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...
ITAT Delhi orders fresh review of Shiv Kumar’s ₹10.3 lakh deposit case after original appeal was dismissed due to non-compliance with advance tax conditions.
ITAT Ahmedabad held that CIT(A) erred in upholding addition made by AO without considering the additional evidence. Such failure to admit and evaluate the additional evidence constitutes a violation of natural justice. Thus, matter remanded back for fresh adjudication.
ITAT Nagpur held that the addition made under section 69A of the Income Tax Act towards unexplained money is liable to be quashed since the nature and source of deposit is clearly established.
ITAT Chennai held that corrigendum issued by AO to rectify the mistake made while issuing original assessment order is legal and valid. Accordingly, matter remanded back to CIT(A) for adjudication on merits.
ITAT Ahmedabad restored the matter back to the file of CIT(A) after imposing cost of Rs. 5,000 on the assessee for negligence in diligently prosecuting the appeal before CIT(A). It is directed that amount is to be deposited in the Prime Minister’s Relief Fund.
On verification of the bank account copies and the other material available before him, AO noticed that the assessee made cash deposits amounting to Rs. 24,31,000/- by way of Specified Bank Notes [“SBNs”].
Madras High Court held that issuance of notice in the name of assessee unjustified as Official Assignee has taken charge of the entire estate of the original assessee. Once the assets are taken over by official assignee the notice issued to dead person is non est in law.
ITAT Ahmedabad held that dismissal of appeal by CIT(A) on technical/ procedural aspect merely because the appeal was filed manually instead of e-filing unjustified as assessee was not given an opportunity to cure the defect. Accordingly, appeal restored back.
Upon further examination of the assessee’s bank statements, the Assessing Officer observed that significant funds were being transferred in and out to various parties.
ITAT Delhi held that assessments for defective returns must be made under Section 144, invalidating prior orders issued under Section 143(3).
