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...
The Pune ITAT held that entire cash deposits in bank accounts cannot automatically be treated as unexplained income when the assessee appears to be only a conduit in an accommodation entry network. The Tribunal restricted the taxable addition to 2% of deposits after finding no evidence of actual enrichment.
Pune ITAT held that appellate authorities must adjudicate issues raised in appeals and cannot mechanically dismiss matters for non-compliance. The Tribunal restored the case for fresh consideration on merits.
Pune ITAT observed that reassessment proceedings initiated beyond three years may not be maintainable where the alleged escaped income is below ₹50 lakh. The matter was remanded for verification of jurisdictional facts and statutory notices.
ITAT Indore set aside the ex parte appellate order after noting that the assessee had died and the legal heirs could not effectively pursue the proceedings. The Tribunal granted one final opportunity for fresh adjudication on merits.
The issue involved estimation of income based solely on bank credits without supporting verification. The Tribunal remanded the case, directing assessment based on GST and VAT turnover.
The Tribunal held that lack of inquiry into a large receipt justified revision under Section 263. It found the assessment erroneous and prejudicial to revenue. The ruling reinforces duty of proper verification.
The case examined reassessment based on third-party information without independent application of mind. The Tribunal ruled that reliance on borrowed satisfaction invalidated the addition, leading to its deletion.
The Tribunal relied on Supreme Court precedent to hold that interest on tax arrears is compensatory, not penal. It ruled that such interest qualifies as a deductible business expense.
The Tribunal held that absence of a clear charge in the penalty notice makes the proceedings invalid. It ruled that failure to specify the exact limb of misreporting renders the penalty unsustainable.
The court held that leased assets qualify for depreciation since they are used in the course of business. It clarified that physical use by the assessee is not required if leasing generates business income.
