Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
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 : Starting October 1, 2024, Commissioners (Appeals) will gain new powers to set aside and refer best judgment assessments back to As...
Income Tax : ITAT Bangalore remanded the assessment after holding that income estimation based solely on bank deposits without supporting evide...
Income Tax : ITAT Bangalore deleted the Section 69A addition after holding that member details established the source of cash deposits made dur...
Income Tax : ITAT Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : ITAT Agra held Section 44AD could not apply where turnover exceeded the limit, adopted past profit history, allowed telescoping an...
Income Tax : Madras HC held that merely issuing a corrigendum acknowledging the return did not rectify the defective assessment process and ord...
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...
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.
Self Assessment u/s 140A: This simply means that the person is calculating his own tax liability and thereafter filing ITR after payment of self calculated tax. Since assessee himself calculates the tax and income, it is called as self assessment.
