The Tribunal ruled that duty drawback income recognized on cash receipt basis cannot be taxed on accrual, as consistent accounting practice caused no revenue ...

Given the assessee’s admission of incorrect turnover and failure to get accounts audited, the Tribunal found income estimation justified. However, finding that the AO’s 4% rate was slightly high and ...

Delhi High Court ruled that both JAO and FAO have concurrent jurisdiction to issue reassessment notices under Sections 148/148A, aligning with TKS Builders ...

ITAT held that reassessment notices under sections 147/148 were invalid as the reasons were vague and lacked tangible evidence. Reopening cannot be used merely to verify or scrutinize transactions ...

The Madras High Court ruled that Section 54F of the Income Tax Act can cover multiple residential units purchased from capital gains, reversing the ITAT’s single-flat ...

Enhancement of cash deposits by CIT(A) was set aside due to lack of proper hearing. ITAT remitted the case for fresh adjudication, safeguarding the assessee’s opportunity to explain ...

The Tribunal held that reassessment after four years requires PCIT approval, not Additional CIT. The invalid sanction led to quashing of the Section 148 notice and dismissal of Revenue’s ...

Difference between ready reckoner and stamp duty value was wrongly treated as misreported income. Tribunal ordered fresh adjudication, allowing assessee to present sale deeds, purchase deed, and bank ...

The Court held that reassessment notices under Section 148 issued beyond the surviving period under TOLA are invalid, leading to quashing of assessment orders. Time-bar limits override procedural ...

The Tribunal allowed the assessee’s appeal for re-examination of a section 36(1)(va) addition due to inadvertent error in the original audit report. The matter was restored to the AO to pass a ...

ITAT held that cash deposits made during demonetization without proof of source justified addition under Section 69A. The ruling reinforces that dissolved entities must substantiate cash claims with ...

The ITAT held that reassessment notices issued without the correct statutory sanction under section 151(ii) are void ab initio, emphasizing that procedural compliance is crucial before examining ...