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 clarifies that capital gains arise on the date of JDA execution, not registration, and allows reassessment if the agreement is cancelled before possession transfer.
The Hyderabad tribunal clarified that section 144C provisions are procedural and cannot extend the statutory limitation under section 153. The AO passed the final assessment order after the permissible period, leading to quashing. The ruling strengthens the principle that statutory deadlines are paramount in tax proceedings.
The Tribunal remanded the sustained cash deposit addition after accepting additional evidence. It directed the CIT(A) to reconsider the ₹7.02 lakh addition through de novo adjudication.
ITAT Chennai ruled that notional contract values in F&O trading cannot be treated as real income. The case was sent back to the AO for reassessment based on actual profits and losses.
The Tribunal ruled that issuing a Section 143(2) notice before communicating reasons for reopening deprives the assessee of its statutory right to object. This violation invalidated the entire reassessment for the second year. The decision underscores that procedural fairness in reopening is a statutory mandate, not optional.
The Tribunal held that cash deposits were fully supported by stock records and sales invoices, proving they were genuine business receipts. It ruled that Section 68 cannot apply to recorded turnover already taxed.
Tribunal held that natural justice was violated when notices were sent only by email despite explicit instructions otherwise. Appeals were restored with costs, and the Assessing Officer must reconsider the case after allowing additional evidence.
Tribunal directs AO to apply the 30% tax rate on unexplained cash deposits during Nov–Dec 2016, citing Madras High Court ruling, partially allowing assessee’s appeal.
ITAT condoned delay as assessee learned of assessment only after bank account attachment, emphasizing the violation of natural justice. Key takeaway: Ex-parte orders require proper notice before dismissal.
Court held that an income tax assessment issued after the assessee’s death is null and void, emphasizing the legal heir’s right to contest the order.
