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 : Learn about various types of income tax assessments under Sections 143, 144, and 147, their procedures, time limits, and taxpayer ...
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 : Tribunal noted the assessee’s contention that only his share in jointly owned properties could be taxed instead of the entire tr...
Income Tax : ITAT Hyderabad condoned a 182-day delay in filing the appeal after accepting medical evidence relating to failed liver transplanta...
Income Tax : Court upheld the validity of the Section 148 notice but set aside the assessment order after finding that notices were sent to an ...
Income Tax : Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subse...
Income Tax : The Delhi ITAT held that reassessment proceedings initiated solely on the basis of a revenue audit objection without fresh tangibl...
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 officer is to make an assessment to the best of his judgment against a person who is in default as regards supplying information. He must not act dishonestly or vindictively or capriciously because he must exercise judgment in the matter. He must make what he honestly believes to be a fair estimate of the […]
Piramal Enterprises Limited Vs Additional/joint/Deputy/Assistant CIT/ITO National e-Assessment Centre (Bombay High Court) The HC declared that assessment for AY 2017-18 made u/s 143(3) vide order dated 22.4.2021 was non est u/s 144B(9) of the Income Tax Act, 1961 for not adhering the procedure laid down u/s 144B(1) and u/s 144B(7/(vii) of the Act and holding […]
Toplight Corporate Management (P.) Ltd. Vs National faceless assessment Centre Delhi (Delhi High Court) Learned counsel for the petitioner states that the impugned assessment order was passed without issuing mandatory draft assessment order along with show cause notice, as contemplated under Section 144B of the Act, resulting in denial of opportunity to the petitioner to […]
Modi Industries Limited vs CIT (Supreme Court) Having regard to the scheme of the Act and use of the phrase `regular assessment’ in various sections of the Act – we are of the view that in Section 214, `regular assessment’ has been used in no other sense than the first order of assessment passed under […]
In best judgment assessment, AO had to bring on record certain material with regard to rate of profit admitted for estimation of profit with some comparable cases of similar nature or profit declared in similar industry
Looking only at the credit entries of the bank and assessment made u/s 144. The assessment framed is vague without looking at the complete bank of the assessee. This article contains the written submissions regarding how important it is looking at the complete material for reopening of assessment and assessment framed u/s 144 of the […]
Blackberry Tradecom Pvt. Ltd Vs ITO (ITAT Kolkata) We find that the ld. CIT(A) has passed an ex-parte order as the assessee had not responded to the notices of hearing on 09.03.2017 and 14.03.2017. The AO also passed an order u/s 144 of the Act. The ld. Counsel for the assessee submits that notice of […]
Important Judgments in the written submissions when assessee is an agriculturist, trader, notice u/s 148 not received, cash deposit with the bank treated as income, 144 Assessment without gathering any material by A.O. and reopening u/s 147 without any tangible material. Written submissions in respect of Shri Xxxxxxxx for the A.Yr. 2011-12 before the Hon’ble […]
It was found that assessee confirmed loan transactions and confirmation was on record. Revenue nowhere considered said documents and rejected claim of assessee without any basis. Rejection of claim of assessee without any basis was not justified. Issue was restored back to AO to decide it afresh after giving an opportunity of being heard to assessee.
Issue was as regards imposition of penalty under section 271(1)(b) for non-compliance by assessee with respect to statutory notices issued under section 142(1), when assessment was completed under section 143(3).
