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...
Tribunal also took note of the fact that AO had merely reproduced identical reasons for multiple years without verifying facts or forming a belief based on individual year-specific material.
The case of assessee was selected through compulsory manual Statutory notices u/s 143(2) was issued on 21.09.2017. Further, notice u/s 142(1) dated 08.12.2018 and 10.12.2018 were issued, seeking details of sales & purchases of lands, producing books of accounts and to substantiate the Short-Term Capital Gain.
Bombay High Court held that department have acted contrary to the SOP under section 144B of the Income Tax Act violating the principles of natural justice. Accordingly, assessment order passed thereon is liable to be quashed.
Therefore, such interest partook the character of the compensation itself. The Court further observed that the statutory obligation to pay compensation for compulsory acquisition was rooted in Article 300A of the Constitution, which safeguarded a citizen’s right to property.
Additions under Section 69A could not be sustained without concrete evidence and due process and AO had not brought any tangible evidence to prove the alleged cash loan.
To ensure fairness, the ITAT set aside the CIT(A)’s order and remanded the disputed issues back to the CIT(A) for a fresh hearing. This decision was made contingent upon the assessee paying a cost of Rs. 2,000 to the Income Tax Department within one month and providing proof of payment.
ITAT set aside the CIT(A)’s order and remanded the matter back to the CIT(A) to decide the appeal afresh after providing the AO an opportunity under Rule 46A(3) to examine the new evidence submitted by the assessee.
ITAT Jaipur allows Ashok Kumar Jain’s appeal for statistical purposes, remanding capital gains issue to AO for reconsideration with due process.
Karnataka High Court rules Section 263 cannot be invoked solely due to the absence of a DVO report, if best judgment assessment was an option.
ITAT Mumbai held that as per circular no. 6 of 2016 dated 29th February 2016, it is clear that it is the assessee who decides whether the shares are held as investment or stock-in-trade. Thus, here since shares are held as investments, gains are taxable as capital gains.
