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 Tribunal noted that the assessee provided affidavits, bank statements, and financials of contributors. The addition was deleted as the source stood satisfactorily explained.
The Tribunal held that audited accounts cannot replace documentary evidence for claiming application of income. The case was remanded for fresh verification.
The High Court held that once the assessee failed to explain the source, addition was justified only to the extent of cash actually seized. It ruled that the AO cannot arbitrarily add a higher amount than the proven seized sum.
ITAT Bangalore held that even in ex-parte assessments, gross bank deposits cannot be taxed as income without proper inquiry. Delay condoned, matter remanded for fresh assessment with ₹11,000 cost imposed.
The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for delay. The matter was restored for reconsideration on merits.
The Tribunal set aside the appellate order as the assessee sought another chance to prove the genuineness of expenses. It directed fresh assessment after proper opportunity of hearing.
Karnataka High Court rejects Revenues appeal, holds Sec 69A addition unsustainable where cash source explained with evidence; human conduct theory cannot replace proof, penalty also quashed.
ITAT Mumbai deletes penalty under Section 270A as quantum addition was fully removed. Held that no under-reporting exists when assessed income equals returned income and TDS details are already on record.
The issue was whether addition under Section 56(2)(x) based on stamp value was justified despite conflicting private valuation. The Tribunal directed the AO to obtain a DVO report and reconsider the addition as per law.
The issue was whether incorrect tax treatment amounts to concealment. The Tribunal held that mere wrong classification in books does not attract penalty under Section 271(1)(c).
