Section 144

What is assessment under the income tax act, 1961, and How many types of it are there?

Income Tax - What is assessment under the income tax act, 1961, and How many types of it are there?  Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed by the taxpayer, the […]...

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FAQs on Assessments under 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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Provisions for filing of updated Income Tax return in Budget 2022

Income Tax - Provisions for filing of updated return Section 139 of the Act is related to the provisions for filing of Income Tax Return by taxpayers. 2. Sub-section (1) of section 139 of the Act casts responsibility on the taxpayer to furnish a return within a definite time period or up to a particular date, that is, […]...

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Addition for Cash deposited in Bank out of Business receipts: Draft Submission

Income Tax - The case of the assessee was decided ex-parte u/s 144 of the Income Tax Act, 1961 in which a demand of Rs. 2320480/- has been created which is quite huge, illegal, baseless and not justified. A very small trader cannot earn so much income that he has to pay tax liability of Rs. 2320480/-. Comparison can be made with the returns filed earl...

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In a best judgement assessment the AO has to make guesswork but honest guess work

Income Tax - The officer is to make an assessment to the best of his judgment against a person who is in default as regards supplying information. He must not act dishonestly or vindictively or capriciously because he must exercise judgment in the matter. He must make what he honestly believes to be a fair estimate of the […]...

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Addition for money received from customers in old Notes – ITAT directs Assessee to furnish full details

Shri Palanisamy Chinnasamy Vs ITO (ITAT Chennai) - Shri Palanisamy Chinnasamy Vs ITO (ITAT Chennai) In this case, The assessment was completed under section 144 r.w.s. 144(1)(b) of the Act by making addition of ₹.5,34,000/- under section 69A of the Act on the ground that the money received from the customers on various dates in old notes cannot be...

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Addition for cash deposit – ITAT directs AO to consider submission of Assessee

Harpreet Singh Grover Vs ITO (ITAT Amritsar) - Harpreet Singh Grover Vs ITO (ITAT Amritsar) Brief fact is that the ld. AO added back the cash deposit of Rs.47,91,000/- of assessee, deposited in the State Bank of Patiala Goniana bearing a/c no. 65035132671 which was added back u/s 69 of the Act with the total income of the assessee. The assessee ...

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Faceless Assessment without adhering to Section 144B procedures is invalid

Piramal Enterprises Limited Vs Additional/joint/Deputy/Assistant CIT/ITO National e-Assessment Centre (Bombay High Court) - Piramal Enterprises Limited Vs Additional/joint/Deputy/Assistant CIT/ITO National e-Assessment Centre (Bombay High Court) The HC declared that assessment for AY 2017-18 made u/s 143(3)  vide order dated 22.4.2021 was non est u/s 144B(9) of the Income Tax Act, 1961 for not adhering the procedure lai...

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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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Best judgment assessment – Arbitrary adoption of percentage not admissible

Shri Lakshmanan Vs ITO (ITAT Chennai) - In best judgment assessment, AO had to bring on record certain material with regard to rate of profit admitted for estimation of profit with some comparable cases of similar nature or profit declared in similar industry...

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Recent Posts in "Section 144"

Addition for money received from customers in old Notes – ITAT directs Assessee to furnish full details

Shri Palanisamy Chinnasamy Vs ITO (ITAT Chennai)

Shri Palanisamy Chinnasamy Vs ITO (ITAT Chennai) In this case, The assessment was completed under section 144 r.w.s. 144(1)(b) of the Act by making addition of ₹.5,34,000/- under section 69A of the Act on the ground that the money received from the customers on various dates in old notes cannot be accepted a genuine as […]...

Read More

What is assessment under the income tax act, 1961, and How many types of it are there?

What is assessment under the income tax act, 1961, and How many types of it are there?  Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed by the taxpayer, the […]...

Read More
Posted Under: Income Tax |

Addition for cash deposit – ITAT directs AO to consider submission of Assessee

Harpreet Singh Grover Vs ITO (ITAT Amritsar)

Harpreet Singh Grover Vs ITO (ITAT Amritsar) Brief fact is that the ld. AO added back the cash deposit of Rs.47,91,000/- of assessee, deposited in the State Bank of Patiala Goniana bearing a/c no. 65035132671 which was added back u/s 69 of the Act with the total income of the assessee. The assessee filed the […]...

Read More

FAQs on Assessments under 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 |

Provisions for filing of updated Income Tax return in Budget 2022

Provisions for filing of updated return Section 139 of the Act is related to the provisions for filing of Income Tax Return by taxpayers. 2. Sub-section (1) of section 139 of the Act casts responsibility on the taxpayer to furnish a return within a definite time period or up to a particular date, that is, […]...

Read More
Posted Under: Income Tax |

Addition for Cash deposited in Bank out of Business receipts: Draft Submission

The case of the assessee was decided ex-parte u/s 144 of the Income Tax Act, 1961 in which a demand of Rs. 2320480/- has been created which is quite huge, illegal, baseless and not justified. A very small trader cannot earn so much income that he has to pay tax liability of Rs. 2320480/-. Comparison can be made with the returns filed earl...

Read More
Posted Under: Income Tax |

In a best judgement assessment the AO has to make guesswork but honest guess work

The officer is to make an assessment to the best of his judgment against a person who is in default as regards supplying information. He must not act dishonestly or vindictively or capriciously because he must exercise judgment in the matter. He must make what he honestly believes to be a fair estimate of the […]...

Read More
Posted Under: Income Tax |

Faceless Assessment without adhering to Section 144B procedures is invalid

Piramal Enterprises Limited Vs Additional/joint/Deputy/Assistant CIT/ITO National e-Assessment Centre (Bombay High Court)

Piramal Enterprises Limited Vs Additional/joint/Deputy/Assistant CIT/ITO National e-Assessment Centre (Bombay High Court) The HC declared that assessment for AY 2017-18 made u/s 143(3)  vide order dated 22.4.2021 was non est u/s 144B(9) of the Income Tax Act, 1961 for not adhering the procedure laid down u/s 144B(1) and u/s 144B(7/(vii) ...

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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 144B of the Act, resulting in denial of...

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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 […]...

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Posted Under: Income Tax |

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