Can Income Tax Additions Be Made Solely on Third-Party Evidence? ITAT Mumbai Says No – A Landmark Judgment Every Taxpayer Must Know Keywords: Third-party evidence under Income Tax Act, ITAT Mumbai Suraj Kumar case, builder confession income tax, Excel sheet evidence, cross-examination in income tax, natural justice, bogus purchase cases, accommodation entries, hawala transactions, property…
ITAT Deletes Rs 10 Lakh Addition as Revenue Fails to Prove Alleged Cash Payment for Flat Purchase The Income Tax Appellate Tribunal (ITAT) Pune has deleted the addition, observing that reliance on incomplete seized documents and denial of cross-examination rendered the addition legally unsustainable and the revenue has failed to establish the alleged cash transaction…
Income Tax Addition of Rs 1.34 Crore Based on Search Material Quashed; ITAT Says Department Applied Wrong Section The ITAT Mumbai has allowed the appeals of Nanne Gulzar & Company for AYs 2017-18 and 2018-19 after holding that the reassessment proceedings initiated under Sections 147/148 were without jurisdiction, as the entire case was based on material…
Woman Sold Flat, Sought Section 54 Tax Exemption During Appeal; ITAT Rejects Claim Not Made in Return or Assessment Proceedings The Income Tax Appellate Tribunal (ITAT) has upheld the rejection of a taxpayer’s claim for deduction under Section 54 of the Income Tax Act, 1961, holding that the benefit cannot be entertained for the first…
ITAT Delhi Cancels Multiple Reassessments Based on Alleged Unaccounted Sales Alone The Delhi Bench of the Income Tax Appellate Tribunal in the case of Mirha Exports Pvt. Ltd. vs DCIT quashed multiple reassessment proceedings initiated under Sections 147/148 of the Income Tax Act for various assessment years on the ground that the conditions prescribed under…
ITAT Quashes Multiple Reassessments Over Absence of Escaped Income “Asset” The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that reassessment proceedings initiated against Mirha Exports Pvt. Ltd. for multiple assessment years were invalid where the alleged escaped income was not represented in the form of an “asset” as required under Section 149…
Income Tax Penalty proceeding initiated with prior approval of additional commissioner Valid: HC The petitioner, a service co-operative bank, challenged penalty proceedings initiated under Sections 271D and 271E of the Income Tax Act for multiple assessment years. The assessments had been completed under Section 153A pursuant to a search under Section 132. While appeals against…
HC Quashes 153C Proceedings; Rural Agricultural Land Sale Not Taxable The assessee, Superb Infotech Pvt. Ltd., filed its return for A.Y. 2007-08 declaring income of Rs. 2.31 lakh. A search was conducted in the case of another group (Kamdhenu Group), but no search was carried out on the assessee. Based on certain documents like partnership…
SC Dismisses Revenue SLP; Upholds Quashing of Delayed Section 153C Notice The case arose from a search conducted in October 2019 on a third party, during which certain WhatsApp chats and materials allegedly indicated “on-money” transactions linked to the assessee. Based on this, proceedings under Section 153C of the Income Tax Act were initiated against…
HC: Reassessment Notice Beyond 10 Years Quashed as Time-Barred Under Law The petitioner, an individual engaged in the real estate business as part of the PSY Group, had originally filed his return of income for Assessment Year 2014-15, declaring modest income. Thereafter, search action under Section 132 of the Income Tax Act was conducted on…
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