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Section 144

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FAQs on Assessments under Income-tax Law

Income Tax : Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing ...

June 29, 2023 74982 Views 7 comments Print

What is assessment under the income tax act, 1961, and How many types of it are there?

Income Tax : Understanding assessment under the income tax act, 1961. Learn about the different types of assessments and their implications for...

August 16, 2022 66654 Views 0 comment Print

Provisions for filing of updated Income Tax return in Budget 2022

Income Tax : Provisions for filing of updated return Section 139 of the Act is related to the provisions for filing of Income Tax Return by tax...

February 1, 2022 5298 Views 0 comment Print

Addition for Cash deposited in Bank out of Business receipts: Draft Submission

Income Tax : The case of the assessee was decided ex-parte u/s 144 of the Income Tax Act, 1961 in which a demand of Rs. 2320480/- has been crea...

September 25, 2021 15717 Views 0 comment Print

In a best judgement assessment the AO has to make guesswork but honest guess work

Income Tax : The officer is to make an assessment to the best of his judgment against a person who is in default as regards supplying informati...

August 19, 2021 8763 Views 0 comment Print

Latest Judiciary

Madras HC Dismisses WP Against Section 263 Revision Order, Directs Appeal

Income Tax : Madras High Court dismisses writ petition challenging revision order under Section 263 of IT Act, directing pursuit of statutory a...

May 14, 2024 963 Views 0 comment Print

AO Misconstrued Directions by PCIT, ITAT Kolkata Directs Re-adjudication

Income Tax : Rajendra Kumar Mishra vs. ACIT case: ITAT Kolkata directs re-evaluation as AO misinterpreted PCIT's orders on loan payments....

May 12, 2024 444 Views 0 comment Print

Expenditure u/s 37(1) should be disallowed to the extent not in line with existing business

Income Tax : Expenditure incurred by assessee should be disallowed to the extent that expenditure which had been incurred for evaluation of bus...

May 11, 2024 1062 Views 0 comment Print

Demonetization Deposits Not Subject to Section 69A addition if Source Explained

Income Tax : In the Satishbhai Kadvabhai Sarvaiya Vs ITO case, ITAT Rajkot rules that during demonetization, deposits don't warrant addition un...

May 9, 2024 837 Views 0 comment Print

ITAT Grants Additional Opportunity to prove Demonetization Cash Deposit source

Income Tax : Hyderabad ITAT grants additional opportunity to taxpayer to explain nature & source of cash deposits made during demonetization. R...

May 9, 2024 225 Views 0 comment Print

Assessee can challenge jurisdiction of authority issuing assessment order within a month

April 12, 2024 564 Views 0 comment Print

Regional Oilseeds Growers Co-operative Societies Union Ltd. vs JCIT: ITAT upholds jurisdiction limitation, dismissing appeal regarding assessing authority’s jurisdiction challenge under Income Tax Act.

Kerala HC allows Alka Ventures Appeal on Condition of ₹12 Crore Advance Tax deposit

April 9, 2024 171 Views 0 comment Print

Kerala High Court orders Alka Ventures Pvt Ltd to pay 12 crore as advance tax for appeal against assessment order. Details of the judgment provided.

Ex-Parte Order Remanded for Denial of Proper Opportunity: Mumbai ITAT

April 5, 2024 429 Views 0 comment Print

In the case of Mohd Shahid Mohd Yusuf Qureshi Vs DCIT (ITAT Mumbai), an ex-parte order was remanded due to denial of proper opportunity. Full analysis here.

Share capital/premium cannot be added to income for mere non-compliance of summons by subscribers

April 4, 2024 444 Views 0 comment Print

In the Nano Infra Promoters Pvt Ltd vs ITO case at ITAT Kolkata, learn why receipts couldn’t be added to income under section 68 just for summons non-compliance.

Kerala HC dismisses writ petition citing availability of an alternative remedy

March 31, 2024 312 Views 0 comment Print

Kerala High Court dismisses writ petition citing availability of an alternative remedy before ITAT. Details of the case and judgment here.

ITAT Remands Matter, Imposes Cost on Assessee for Lack of Cooperation

March 31, 2024 285 Views 0 comment Print

Read about the ITAT Ahmedabad’s decision in the case of Vivekkumar S Bhavsar vs ITO, where the matter was remanded back to the AO due to lack of cooperation from the assessee. A cost of Rs. 5000 was imposed on the assessee, payable to the Prime Minister National Relief Fund.

Section 251 not empowers CIT(A) to discover new income source: ITAT Ahmedabad

March 28, 2024 534 Views 0 comment Print

Analysis of Rotex Enterprises P. Ltd. Vs DCIT case: CIT(A) exceeded jurisdiction under section 251, ITAT Ahmedabad rules, disallowances unsustainable.

ITAT Quashes Assessment Order for Lack of Property Valuation Report

March 28, 2024 717 Views 0 comment Print

Read the detailed analysis of the ITAT Hyderabad order quashing the assessment for A.Y. 2009-10 due to absence of property valuation report. Learn about the case of Khairunnisa Vs ITO.

ITAT directs CIT(A) to Condone 857-Day Delay considering change in residence & age

March 27, 2024 330 Views 0 comment Print

ITAT Chennai directs condonation of delay in appeal filing due to valid reasons including 56 pre-COVID days, advancing substantial justice.

Investment in Shares is Capital Account Transaction, Not Income: Delhi HC

March 26, 2024 483 Views 0 comment Print

Delhi High Court rules investment in shares as capital account transaction, not income, in AL Amin Investments Limited Vs ACIT case. Analysis & judgment here.

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