Section 144

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...

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 […]...

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, […]...

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...

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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Kerala HC Dismisses Writ Petition on Unexplained Cash Deposit

Sayed Muhammed M Vs CIT (Kerala High Court) - Kerala High Court dismisses writ petition challenging assessment order under Section 147 of the IT Act, directing appellant to pursue statutory remedy. Full judgment analysis....

PCIT’s exercise of Section 263 jurisdiction while issue is pending before CIT(A) is invalid

Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai) - Once an appeal is lodged with CIT(A), the PCIT's authority to revise assessment under Section 263 is circumscribed - Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai)...

ITAT deletes Section 69A and 69C addition due to insufficient evidence

ACIT Vs Prakash Ferrous Industries Private Limited (ITAT Chennai) - Read the full text of the ITAT Chennai order in ACIT vs. Prakash Ferrous Industries Pvt. Ltd. where the assessment order is rejected due to oversight and typographical error under section 143(3)....

Liability of Resigned Directors in Negotiable Instruments: Supreme Court Verdict

Rajesh Viren Shah Vs Redington (India) Limited (Supreme Court of India) - Explore the Supreme Court judgment on whether directors who resigned can be held liable for dishonored negotiable instruments. Understand the legal implications and ramifications....

ITAT Pune Remands Case for Fresh Assessment on Unexplained Investment

Siddikha M. Pathan Vs ITO (ITAT Pune) - In a recent ITAT Pune case, an assessee's failure to prove the source of property investment leads to a call for reassessment. Read the full legal analysis and implications....

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Recent Posts in "Section 144"

Kerala HC Dismisses Writ Petition on Unexplained Cash Deposit

Sayed Muhammed M Vs CIT (Kerala High Court)

Kerala High Court dismisses writ petition challenging assessment order under Section 147 of the IT Act, directing appellant to pursue statutory remedy. Full judgment analysis....

PCIT’s exercise of Section 263 jurisdiction while issue is pending before CIT(A) is invalid

Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai)

Once an appeal is lodged with CIT(A), the PCIT's authority to revise assessment under Section 263 is circumscribed - Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai)...

ITAT deletes Section 69A and 69C addition due to insufficient evidence

ACIT Vs Prakash Ferrous Industries Private Limited (ITAT Chennai)

Read the full text of the ITAT Chennai order in ACIT vs. Prakash Ferrous Industries Pvt. Ltd. where the assessment order is rejected due to oversight and typographical error under section 143(3)....

Liability of Resigned Directors in Negotiable Instruments: Supreme Court Verdict

Rajesh Viren Shah Vs Redington (India) Limited (Supreme Court of India)

Explore the Supreme Court judgment on whether directors who resigned can be held liable for dishonored negotiable instruments. Understand the legal implications and ramifications....

ITAT Pune Remands Case for Fresh Assessment on Unexplained Investment

Siddikha M. Pathan Vs ITO (ITAT Pune)

In a recent ITAT Pune case, an assessee's failure to prove the source of property investment leads to a call for reassessment. Read the full legal analysis and implications....

ITAT Ahmedabad Quashes Reassessment Beyond 4-Year Limit, Citing Lack of New Material

ITO Vs Indian Packaging Products (ITAT Ahmedabad)

ITAT Ahmedabad sets aside re-assessment proceedings initiated after 4 years from the AY end, citing no new material for reassessment under Section 147 of the Income Tax Act....

Section 263 Jurisdiction cannot be exercised When Larger Issue Pending Before CIT(A)

Golden Vats Private Limited Vs ACIT (ITAT Chennai)

Chennai ITAT finds revisionary authority's exercise of jurisdiction under section 263 invalid when a larger issue is pending before CIT(A), upholding legal precedents....

Section 80P Deduction Conditional on Timely Claim in Return Filed U/s 139(1)

Madhu Souharda Pathina Sahakari Niyamitha Vs ITO (ITAT Bangalore)

Explore the ITAT Bangalore verdict on how the statutory deadline for filing returns affects eligibility for deductions under Section 80P, highlighting the case of Madhu Souharda Pathina Sahakari Niyamitha vs ITO....

ITAT Levies Rs. 25,000 Cost Per Appeal on Delinquent Assessee Jet Airways

Jet Airways (India) Ltd. Vs DCIT (ITAT Mumbai)

In light of ongoing NCLT insolvency proceedings, ITAT Mumbai orders Jet Airways to contribute Rs 25,000 to the Prime Minister Relief Fund, emphasizing the importance of compliance....

Chandigarh ITAT allows additional evidence in assessments under section 144

Baba Kishan Dasss Education & Charitable Society Vs ITO (Exemptions) Ward (ITAT Chandigarh)

Chandigarh ITAT allows additional evidence in assessments under section 144, ensuring fair taxpayer treatment and legal compliance....

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