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 : 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 : The ITAT held that the Assessing Officer failed to produce any material establishing a connection between the assessee and the all...
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...
Madras High Court held that in terms of section 245I, the Settlement Commission cannot re-open its concluded proceedings by invoking section 154 of the Act so as to levy interest under section 234B of the Income Tax Act.
ITAT Jaipur remanded the matter back to the file of AO since ex-parte order was passed due to non-appearance/ non-furnishing of response since assessee died during pendency of the proceedings.
ITAT Agra held that dismissal of appeal as per provisions of section 249(4)(b) for non-payment of advance tax unjustified since entre addition made by AO was challenged and there was no other income which is above threshold limit of being taxable.
ITAT restores the matter to AO for fresh assessment, allowing the assessee to submit additional evidence in Simmi Madan v. ITO case.
Calcutta High Court quashes assessment order due to procedural lapses and improper service of notices, emphasizing compliance with Section 282 of the Income Tax Act.
ITAT Ahmedabad held that addition of all the cash deposits as unexplained income without giving credit for the withdrawal not justified. Accordingly, matter restored back to the file of AO for de novo consideration.
During the assessment proceedings, AO provided many opportunities to the Assessee to explain the nature and source of deposits made during the demonization period, however, the Assessee did not gave any satisfactory explanation during the assessment proceedings.
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.
