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 Pune rules that a CIT(A) cannot remand assessments under Section 147. This power to set aside and remand is restricted only to Section 144 assessments.
In the present cases, the respondents in the first batch of cases being non-resident assessees engaged in the business of exploration in terms of Section 44BB of the Income Tax Act, 1961, are eligible assessees within the meaning of Section 144C.
The Ld. AR requested that the matter may be remitted to the Ld. AO while the Ld. DR supported the order of the Ld. CIT(A). After considering the facts of the case, we deem it appropriate in the interest of justice and fair play that another opportunity needs to be provided to the assessee to represent her case properly before the Ld.
ITAT Bangalore held that cash gifts received from relatives and friends during wedding cannot be treated as unexplained money u/s. 69A of the Income Tax Act merely because each donor is not individually verified. Accordingly, addition directed to be deleted.
ITAT Panaji held that ad-hoc determination of taxable income without invoking special audit u/s. 142(2A) of the Income Tax Act not only jostled ad-hoc & irrational estimations but led to farfetched determination due to complexity of business. Accordingly, matter remanded back to AO.
Cash deposits made by assessee during the demonetization period were properly explained and recorded, therefore, addition made under section 69A of ₹17,16,000 and taxed under section 115BBE was not sustainable.
ITAT Ahmedabad held that mere titular ownership of bank account is not conclusive. Thus, addition u/s. 69A of the Income tax Act towards unexplained cash deposit cannot be sustained without proper inquiry into identity of actual beneficiary of cash deposits.
The ITAT Cuttack has remanded a case involving a ₹9 lakh cash deposit to the CIT(A), granting the assessee one final opportunity to produce evidence after a delay of 302 days due to illness.
ITAT Mumbai overturns dismissal of appeals for Rajesh Babulal Shah, citing Supreme Court’s ‘Katiji’ ruling on condonation of delay and remanding cases.
ITAT Cochin remands agricultural income tax case for fresh hearing, citing ex-parte dismissal by CIT(A) without merit review, ensuring fair opportunity for assessee.
