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 allows appeal despite 1607-day delay citing medical hardship. Penalty u/s 271(1)(c) questioned over income assessment.
ITAT Delhi held that once the books of accounts are rejected, it doesn’t warrant any adhoc addition. Thus, CIT(A) rightly restricted GP @ 1% instead of 1.5% as estimated by AO. Appeal dismissed, accordingly.
ITAT Pune condones delay in appeal by Vaibhav Surve, remands case for reassessment of capital gains on land sale under Section 50C.
In Peter Vaz vs CIT, Bombay HC rules ITAT erred in barring Sec 153C challenge & refusing delay condonation. Cites Rule 27, Balakrishnan (SC). Matter remanded.
ITAT Kolkata quashes assessment reopening in Sudha Surana case, citing lack of AO’s application of mind and invalid PCIT approval.
ITAT Jaipur quashes tax addition and penalty against 82-year-old senior citizen, finding no fault in her investment claims and supporting her submitted evidence.
ITAT Surat condones appeal delay due to non-service of assessment order, remands case for fresh adjudication, ensuring fair hearing.
ITAT Indore deleted Rs. 70.13 lakh investment addition, ruling source of funds sufficiently explained, overturning part of CIT(A) order.
ITAT Jaipur applies Section 44AD, taxing retail business gross deposits at 8%. Addition of Rs. 25.56 lakh reduced; appeal partly allowed.
ITAT Hyderabad held that addition on the basis of loose papers and documents found from the premises of third party is not tenable in the eye of law. Accordingly, appeal of the revenue is dismissed since addition not based on substantial evidence.
