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 held that the reassessment notice issued after the assessee’s death raised jurisdictional issues. Legal grounds like issuance to a deceased must be adjudicated before proceeding with assessments.
ITAT held that before treating high-value purchases as bogus, authorities must verify supplier’s GST status, ITC claims, and money trail. Key takeaway: Procedural diligence is required for large-scale disallowances.
Tribunal observed failure to produce books of accounts and remitted matter to AO, emphasizing proper compliance and opportunity to present evidence.
The Tribunal condoned a 294-day delay and remanded the case to the Assessing Officer for AY 2017-18. Cash deposits of ₹49,80,700/- were initially treated as unexplained income under section 68. The ruling allows the assessee one more opportunity to present evidence, emphasizing procedural fairness.
ITAT held that Section 263 requires the PCIT to conduct independent inquiry before declaring an order erroneous. Since the PCIT relied only on assumptions of inadequate inquiry, the revision was invalid.
The ITAT held that notices under Section 148 issued by JAO post-29.03.2022 lacked jurisdiction. Consequently, the reassessment was annulled, emphasizing only Faceless Assessing Officers can issue such notices.
The Tribunal condoned the delay and held that the appeal could not be dismissed in limine. CIT(A) must issue a reasoned order on merits under Section 250(6).
The Tribunal condoned a 28-day delay in filing the appeal due to reasonable cause. The assessee had failed to comply with notices and did not provide evidence for deductions. All additions made by the Assessing Officer, including capital gains and salary income, were upheld.
The Tribunal observed that the cooperative society’s members relied entirely on their CA, who failed to represent them in ex-parte assessments. In the interest of justice, the quantum additions were set aside and restored for fresh adjudication. Penalties were also deleted pending reassessment.
The ITAT quashed assessments under Section 153A due to ex-parte orders, mechanical Section 153D approvals, and failure to give the assessee an opportunity to be heard, emphasizing the importance of natural justice in tax proceedings.
