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 held that reassessment proceedings initiated by NFAC before Notification No. 18/2022 dated 29.03.2022 were without jurisdiction. Since Section 151A became effective only upon notification, the entire reassessment and related penalty were quashed.
TAT Kolkata ruled that reopening based on unverified foreign information amounted to borrowed satisfaction. Since the sanctioning authority granted approval mechanically, the reassessment was declared void.
The ITAT Bangalore held that reopening of assessment was invalid as it was based on an incorrect assumption that the assessee had claimed bogus long-term capital gains (LTCG) from penny stock transactions.
ITAT Bangalore quashed Sec.263 revision, holding AO had examined Model House and ₹9.68 cr expenses in detail; mere change of opinion cannot justify revision.
The Tribunal held that Section 249(4)(b) does not apply in reassessment where no advance tax liability existed, setting aside dismissal of appeal and restoring it for decision on merits.
ITAT Indore held that in absence of evidence, expense on fuel cost occurred on deployment of JCB’s on rent needs to be ascertained by way of proper and detailed empirical analysis. Accordingly, matter remanded back to the file of AO.
ITAT condoned a 106-day delay considering the assessees senior citizen status and bona fide reasons. On merits, it restored the capital gains issue to the Assessing Officer for de novo verification.
The Tribunal held that cash deposits cannot be treated as unexplained when the bank account is recorded in audited books and disclosed in the ITR. In absence of contrary evidence, the addition under Section 69A was deleted.
The Tribunal observed that the AO disallowed 50% of warranty provisions and 25% of liabilities without justification. It held that in absence of specific defects in remand proceedings, such ad hoc disallowances cannot survive.
The ITAT ruled that dismissing an appeal solely for non-compliance is contrary to law. The appellate authority is obligated to frame issues and pass a reasoned order on each ground raised.
