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 issue was whether reassessment could be initiated for an amount implicitly accepted in original assessment. The Tribunal ruled that reopening amounted to change of opinion and was legally unsustainable.
Agricultural income was taxed as other income in a best judgment assessment due to non-compliance. The Tribunal restored the matter for fresh assessment to ensure a fair hearing.
The Tribunal held that estimating business income at 10% of turnover without citing comparable cases or industry benchmarks is unsustainable. Arbitrary profit estimation must be supported by material evidence.
The Tribunal found that full construction cost was not proved with evidence. However, a reasonable ad-hoc allowance was granted considering practical difficulties.
The case examined whether an appeal dismissed as withdrawn under the Vivad Se Vishwas Scheme could survive when tax payment was uncertain. The Tribunal ruled that actual payment must be verified and remanded the matter for fresh examination.
The Tribunal found that additions under section 69A were made without examining evidence due to non-compliance. The matter was remanded to allow verification of claimed trading and agricultural receipts.
The Court found that statutory notices were properly issued but went unanswered by legal heirs. To balance equities, the assessment was quashed and remitted subject to a 20% pre-deposit of disputed tax excluding interest.
The tribunal held that dismissal for non-prosecution was invalid where notices were not served on the email ID specified in Form 35. Authorities must strictly follow the communication mode chosen by the taxpayer, failing which proceedings are vitiated.
The Tribunal held that assessments based on survey and requisition material are invalid when such material is not furnished to the assessee. All quantum additions were remanded for fresh adjudication after complying with principles of natural justice.
The issue was whether six years of search assessments could stand when the first appeal was dismissed ex-parte. ITAT held that denial of meaningful hearing violates natural justice and remanded the matters for fresh adjudication.
