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...
ITAT Agra held that reassessment proceedings framed using a PAN surrendered years earlier were invalid. Since the assessment was based on a non-existent PAN, the entire proceedings were quashed.
The ITAT held that a penalty under Section 271AAC could not be decided independently when the underlying assessment had already been remanded for fresh adjudication. The penalty issue was restored to the AO for reconsideration after completion of quantum proceedings.
The Tribunal ruled that reassessment proceedings initiated on the basis of an invalid Section 148 notice were void ab initio. It observed that where jurisdiction itself is lacking, the proper course is to annul the proceedings rather than remand the matter. The decision underscores the mandatory nature of statutory limitation periods.
ITAT Ahmedabad held that a protective addition cannot be deleted merely because a substantive addition has been confirmed at the first appellate stage if the substantive addition is still under challenge. The ruling emphasizes that protective additions may continue until final adjudication.
ITAT Hyderabad held that dismissal of an appeal under section 249(4)(b) was unjustified where the assessee claimed that the receipts were exempt retirement benefits and no advance tax liability arose. The matter was remanded to the AO to verify the nature and taxability of the amounts reflected in Form 16.
ITAT Delhi set aside the assessment after finding that the assessees additional evidence had not been properly scrutinized by the tax authorities. The Tribunal emphasized adherence to principles of natural justice before sustaining additions.
The Mumbai ITAT held that an addition under section 69 cannot survive when the Revenue fails to establish that the alleged investment was made during the assessment year in question. Documentary evidence showing the transaction belonged to an earlier year remained uncontroverted.
ITAT Mumbai upheld the CIT(A)’s directions to verify fund flow, bank statements, and lenders’ creditworthiness before making additions. The Tribunal found the remand approach legally justified and free from infirmity.
The Tribunal examined whether unsecured loans could be accepted solely on the basis of loan confirmations. It held that confirmations alone do not establish creditworthiness or genuineness and directed further verification by the Assessing Officer.
The Rajasthan High Court held that the enhanced 60% tax rate under Section 115BBE cannot be imposed on income relating to FY 2016-17. The Court emphasized that the amendment expressly took effect from 01.04.2017 and operates prospectively.
