Reassessment Quashed: Notice by JAO Invalid & Wrong Sanction Authority Issue Whether a notice for reassessment under Section 148 issued by a Jurisdictional Assessing Officer (JAO) on 30-03-2023 is valid in law, given the mandate under Section 151A and CBDT Notification No. 18/2022 for issuance by a Faceless Assessing Officer (FAO). Whether the sanction for… Read More »
Reassessment Quashed: Notice by JAO Invalid & Wrong Sanction Authority Issue Whether a notice for reassessment under Section 148 issued by a Jurisdictional Assessing Officer (JAO) on 30-03-2023 is valid in law, given the mandate under Section 151A and CBDT Notification No. 18/2022 for issuance by a Faceless Assessing Officer (FAO). Whether the sanction for… Read More »
ITAT Condones 87-Day Delay Due to Confusion Between CPC Rectification and Appeal Remedy Issue Whether a delay of 87 days in filing an appeal before the CIT(A) can be condoned when the delay was caused by the assessee’s bona fide belief—fueled by departmental communication and Bar Association advice—that filing a rectification request with the CPC… Read More »
ITAT Restricts Demonetization Cash Addition to 25%; Accepts Loan Withdrawal as Major Source Issue Whether cash deposits of Rs. 11,24,000/- made during the demonetization period constitute unexplained money under Section 69A, when the assessee claims the source was a housing loan withdrawn shortly before but kept unutilized due to a family medical emergency. Facts The… Read More »
ITAT Deletes Addition of Cash Deposits During Demonetization as Assessee Proved Sufficient Stock Issue Whether cash deposits made during the demonetization period can be treated as unexplained cash credits under Section 68 (read with Section 115BBE) when the assessee demonstrates that the deposits were proceeds from genuine cash sales supported by sufficient available stock. Facts… Read More »
CIT(A) Empowered to Remand Best Judgment Assessments (Sec 144) Under New Finance Act 2024 Amendment Issue Whether the Commissioner of Income Tax (Appeals) [CIT(A)] has the statutory power to set aside an ex-parte Best Judgment Assessment order passed under Section 144 and remand the case back to the Assessing Officer (AO) for fresh adjudication, in… Read More »
ITAT upholds CIT(A)’s deletions of depreciation, excess stock, and GP additions. Issue Whether the Ld. CIT(A) was justified in deleting the disallowance of depreciation and additional depreciation amounting to Rs. 12,15,02,719/- when the AO alleged failure to prove assets were “put to use.” Whether the CIT(A) was correct in deleting the addition of Rs. 2,47,75,785/-… Read More »
Bogus Purchase Addition Deleted due to Genuine Documents & Invalid Reopening by JAO Issue Can an addition for bogus purchases under Section 69C be sustained when the purchases are recorded in books, paid via banking channels, supported by GST assessments, and no cash back trail is proven? Is a reassessment notice under Section 148 issued… Read More »
Assessment Quashed: Non-Issuance of Notice u/s 143(2) Renders Order Invalid Issue Whether an assessment order passed under Section 144 (Best Judgment Assessment) without the issuance of a mandatory notice under Section 143(2) is legally valid, especially when the Assessing Officer (AO) explicitly admits to not issuing the notice due to the late filing of the… Read More »
Appeal Dismissed as Withdrawn to Pursue Corrected Duplicate Appeal Issue Whether an assessee can be permitted to withdraw a pending appeal before the Tribunal on the ground that it contained inadvertent errors and a fresh, corrected appeal for the same Assessment Year has already been filed. Facts The assessee, M/s Sane Retail Pvt. Ltd., filed… Read More »