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 Pune restored LTCG issue for AY 2015-16 to CIT(A)/NFAC, directing assessee to submit cost details & evidences, ensuring proper verification and fair adjudication.
ITAT rules that reliance on remand report from a different year is invalid, restoring matter to Assessing Officer for AY 2012-13.
ITAT Hyderabad held that notices issued under Sections 148 and 148A by a Jurisdictional Assessing Officer were invalid, stressing only FAOs can issue such notices under the faceless assessment scheme.
ITAT remanded assessment where substantial 69A addition was made without giving the assessee a chance to present his case. Procedural fairness is critical, even in non-filing scenarios.
Tribunal holds that selling goods below cost does not create marketing intangibles and cannot be capitalised as brand-building expenditure. ESOP reimbursements are reaffirmed as allowable business expenses without TDS.
The tax authority’s assessment and penalty were set aside as the assessee was not given a fair opportunity to submit documents or Rule 46A application. The court emphasized adherence to natural justice before rejecting section 54F claims.
The ITAT ruled a reassessment under Section 147 invalid because the Assessing Officer failed to issue the mandatory Section 143(2) notice. compliance with notice requirements is crucial for valid reassessment.
The Tribunal condoned a 960-day delay after finding that the assessee’s reliance on VSV settlement and pending rectification was a bona fide cause. It ruled that penalty under Section 271D is independent of quantum proceedings. The penalty appeal was wrongly dismissed as infructuous and has been remanded for fresh decision.
The Tribunal found that a fixed-deposit mismatch caused an unjustified ₹5.33-crore addition. Delay was condoned and the matter was remanded for fresh assessment with proper verification.
ITAT Pune held that the CIT(A) failed to adjudicate key legal grounds, including wrong AO jurisdiction and missing Document Identification Number. Entire order under Section 144 r.w.s. 263 was set aside for reconsideration with proper hearing.
