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 Ahmedabad dismisses a revenue appeal, upholding the deletion of a ₹1.5 crore addition. The tribunal ruled the amount was a loan given, not a cash credit received.
CESTAT Chennai held that classification of Amprolium HCL under Customs Tariff Heading [CTH] 2933 9900 upheld. Accordingly, duty and interest as ordered is upheld.
ITAT Delhi: Cash deposits in a dissolved firms bank account are taxable only in the proprietors hands, not the partnerships. The protective addition was deleted.
Delhi ITAT invalidates reassessment notices issued for AY 2015-16 after April 1, 2021. The ruling, based on Supreme Court and High Court precedents, confirms they are time-barred.
The ITAT Kolkata has quashed a reassessment notice and a subsequent Rs. 7.03 Cr addition, ruling that once a Section 263 revision proceeding is dropped, a Section 147 reassessment on the same issue cannot be initiated.
The ITAT Ahmedabad has sent a cash deposit addition case back to the Assessing Officer for review, citing new evidence including a joint bank account with an agriculturist father and an affidavit.
The ITAT Mumbai ruled that a penalty cannot be levied on additions made on an estimated basis. The case of Khodiyar Impex vs. ITO clarified that a 3% disallowance on alleged bogus purchases doesn’t constitute concealment of income.
ITAT Mumbai held that the Explanation to section 14A of the Income Tax Act inserted by the Finance Act, 2022 is prospective in nature and cannot be applied to assessment years preceding the amendment. Accordingly, appeal of revenue dismissed.
The ITAT Pune has ordered a fresh hearing for a scrap dealers ₹3.84 crore tax dispute, ruling that the initial appeals were wrongly dismissed without merit review.
Late Return Filed after Sec 142(1) Notice Held Invalid; No 143(2) Notice Required When Return is Invalid; ITAT Restores Sec 69A Addition to AO
