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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 74982 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 66654 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 5298 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 15717 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 8763 Views 0 comment Print

Latest Judiciary

Madras HC Dismisses WP Against Section 263 Revision Order, Directs Appeal

Income Tax : Madras High Court dismisses writ petition challenging revision order under Section 263 of IT Act, directing pursuit of statutory a...

May 14, 2024 963 Views 0 comment Print

AO Misconstrued Directions by PCIT, ITAT Kolkata Directs Re-adjudication

Income Tax : Rajendra Kumar Mishra vs. ACIT case: ITAT Kolkata directs re-evaluation as AO misinterpreted PCIT's orders on loan payments....

May 12, 2024 444 Views 0 comment Print

Expenditure u/s 37(1) should be disallowed to the extent not in line with existing business

Income Tax : Expenditure incurred by assessee should be disallowed to the extent that expenditure which had been incurred for evaluation of bus...

May 11, 2024 1062 Views 0 comment Print

Demonetization Deposits Not Subject to Section 69A addition if Source Explained

Income Tax : In the Satishbhai Kadvabhai Sarvaiya Vs ITO case, ITAT Rajkot rules that during demonetization, deposits don't warrant addition un...

May 9, 2024 837 Views 0 comment Print

ITAT Grants Additional Opportunity to prove Demonetization Cash Deposit source

Income Tax : Hyderabad ITAT grants additional opportunity to taxpayer to explain nature & source of cash deposits made during demonetization. R...

May 9, 2024 225 Views 0 comment Print

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

March 3, 2024 558 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 2853 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 483 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 564 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 2424 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 990 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 441 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.

ITAT Ahmedabad Quashes Reassessment Beyond 4-Year Limit, Citing Lack of New Material

February 14, 2024 369 Views 0 comment Print

ITAT Ahmedabad sets aside re-assessment proceedings initiated after 4 years from the AY end, citing no new material for reassessment under Section 147 of the Income Tax Act.

Section 263 Jurisdiction cannot be exercised When Larger Issue Pending Before CIT(A)

February 13, 2024 798 Views 0 comment Print

Chennai ITAT finds revisionary authority’s exercise of jurisdiction under section 263 invalid when a larger issue is pending before CIT(A), upholding legal precedents.

Section 80P Deduction Conditional on Timely Claim in Return Filed U/s 139(1)

February 13, 2024 1059 Views 1 comment Print

Explore the ITAT Bangalore verdict on how the statutory deadline for filing returns affects eligibility for deductions under Section 80P, highlighting the case of Madhu Souharda Pathina Sahakari Niyamitha vs ITO.

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