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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 73569 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 63705 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 5292 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 15282 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 8559 Views 0 comment Print

Latest Judiciary

Income determination in assessment cannot dictate filing of ITRs: ITAT Quashes section 271F Penalty

Income Tax : ITAT Ahmedabad quashes penalties under Section 271(1)(b) & 271F of the Income Tax Act, emphasizing that income determination in as...

April 18, 2024 141 Views 0 comment Print

HC should not scrutinize an order of ITSC as an appellate court: Bombay HC

Income Tax : The Bombay High Court upholds the discretion of the Income Tax Settlement Commission, stressing that it should not be reviewed as ...

April 18, 2024 399 Views 0 comment Print

Reassessment of completed assessment Without Incriminating Material Untenable: Delhi HC

Income Tax : Delhi High Court held that a reopening or abatement would be triggered only upon the discovery of material which is likely to “h...

April 12, 2024 963 Views 0 comment Print

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

Income Tax : Regional Oilseeds Growers Co-operative Societies Union Ltd. vs JCIT: ITAT upholds jurisdiction limitation, dismissing appeal regar...

April 12, 2024 450 Views 0 comment Print

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

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

April 9, 2024 147 Views 0 comment Print

If recipient has paid tax, no demand under section 201(1) should be enforced

March 18, 2024 1038 Views 0 comment Print

Mumbai ITAT ruling in Canara Bank vs. ACIT case clarifies TDS liability when taxpayer unaware of subsequent TDS certificate. Detailed analysis & implications.

No Addition on estimation basis without Rejecting Books of Accounts: Delhi HC

March 9, 2024 1089 Views 0 comment Print

Delhi High Court decrees no income addition without rejecting books of accounts in PCIT Vs Forum Sales Pvt. Ltd., upholding ITAT’s decision.

Return Filing Mandatory for claiming Section 80P Deduction: ITAT Bangalore

March 3, 2024 852 Views 0 comment Print

ITAT Bangalore rules deduction under Section 80P of Income Tax Act requires filing of return of income, dismissing Madhu Souharda Pathina’s appeal.

ITAT condones Delay in filing appeal due to Mistake of Counsel & restore matter to CIT(A)

March 3, 2024 447 Views 0 comment Print

Explore the case of Gundarlahally Ramesh Meera Vs ITO as ITAT Bangalore directs readjudication due to delay in filing appeal before lower authorities.

ITAT applied Net Profit Rate of 0.50% instead of 8% Applied by AO

February 25, 2024 2697 Views 0 comment Print

ITAT Kolkata revises the net profit rate to 0.50% from 8% applied by the AO for Dulichand Kundanmal in AY 2014-15, emphasizing fair assessment practices.

Kerala HC Dismisses Writ Petition on Unexplained Cash Deposit

February 22, 2024 462 Views 0 comment Print

Kerala High Court dismisses writ petition challenging assessment order under Section 147 of the IT Act, directing appellant to pursue statutory remedy. Full judgment analysis.

PCIT’s exercise of Section 263 jurisdiction while issue is pending before CIT(A) is invalid

February 20, 2024 483 Views 0 comment Print

Once an appeal is lodged with CIT(A), the PCIT’s authority to revise assessment under Section 263 is circumscribed – Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai)

ITAT deletes Section 69A and 69C addition due to insufficient evidence

February 18, 2024 2031 Views 0 comment Print

Read the full text of the ITAT Chennai order in ACIT vs. Prakash Ferrous Industries Pvt. Ltd. where the assessment order is rejected due to oversight and typographical error under section 143(3).

Liability of Resigned Directors in Negotiable Instruments: Supreme Court Verdict

February 16, 2024 918 Views 0 comment Print

Explore the Supreme Court judgment on whether directors who resigned can be held liable for dishonored negotiable instruments. Understand the legal implications and ramifications.

ITAT Pune Remands Case for Fresh Assessment on Unexplained Investment

February 14, 2024 372 Views 0 comment Print

In a recent ITAT Pune case, an assessee’s failure to prove the source of property investment leads to a call for reassessment. Read the full legal analysis and implications.