Income Tax : An analysis of Section 142 of the Income-tax Act, 1961, detailing the powers of the Assessing Officer, statutory limitations, and ...
Income Tax : Discover pivotal case of Uttrakhand Poorv Sainik Kalyan Nigam Ltd. vs ITO, where ITAT Dehradun established that Section 142(1) and...
Income Tax : Finance Act, 2023 introduced amendments to Section 142(2A) of the Income Tax Act, 1961. This article provides an overview and anal...
Income Tax : Understand the implications of Income Tax Act Sections 142 and 142A, covering notices to submit returns, making inquiries, and pro...
Income Tax : Explore the nuances of Income Tax Notices under Section 142(1) of the Income Tax Act, 1961. Learn when these notices are issued, h...
Income Tax : Oracle India has approached Delhi High Court challenging the order of the government which had asked it to undertake a special aud...
Income Tax : Sub-sections (2A) to (2D) of section 142 deal with power of Assessing Officer to order a special audit. Such power is required to ...
Income Tax : ITAT ruled that genuine sale proceeds supported by books, bank records and purchaser details cannot be treated as unexplained cash...
Income Tax : ITAT Delhi held that the CIT(A) validly remanded a best judgment reassessment after repeated non-compliance by the assessee. The T...
Income Tax : The ITAT held that a scrutiny assessment cannot survive where the jurisdictional Assessing Officer failed to issue the mandatory n...
Income Tax : The ITAT held that payments made to directors represented arranger fees and not prohibited sub-brokerage under SEBI Regulations. I...
Income Tax : ITAT Mumbai held that the Assessing Officer had conducted detailed enquiries on depreciation claimed on concession rights during c...
Income Tax : CBDT hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) having her / his headqua...
Income Tax : It has also been brought to notice of the Board that in some cases, the address of transacting parties given in AIRs is not comple...
ITAT ruled that genuine sale proceeds supported by books, bank records and purchaser details cannot be treated as unexplained cash credits.
ITAT Delhi held that the CIT(A) validly remanded a best judgment reassessment after repeated non-compliance by the assessee. The Tribunal ruled that the proviso to Section 251(1)(a) empowered the appellate authority to order a fresh reassessment.
The ITAT held that a scrutiny assessment cannot survive where the jurisdictional Assessing Officer failed to issue the mandatory notice under Section 143(2). It ruled that the defect rendered the entire assessment void ab initio despite transfer of the case.
The ITAT held that payments made to directors represented arranger fees and not prohibited sub-brokerage under SEBI Regulations. It deleted the entire disallowance under Section 37(1), finding no violation of law.
ITAT Mumbai held that the Assessing Officer had conducted detailed enquiries on depreciation claimed on concession rights during complete scrutiny and adopted a permissible view. Since the twin conditions under Section 263 were not satisfied, the revision order was quashed.
The Bombay High Court held that reassessment beyond four years was invalid because the assessee had fully and truly disclosed all material facts during the original assessment. The notice under Section 148 and related proceedings were quashed.
ITAT Bangalore held that once a search under Section 132 was conducted, the assessment for the relevant year had to proceed under Section 147/148 in accordance with the post-2021 statutory scheme.
The Tribunal condoned the delayed appeal filing after finding sufficient cause and allowed the matter to proceed. It also clarified that reassessment jurisdiction remains valid despite arguments regarding faceless assessment provisions.
The ITAT Delhi ruled that the CIT(A) cannot reclassify an addition under a different provision of the Income-tax Act without issuing a specific notice to the taxpayer. The decision reinforces the limits of appellate powers and upholds principles of natural justice.
The Tribunal quashed the reassessment after finding that the Assessing Officer failed to issue notice under Section 143(2). The decision confirms that compliance with this statutory requirement is indispensable in reassessment proceedings.
