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 Chandigarh held that addition on account of failure to provide necessary explanation in respect of source of cash deposits in bank confirmed without considering explanation set aside with one more opportunity to assessee in the interest of substantial justice and fair play.
ITAT Amritsar held that non-filing of tax audit report due to technical glitch is the reasonable cause shown. Accordingly, penalty under section 271B of the Income Tax Act not leviable for such non-filing of tax audit report.
ITAT Kolkata held that addition towards difference between figure of gross receipts reported and figure reported in Form 26AS is unsustainable as the difference is merely because figure reported in Form 26AS was inclusive of service tax component.
ITAT Mumbai held that as there was no malafide or deliberate in action on the part of the assessee in filing the appeal with delay of 387 days before the Ld. CIT(A). Accordingly, it was directed to CIT(A) to condone the delay.
ITAT Amritsar held that because of wrong allotment of two PANs, assessee cannot be set as a non-filer or undeclared of tax in the return of one PAN as income duly declared via other PAN. Matter remanded back.
ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act not imposable when income is assessed on estimate basis and accordingly additions are made therein on estimate basis.
ITAT Jaipur held that non-compliance due to receipt of notice in SPAM folder is sufficient cause shown for the delay. Accordingly, delay of 223 days in filing of an appeal condoned.
Patna High Court held that sub-section (5A) of section 45 inserted by way of an amendment in the Finance Act, 2017, expressly stated to be effective from 01.04.2018 cannot be treated as retrospective.
ITAT Ahmedabad held that post non-service of notice, revenue failed to carry out its primary responsibility to ascertain whether the company, against which notices were issued, and proceedings under section 148 was contemplated, was existing or not. Accordingly, matter remanded to carry out fresh adjudication.
CIT(A) in his order while rejecting Books of Account does not specify defect in record. The basis of rejection appears to be best judgment of assessment
