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 ...
Income Tax : Understanding assessment under the income tax act, 1961. Learn about the different types of assessments and their implications for...
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...
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...
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...
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 Indore held that rejection of appeal by CIT(A) on the footing of non-payment of advance tax as required by section 249(4)(b) ...
Income Tax : Telangana High Court held that notice issued u/s. 148 of the Income Tax Act must comply with the requirement of the Scheme whether...
Income Tax : Karnataka High Court held that settlement commission, accepting additional income offered as reasonable and giving immunity from p...
Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : ITAT Pune remands the case of Suhas Maruti Dhankude for re-adjudication due to non-adjudication of jurisdictional grounds and fail...
Understanding assessment under the income tax act, 1961. Learn about the different types of assessments and their implications for taxpayers.
Explore the Harpreet Singh Grover vs. ITO case at ITAT Amritsar. Analysis of cash deposit controversy, CIT(A) decision, and ITAT’s order for de novo adjudication.
Provisions for filing of updated return Section 139 of the Act is related to the provisions for filing of Income Tax Return by taxpayers. 2. Sub-section (1) of section 139 of the Act casts responsibility on the taxpayer to furnish a return within a definite time period or up to a particular date, that is, […]
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 created which is quite huge, illegal, baseless and not justified. A very small trader cannot earn so much income that he has to pay tax liability of Rs. 2320480/-. Comparison can be made with the returns filed earlier.
The officer is to make an assessment to the best of his judgment against a person who is in default as regards supplying information. He must not act dishonestly or vindictively or capriciously because he must exercise judgment in the matter. He must make what he honestly believes to be a fair estimate of the […]
Piramal Enterprises Limited Vs Additional/joint/Deputy/Assistant CIT/ITO National e-Assessment Centre (Bombay High Court) The HC declared that assessment for AY 2017-18 made u/s 143(3) vide order dated 22.4.2021 was non est u/s 144B(9) of the Income Tax Act, 1961 for not adhering the procedure laid down u/s 144B(1) and u/s 144B(7/(vii) of the Act and holding […]
Toplight Corporate Management (P.) Ltd. Vs National faceless assessment Centre Delhi (Delhi High Court) Learned counsel for the petitioner states that the impugned assessment order was passed without issuing mandatory draft assessment order along with show cause notice, as contemplated under Section 144B of the Act, resulting in denial of opportunity to the petitioner to […]
Modi Industries Limited vs CIT (Supreme Court) Having regard to the scheme of the Act and use of the phrase `regular assessment’ in various sections of the Act – we are of the view that in Section 214, `regular assessment’ has been used in no other sense than the first order of assessment passed under […]
In best judgment assessment, AO had to bring on record certain material with regard to rate of profit admitted for estimation of profit with some comparable cases of similar nature or profit declared in similar industry
Looking only at the credit entries of the bank and assessment made u/s 144. The assessment framed is vague without looking at the complete bank of the assessee. This article contains the written submissions regarding how important it is looking at the complete material for reopening of assessment and assessment framed u/s 144 of the […]
