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 examined whether reassessment proceedings were valid when initiated beyond the statutory time limit. It held that the notice issued under Section 148 was barred by limitation and invalid. The ruling emphasizes strict adherence to limitation provisions in reassessment cases.
The ITAT held that no addition can be made under Section 69A when the source of cash is explained through bank withdrawals. Doubts about utilisation alone cannot justify treating it as unexplained money.
The Tribunal condoned delay after finding reasonable cause and examined the merits of the case. It held that no capital gains arise where purchase and sale consideration are identical.
The Tribunal held that no double deduction was claimed as the provision was already added back in computation. The addition was deleted for being based on incorrect facts.
The tribunal ruled that reassessment proceedings for a period prior to the approval of an NCLT resolution plan cannot be sustained. It held that once the resolution plan is approved, tax demands relating to earlier periods cannot continue against the corporate debtor.
ITAT Mumbai held that long-term capital gains from share sales cannot be treated as unexplained cash credit when the assessee provides contract notes, demat records, and bank statements proving the transactions.
ITAT ruled that jurisdiction to reopen assessment arises only when a valid notice is issued to a living person or legal representative. Since the notice was issued to a deceased assessee, the reassessment order was declared illegal.
The tribunal considered whether total bank credits could be added as unexplained money. It held that when deposits are consistent with declared turnover and business activity, they cannot be treated as unexplained income.
ITAT Chennai rules 60% tax under Section 115BBE not applicable to AY 2017-18 transactions before 01-04-2017; directs tax on ₹30.43 lakh addition at 30%.
The Tribunal held that entire bank deposits cannot automatically be treated as unexplained income under Section 69A. Instead, where deposits relate to commission-based transactions, only a reasonable profit percentage (2% of deposits) should be taxed.
