Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : Section 145(3) allows rejection of books if accounts are unreliable or standards are not followed. The key takeaway is that specif...
Income Tax : The Tribunal held that cash deposits cannot be treated as unexplained income unless books of account are formally rejected under s...
Income Tax : Summary of statutory deadlines for issuing income tax notices (Sec 143, 147) and completing assessments, reassessments, and appeal...
Income Tax : Understand the three core processes of Indian Income Tax: Rectification of mistakes (Sec 154), the four types of Assessment (Summa...
Income Tax : Starting October 1, 2024, Commissioners (Appeals) will gain new powers to set aside and refer best judgment assessments back to As...
Income Tax : The Court held that the assessment and consequential demand could not stand where the petitioner had not participated in the proce...
Income Tax : ITAT Pune held that the reassessment proceedings were invalid because the notice under Section 148 was approved by the Principal C...
Income Tax : ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to it...
Income Tax : Gujarat High Court held that rejection of a Vivad se Vishwas declaration was invalid because final assessment arose from survey pr...
Income Tax : The High Court set aside the assessment order, demand notice, and bank attachment after finding that the proceedings were complete...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
In the event and income sourced in India was not characterized under the heads provided in the DTAA, the income would be taxable under the residual clause provided taxing right was allocated to source country in this case to India under the relevant DTAA.
Denial of the entire expenditure incurred towards as cost of construction by AO could not be held to be justified even if assessee did not submit satisfactory bills/vouchers in support of her claim towards the cost of construction.
AO had made the addition with the observation that no response was received from assessee. Based on that, he proceeded to complete the assessment u/s 144 based on the information available on his record.
Assessee was also expected to be vigilante in so far as assessment proceedings were concerned. Most of the time assessee went in slow motion and avoid proceedings by not responding to notice(s) of Department, not appearing before AO, not following up with CA/Advocates.
ITAT Kolkata condones 186-day delay, remands Umang Webtech Private Limited’s case to AO for fresh examination due to ex-parte assessment and inadequate representation.
ITAT Hyderabad remands Sunil Jayantilal Sachdev case for fresh assessment after NFAC confirmed AO’s action without considering taxpayer’s submissions.
ITAT remits ₹46 lakh ex-parte income tax addition after assessment under sections 144 & 147, ruling no opportunity was given to adduce evidence.
ITAT Chennai remands a case to CIT(A) for reassessment, allowing the assessee a fresh opportunity to substantiate ₹51.20 lakh cash credit under Section 68.
ITAT Chennai directs entire bank credits to be treated as business receipts under Section 44AD for income estimation. Cash deposit addition adjusted.
ITAT passed ex-parte order in absence of assessee and held that any assessment, whether it be first round or otherwise framed under section 153A without getting approval under section 153D of Act, is not sustainable in law.
