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 : Madras High Court held that capital profit on the sale of the Fixed Assets of the Company cannot be taken directly to the Reserves...
Income Tax : A taxpayer could submit a revised return u/s 139(5) only when it discovered a bona fide omission or incorrect statement in the ori...
Corporate Law : Supreme Court held that negligence on part of bank in presentation of cheque within the validity period of cheque leads to ‘defi...
Income Tax : Smt. Subbalakshmi Kurada Vs DCIT (ITAT Bangalore) In , the ITAT Bangalore deleted penalty under Section 271(1)(c), holding that me...
Income Tax : The Tribunal ruled that failure to issue prior notice before making adjustments violates the mandatory provisions of Section 143(1...
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...
Bombay High Court held that reopening of assessment proceedings on the basis of change of mind/opinion and also on non-application of mind is liable to be quashed and set aside. Accordingly, impugned notices and order quashed.
The ITAT Delhi invalidated the reopening of an income tax assessment because the assessee had filed a complete return and the AO failed to record valid reasons, highlighting the need for proper statutory compliance in reassessment.
ITAT Hyderabad condoned a 290-day delay in filing an appeal, accepting that the order was sent to an old email address and the officer’s illness caused genuine hardship.
ITAT Chandigarh quashed an assessment order made under Section 143(3) for a pre-search year, holding that after a Section 132 search, the assessment must mandatorily proceed under Section 148 with proper Section 148B approval. The tribunal ruled that the Assessing Officer’s continuation of the scrutiny post-search was a jurisdictional error, making the assessment void ab initio.
Gujarat High Court held that non-filing of Income Tax Return as ignorant about deduction of TDS on account of land acquisition reasonable. Accordingly, delay condoned and petitioner allowed the file the income tax return of the relevant year.
Bombay High Court held that no hypothetical income of the assessee could have been brought to tax. Accordingly, income not accrued due to cancellation of sale agreement. Thus, order upheld and appeal of revenue dismissed.
ITAT Agra held that ₹8.84 crore deposited and withdrawn from bank accounts used for ATM cash replenishment could not be treated as unexplained money of the employee. The Tribunal confirmed that the amounts belonged to Punjab & Sind Bank.
The Ahmedabad ITAT has struck down reassessment orders against Arpanbhai Virambhai Desai, holding that the AO’s reliance solely on an ACB disproportionate assets report without independent application of mind or specifying escaped income is “borrowed satisfaction,” invalidating the Section 147 jurisdiction.
In the case of Shobha Welfare Society Vs ITO, the Income Tax Appellate Tribunal (ITAT), Bangalore, partly allowed an appeal, challenging a Rs. 64,98,470 addition under Section 69A of the Income Tax Act.
ITAT Delhi held that mere presence of blank cheque without there being any other evidence, proving earning of any income or making of any capital transaction, the same cannot be treated as income. Accordingly, ground raised by revenue dismissed.
