Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
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 : Starting October 1, 2024, Commissioners (Appeals) will gain new powers to set aside and refer best judgment assessments back to As...
Income Tax : ITAT Hyderabad deleted Section 69A addition as cash deposits were already accepted as business turnover under Section 44AD, avoidi...
Income Tax : ITAT Delhi allowed the registered valuer's cost of improvement after holding that the AO could not reject it without making a refe...
Income Tax : ITAT Amritsar set aside the reassessment and remanded the matter for fresh adjudication after directing verification of Section 14...
Income Tax : ITAT Delhi deleted Section 68 and bogus purchase additions, holding no incriminating material existed for concluded assessments an...
Income Tax : ITAT Delhi quashed the assessment after holding that the Section 143(2) notice was issued by an ITO lacking pecuniary jurisdiction...
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 Ahmedabad held that an addition under Section 68 cannot be sustained solely on information received from the Investigation Wing without independent enquiry or supporting evidence. The Tribunal upheld deletion of the addition after finding no direct link between the assessee and the alleged accommodation entries.
The Court held that the assessment and consequential demand could not stand where the petitioner had not participated in the proceedings and offered a bona fide explanation. The matter was remanded to the notice stage for fresh consideration.
ITAT Pune held that the reassessment proceedings were invalid because the notice under Section 148 was approved by the Principal Commissioner instead of the authority prescribed under Section 151(ii). The reassessment order was declared void ab initio.
ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to its business of providing credit facilities. The deduction under Section 80P(2)(a) was therefore allowed.
Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures, notices, timelines, reassessment provisions, and taxpayer remedies.
Gujarat High Court held that rejection of a Vivad se Vishwas declaration was invalid because final assessment arose from survey proceedings under Section 133A, not a search under Section 132. Court ruled that Section 96(a)(i) cannot be applied beyond its express wording.
The High Court set aside the assessment order, demand notice, and bank attachment after finding that the proceedings were completed without the petitioner’s participation. The matter was restored to the stage of the Section 148A(b) notice for a fresh response.
The ITAT held that the Assessing Officer failed to produce any material establishing a connection between the assessee and the alleged accommodation entry provider. It upheld the deletion of the Section 69A addition for lack of supporting evidence.
The ITAT Visakhapatnam held that deduction under Section 80P cannot be allowed where the assessee failed to file a valid return of income, attracting the bar under Section 80A(5).
The ITAT Visakhapatnam held that deduction under Section 80P cannot be allowed where the assessee failed to file a valid return of income as required under Section 139 and Section 80A(5).
