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...
Modification of e-assessment scheme Section 143 of the Act provides the manner for processing and assessment of return of income (ITR) where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142 of the Act. 2. Sub-section (3A) of section 143 provides that the Central […]
This article is covering in depth knowledge of various types of Jurisdictions, Various types of Assessments under Income Tax Act, 1961 and details of new system i.e. Jurisdiction-Free Assessment which was introduced from 2016. Jurisdiction is prescribed under Section 124 of the Income-tax Act, 1961 and assessment includes Summary assessment under section 143(1), Scrutiny assessment […]
Engineering Professional Co. Pvt. Ltd. Vs DCIT (Gujarat High Court) In the given case, Assessee has filed appeal before ITAT against the order passed by the A.O. u/s 44AD. With respect to that appeal ITAT passed the order and state that “the Assessee is directed to attend the assessment proceedings and justify its claim of […]
Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. The […]
ITAT held that As there was part non-compliance by assessee with first notice under section 142(1) and complete non-compliance with subsequent notice under section 142(1), the AO was right in framing assessment order under section 144 and in denying allowance of interest and salary paid to partners by taking support of provisions of section 184(5).
Rejection of Books of Account under Section 145(3) and Assessment in the manner under Section 144 Connotation thereof Method of Accounting Section 145 of the Income Tax Act, 1961 (the Act) provides the method of accounting by the assessee. Section 145(1) of the Act provides that income chargeable under the head “Profits and gains of business […]
Under section 145 of the Act, rejection of books of accounts is pre-requisite, where books of accounts have been maintained by the assessee, for making additions by the AO on account of estimation of profit.
Article Discusses Assessment under Section 143(1)-Scrutiny Assessment, Section 144- Best Judgement Assessment and Section 147- Income Escaping Assessment of Income Tax Act, 1961.
High Court held that as the issue of service of notices under sections 148, 142(1) and 143(2) are concerned, it is an admitted position that the said notices were never served on the Petitioner. The Revenue seeks to justify service of these notices on the Petitioner by contending that they have served the said notices on the last known address of the Petitioner which was the address of Ingram Micro India [earlier known as Tech Pacific India], the downstream company of the Petitioner.
Assessment under section 144 popularly known as best judgment assessment is an assessment carried out as per the best judgment of the Assessing Officer. Best judgment assessment can only be made at the instance of certain failures as specified under section 144 on the part of the taxpayer.
