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 ruled that reopening proceedings cannot survive where the mandatory sanction under Section 151 is not obtained from the prescribed authority. The defect was held to be jurisdictional, rendering the notice invalid.
The Tribunal ruled that addition of the entire amount of bogus purchases as unexplained expenditure was unwarranted in the facts of the case. It reaffirmed that only the estimated profit arising from such purchases should be brought to tax.
The Tribunal condoned the delayed appeal filing after finding sufficient cause and allowed the matter to proceed. It also clarified that reassessment jurisdiction remains valid despite arguments regarding faceless assessment provisions.
The ITAT ruled that deduction of TDS does not excuse failure to file an income tax return. The decision emphasizes that income discovered through departmental records can attract penalty for under-reporting under Section 270A.
The Delhi ITAT found that the Assessing Officer lacked legal authority to reopen assessment years lying outside the ten-year block period computed under Section 153C. Revenue’s appeals challenging the CIT(A)’s decision were dismissed.
The ITAT condoned the delay after finding that assessment and appellate notices were sent to incorrect email addresses. The ruling highlights the importance of valid service of notices in tax proceedings.
The Tribunal quashed the reassessment after finding that the Assessing Officer failed to issue notice under Section 143(2). The decision confirms that compliance with this statutory requirement is indispensable in reassessment proceedings.
ITAT Delhi held that consolidated approvals granted without application of mind under Section 153D were invalid. Consequently, the related assessment orders were declared void and quashed.
The Tribunal held that cash deposits linked to recorded cash sales could not be taxed again under Section 68, as doing so would amount to impermissible double taxation.
ITAT Surat held that additions relating to credit card payments and cash deposits could not be sustained when the assessee had explained them through sales of Amway products and commission income. The Tribunal found that these details had been overlooked by the tax authorities.
