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 upheld the remand of an ex parte assessment where substantial bank deposits were not supported by any documentary evidence. It held that unsupported explanations cannot replace proof, and fresh verification by the Assessing Officer was necessary.
The Assessing Officer disallowed interest expenditure in an ex parte order under section 144. The Tribunal ruled that once evidence shows a clear link between interest paid and interest earned, the deduction must be allowed.
The Tribunal held that cash withdrawn from disclosed bank accounts and duly recorded in books cannot be treated as unexplained money merely due to doubts on utilisation, in the absence of adverse evidence.
The issue was whether the appellate authority could bypass jurisdictional objections by remanding the case. The tribunal held that legal grounds striking at jurisdiction must be adjudicated first.
The ruling clarifies that Rule 46A is not breached when additional evidence is remanded but the Assessing Officer fails to respond. Relief granted by the CIT(A) in such cases remains valid.
The issue was whether entire brokerage receipts credited to a bank account could be taxed as income. The Tribunal held that only the profit element is taxable and estimated income at 25% of gross commission.
The dispute concerned treatment of frequent cash deposits collected from customers for recharge services. The Tribunal affirmed that income should be estimated at 8% where records and compliance were lacking.
The ITAT ruled that rectification proceedings cannot substitute for an appellate remedy against an addition under section 69A. Absence of a mistake apparent from the record justified dismissal.
The ruling clarifies that unsecured loans taken and repaid during the same year through banking channels cannot be treated as unexplained credits. Proper documentation and repayment negate allegations of bogus loans
Holding in favour of the assessee, the Tribunal clarified that high-rate taxation under section 115BBE requires clear proof of bogus receipts. Suspicion based on third-party searches is insufficient.
