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 Delhi held that notice under section 143(2) of the Income Tax Act issued by ITO, who didn’t have jurisdiction over the assessee, instead of DCIT is unwarranted. Thus, assessment order based on invalid notice is not sustainable.
Relying on the jurisdictional High Court precedent, the Tribunal quashed the entire crore addition, holding that service of the notice beyond the statutory limitation date is a fatal flaw. The decision emphasizes that procedural compliance with the time limit is mandatory and cannot be waived.
TAT Delhi rules that deletion of unsecured loan additions under Section 68 is procedurally flawed if AO is denied opportunity to verify fresh evidence. Matter remanded for de novo examination.
he ITAT restricted a S.69A addition on ₹1 crore cash deposits, ruling that treating the entire gross receipt as unexplained income was unjustified for a commission agent. Considering the low-margin onion trading business and past assessments, the Tribunal estimated 4% of the deposits as the correct taxable commission income.
ITAT Hyderabad upholds remand for ex-parte reassessment, allowing the assessee to challenge the Section 148 notice validity based on the mandatory faceless procedure violation in fresh proceedings.
ITAT Ahmedabad deletes Rs.11.27 lakh addition for penny stock investment, ruling the Revenue failed to prove the investment originated from the assessee’s own unexplained funds under Section 69B.
The ITAT ruled against mechanically confirming a large addition under Section 69C, stating that tax authorities must genuinely distinguish between procedural discrepancies and fraudulent inflation. The case was sent back, underscoring that documentary proof is essential before penalizing for purchase differences.
The ITAT ruled that the CIT(A) cannot set aside a reassessment order framed under Section 147 read with Section 144B, as the limited power to remand only applies to best-judgment assessments under Section 144. The Tribunal sent the penny stock LTCG case back, directing the CIT(A) to decide the appeal strictly on its merits.
Drying and roasting were diametrically different processes, and that imported roasted areca nuts must be classified as roasted nuts and not as dried nuts. The Court quashed the seizure made by Customs authorities and directed the release of the goods.
Karnataka HC quashed a faceless ex-parte tax assessment and penalties, ruling that statutory notice sent to an inactive email ID invalidates the entire assessment process.
