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...
The ITAT Delhi has directed the NFAC to apply the peak credit theory and allow set-off against agricultural income for unexplained cash deposits in the reassessment of Shakti Singh.
Ahmedabad ITAT remands Naimishbhai Kantibhai Patel’s reassessment case for a fresh opportunity, citing non-compliance and imposing a Rs. 5,000 cost.
Mumbai ITAT allows full depreciation for New Rampgreen Technologies, citing asset ownership date. It also voids the reassessment, holding that the tax audit report was already with the AO, preventing a ‘change of opinion’ based reopening.
ITAT Kolkata condones 148-day delay in Sandeep Prasad’s appeal citing medical grounds and legal oversight, remanding case to CIT(A) for fresh merits review.
The ITAT Mumbai has set aside a deemed dividend order against Yashvardhan Gokuldas Binani, allowing re-examination of a loan as a commercial transaction, citing non-compliance.
ITAT Delhi rules Section 249(4)(b) inapplicable for Sangeet Kathuria’s appeal dismissal, when no return was filed and no admitted income existed, remanding the case for fresh assessment.
ITAT Raipur held that ex-parte order passed by CIT(A) is liable to be set aside since there were justifiable reasons for the assessee trust of having remained unaware about the on-going appellate proceedings before the CIT(A). Accordingly, matter restored back for fresh consideration.
ITAT Jaipur held that denial of exemption u/s. 10(23C)(iiiad) of the Income Tax Act for non-filing of return before due date prescribed u/s. 139(1) not justified since aggregate annual receipts doesn’t exceed specified limit. Accordingly, exemption granted and appeal allowed.
Chennai ITAT remands a case involving Rs 6.16 crore in unexplained cash deposits by a cooperative society, allowing a fresh adjudication after non-compliance, with a cost of Rs 5,000.
Patna ITAT remands penalty case of Narayani Educational Health and Charitable Trust, allowing re-examination of Section 271(1)(b) levy due to lack of evidence submission.
