Articles

The speed of refund is based on the timing and accuracy of your return filing.

Salaried Individual Vs Business Professional: Who Receives Income Tax Refund Faster?

Judgement

ITAT ruled that the cash deposits were genuine business receipts from a kirana shop and deleted the entire Rs. 20.23 lakh Section 69 addition.

ITAT Ahmedabad Deletes Rs. 20.23 Lakh Cash Deposit Addition, Rejects Unexplained Investment Theory

The Tribunal cited section 49(1)(ii), which clarifies that the cost of acquisition for the person receiving the asset is considered to be the cost for which the previous owner originally acquired it.

Holding Period of Shares from Donor is Included for LTCG Eligibility: ITAT

The Tribunal held that commissioner cannot invoke section 263 just because he holds a different opinion or believes that further enquiries should be made.

Section 263 Jurisdiction Based on Assumptions and Suspicion is Impermissible: ITAT

Tribunal finds AO wrongly compared incomparable values and notes CPC already validated the returns; directs reassessment.

ITAT Sends Back Section 54F Claim for Fresh Examination; Stamp Duty Value Addition Also Reopened

ITAT ruled the reassessment invalid after finding the reopening notice time-barred, nullifying the entire Rs. 440 crore addition.

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Salaried Individual Vs Business Professional: Who Receives Income Tax Refund Faster?

ITAT Ahmedabad Deletes Rs. 20.23 Lakh Cash Deposit Addition, Rejects Unexplained Investment Theory

Holding Period of Shares from Donor is Included for LTCG Eligibility: ITAT

Section 263 Jurisdiction Based on Assumptions and Suspicion is Impermissible: ITAT

ITAT Sends Back Section 54F Claim for Fresh Examination; Stamp Duty Value Addition Also Reopened

ITAT Ahmedabad Quashes Rs. 440 Crore Bogus Purchase Addition as Reopening Found Time-Barred