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 : Learn about various types of income tax assessments under Sections 143, 144, and 147, their procedures, time limits, and taxpayer ...
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 Hyderabad holds 12.5% profit estimation on ₹2.52 crore bank credits excessive; rejects commission agent claim due to lack o...
Income Tax : ITAT Hyderabad holds that Section 249(4)(b) cannot bar appeal where no income is admitted and no advance tax is payable; sets asid...
Income Tax : The Tribunal restored the case as the CIT(A) confirmed additions without granting adequate opportunity of hearing. It held that fa...
Income Tax : The tribunal held that cash deposits cannot be treated as unexplained when sufficient recorded cash receipts exist. Once books sup...
Income Tax : The High Court quashed assessment and penalty orders after finding notices were sent to an incorrect email address. It held that i...
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ITAT Raipur permits assessee to withdraw a duplicate tax appeal filed due to a technical error, dismissing the case as withdrawn.
ITAT Bangalore remands case concerning cash deposits during demonetization, directing the AO to re-assess the addition u/s 69A after considering CBDT circulars and granting the assessee a fair hearing.
ITAT Raipur held that order of transfer of case under section 127 of the Income Tax Act without granting opportunity of being heard to appellant is bad-in-law. Accordingly, matter restored back to file of CIT(A).
In the matter abovementioned ITAT allowed appeal of the assessee for statistical purpose by way of remand after considering that assessee was unable to submit details before CIT (A) due to unfortunate accident of CA.
Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be completed prior to the expiry of the time limit as prescribed under Section 149(1) of the Act.
ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustified since source of cash deposits duly explained. Hence, addition liable to be deleted.
ITAT Pune confirms CIT’s order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. Appeals for AYs 2013-14 & 2014-15 dismissed.
Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It has more than 3800 members comprising of Advocates, Chartered Accountants, and tax practitioners.
ITAT Raipur held that AO has passed the final assessment order u/s.143(3) r.w.s. 153B(b) of the Act without seeking a prior approval of the same by the Jt. CIT u/s. 153D of the Income Tax Act and hence the order so passed is liable to be quashed.
ITAT Chennai sends ₹42.72 lakh cash deposit case back to AO for fresh assessment after assessee fails to justify deposits made during demonetization.
