Section 144

Regular Assessment means Section 143(3) & 144 Assessments only

Income Tax - Modi Industries Limited vs CIT (Supreme Court) Having regard to the scheme of the Act and use of the phrase `regular assessment’ in various sections of the Act – we are of the view that in Section 214, `regular assessment’ has been used in no other sense than the first order of assessment passed under […]...

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FAQs on Assessments under the Income-tax Law

Income Tax - Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer...

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Section 144 Assessment based on credit entries in bank- Draft Submission

Income Tax - Looking only at the credit entries of the bank and assessment made u/s 144. The assessment framed is vague without looking at the complete bank of the assessee. This article contains the written submissions regarding how important it is looking at the complete material for reopening of assessment and assessment framed u/s 144 of the [&hel...

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Cash deposit in bank treated as income | Judgments | Section 148 & 144

Income Tax - Important Judgments in the written submissions when assessee is an agriculturist, trader, notice u/s 148 not received, cash deposit with the bank treated as income, 144 Assessment without gathering any material by A.O. and reopening u/s 147 without any tangible material. Written submissions in respect of Shri Xxxxxxxx for the A.Yr. 2011-1...

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Various Type of Assessment & amp; Study of Best Judgement Assessment

Income Tax - Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment - On the basis of thereturn of income chargeable to tax furnished by the assessee an intim...

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HC set-aside Faceless assessment order passed without issuing draft assessment order

-Toplight Corporate Management (P.) Ltd. Vs National faceless assessment Centre Delhi and Anr. (Delhi High Court) - Toplight Corporate Management (P.) Ltd. Vs National faceless assessment Centre Delhi (Delhi High Court) Learned counsel for the petitioner states that the impugned assessment order was passed without issuing mandatory draft assessment order along with show cause notice, as contemplated under Section...

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ITAT Quashes Ex-Parte Assessment without notice for hearing to Assessee

Blackberry Tradecom Pvt. Ltd Vs ITO (ITAT Kolkata) - Blackberry Tradecom Pvt. Ltd Vs ITO (ITAT Kolkata) We find that the ld. CIT(A) has passed an ex-parte order as the assessee had not responded to the notices of hearing on 09.03.2017 and 14.03.2017. The AO also passed an order u/s 144 of the Act. The ld. Counsel for the assessee submits that notice o...

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Loan cannot be treated as bogus without considering documents submitted by Assessee

Ramanlal K. Darji Vs ITO (ITAT Mumbai) - It was found that assessee confirmed loan transactions and confirmation was on record. Revenue nowhere considered said documents and rejected claim of assessee without any basis. Rejection of claim of assessee without any basis was not justified. Issue was restored back to AO to decide it afresh aft...

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If Assessee Engaged in Accommodation Entries Only Commission to be Added on Estimation Basis

Arydeep Developers Pvt. Ltd.Vs ITO (ITAT Ahmedabad) - The issue under consideration is whether for assessee engaged in providing accommodation entries only commission amount to be added on estimation basis or entire amount of accommodation entry to be added?...

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No Penalty U/s. 271(1)(b) when order was passed U/s. 143(3)

Jai Gopal Sondhi Vs ITO (ITAT Delhi) - Issue was as regards imposition of penalty under section 271(1)(b) for non-compliance by assessee with respect to statutory notices issued under section 142(1), when assessment was completed under section 143(3)....

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Recent Posts in "Section 144"

HC set-aside Faceless assessment order passed without issuing draft assessment order

-Toplight Corporate Management (P.) Ltd. Vs National faceless assessment Centre Delhi and Anr. (Delhi High Court)

Toplight Corporate Management (P.) Ltd. Vs National faceless assessment Centre Delhi (Delhi High Court) Learned counsel for the petitioner states that the impugned assessment order was passed without issuing mandatory draft assessment order along with show cause notice, as contemplated under Section 144B of the Act, resulting in denial of...

Read More

Regular Assessment means Section 143(3) & 144 Assessments only

Modi Industries Limited vs CIT (Supreme Court) Having regard to the scheme of the Act and use of the phrase `regular assessment’ in various sections of the Act – we are of the view that in Section 214, `regular assessment’ has been used in no other sense than the first order of assessment passed under […]...

Read More
Posted Under: Income Tax |

FAQs on Assessments under the Income-tax Law

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer...

Read More
Posted Under: Income Tax |

ITAT Quashes Ex-Parte Assessment without notice for hearing to Assessee

Blackberry Tradecom Pvt. Ltd Vs ITO (ITAT Kolkata)

Blackberry Tradecom Pvt. Ltd Vs ITO (ITAT Kolkata) We find that the ld. CIT(A) has passed an ex-parte order as the assessee had not responded to the notices of hearing on 09.03.2017 and 14.03.2017. The AO also passed an order u/s 144 of the Act. The ld. Counsel for the assessee submits that notice of […]...

Read More

Section 144 Assessment based on credit entries in bank- Draft Submission

Looking only at the credit entries of the bank and assessment made u/s 144. The assessment framed is vague without looking at the complete bank of the assessee. This article contains the written submissions regarding how important it is looking at the complete material for reopening of assessment and assessment framed u/s 144 of the [&hel...

Read More
Posted Under: Income Tax |

Cash deposit in bank treated as income | Judgments | Section 148 & 144

Important Judgments in the written submissions when assessee is an agriculturist, trader, notice u/s 148 not received, cash deposit with the bank treated as income, 144 Assessment without gathering any material by A.O. and reopening u/s 147 without any tangible material. Written submissions in respect of Shri Xxxxxxxx for the A.Yr. 2011-1...

Read More
Posted Under: Income Tax |

Loan cannot be treated as bogus without considering documents submitted by Assessee

Ramanlal K. Darji Vs ITO (ITAT Mumbai)

It was found that assessee confirmed loan transactions and confirmation was on record. Revenue nowhere considered said documents and rejected claim of assessee without any basis. Rejection of claim of assessee without any basis was not justified. Issue was restored back to AO to decide it afresh after giving an opportunity of being heard ...

Read More

If Assessee Engaged in Accommodation Entries Only Commission to be Added on Estimation Basis

Arydeep Developers Pvt. Ltd.Vs ITO (ITAT Ahmedabad)

The issue under consideration is whether for assessee engaged in providing accommodation entries only commission amount to be added on estimation basis or entire amount of accommodation entry to be added?...

Read More

No Penalty U/s. 271(1)(b) when order was passed U/s. 143(3)

Jai Gopal Sondhi Vs ITO (ITAT Delhi)

Issue was as regards imposition of penalty under section 271(1)(b) for non-compliance by assessee with respect to statutory notices issued under section 142(1), when assessment was completed under section 143(3)....

Read More

Various Type of Assessment & amp; Study of Best Judgement Assessment

Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment - On the basis of thereturn of income chargeable to tax furnished by the assessee an intim...

Read More
Posted Under: Income Tax |

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