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Income Tax : AO observed that there was substantial undisclosed income, as the assessee admitted to unaccounted business income amounting to Rs...
Income Tax : ITAT Surat remands Mahesh Desai's appeal to AO, allowing him to substantiate cash deposits after prior ex parte decisions, upholdi...
Income Tax : ITAT Chandigarh held that reassessment order under section 147 of the Income Tax Act cannot be passed without compliance with mand...
Income Tax : ITAT Ahmedabad held that addition towards entire cash deposits during demonetization period by passing ex-parte order due to non-c...
Income Tax : CIT(A) confirmed the addition to the extent of Rs.1.42 crores and remaining addition of Rs.3.35 crores, which was closing balance ...
AO observed that there was substantial undisclosed income, as the assessee admitted to unaccounted business income amounting to Rs.3,50,04,000/- during the search proceedings but did not file a return for the assessment year 2014-15.
This article explains the GST implications of rental income and provides an overview of the different types of income tax assessments under the Income Tax Act, 1961.
ITAT Surat remands Mahesh Desai’s appeal to AO, allowing him to substantiate cash deposits after prior ex parte decisions, upholding fair hearing principles.
ITAT Chandigarh held that reassessment order under section 147 of the Income Tax Act cannot be passed without compliance with mandatory requirement of notice under section 143(2) of the Income Tax Act. Thus, order passed u/s. 144 r/w 147 set aside.
ITAT Ahmedabad held that addition towards entire cash deposits during demonetization period by passing ex-parte order due to non-compliance by assessee without examining on merits unjustified. Accordingly, matter restored back to AO for fresh examination.
CIT(A) confirmed the addition to the extent of Rs.1.42 crores and remaining addition of Rs.3.35 crores, which was closing balance of loans were deleted. Further aggrieved, the revenue has filed present appeal before the Tribunal.
During the course of assessment proceedings, AO noticed that there was cash deposit of Rs. 36,48,000/- and credit entries of Rs. 21,93,269/-. AO observed that inspite of repeated reminders, assessee failed to submit the reply.
ITAT Kolkata held that reassessment order quashed since notice issued under section 148 of the Income Tax Act was served after the date of limitation. Since issuance of notice is bad in law, consequent orders is liable to be quashed.
The First Appellate authority further directed the assessing authority to reopen the assessment proceedings for the A.Y. 2010-11 and from 2012-13 onwards to disallow the set off of the claim of unabsorbed depreciation computed from 1998-99 onwards.
Petitioner is engaged in manufacturing of Duplex Board. The present writ petition has been preferred seeking to recover a sum of Rs.3,66,649/- which was paid by the petitioner to the Department as interest in excess of actual interest liability.
