-Filer Gets a Second Chance as ITAT Sets Aside Tax Demand, Asks AO to Reconsider Unexplained Cash Deposits [Read Order]

The Agra Bench of the Income Tax Appellate Tribunal (ITAT) set aside an ex parte assessment order and directed the Assessing Officer to reconsider unexplained cash deposits after giving the assessee...

Karnataka HC quashes Income Tax Reassessment Notices Issued by Jurisdictional Officers Physically, says Faceless Regime Mandatory [Read Order]

The Karnataka High Court has quashed multiple reassessment notices issued by jurisdictional Income Tax Officers, holding that such notices are without jurisdiction as the Faceless Reassessment...

Neither Taxpayer's Nor DVO's Valuation Acceptable Due to Inadequacy and Locational Differences: ITAT Restores Matter for Revised Valuation [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) restored the issue of long-term capital gains addition of ₹2,01,60,785 to the Assessing Officer (AO) for a revised valuation holding...