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...
Section 263 could not be used merely to impose a different view on the estimation rate. Since the declared income exceeded the presumptive tax threshold, there was no loss to revenue, making the revision unjustified.
ITAT Ahmedabad directs verification of agricultural land sale 10 km beyond municipal limits to determine its capital asset status under Section 2(14)(iii).
ITAT Chennai sends case back for reassessment as the assessee was not given a final opportunity to explain cash deposits in bank accounts for AY 2012-13.
ITAT Chennai allows reassessment of ₹54.70 lakh cash deposits during demonetization, granting the assessee another opportunity subject to a ₹5,000 cost payment.
Learn how the PCIT correctly invoked Section 263 of the Income Tax Act due to the AO’s misapplication of law in taxing Stamp Duty Valuation and Unexplained Investment. Explore detailed analysis of Section 56(2)(x), Section 69, and key judicial precedents.
ITAT Pune cancels penalty imposed on Balbir Kaur Birdie for non-compliance with tax notices, citing reasonable cause due to COVID-19 and technical issues.
ITAT Pune restores Mauli Nagari’s tax case to CIT(A)-NFAC due to non-compliance issues. Read about penalties, unexplained cash deposits & reassessment.
Assessee and his family have 261 bighas of agricultural land and did not filed his ITR for AY 2017-18. AO received information that there was cash deposits of Rs. 10,00,000/- in the bank accounts of the assessee during demonetization
ITAT Jaipur remands Jai Prakash Sharma’s case for fresh hearing after CIT(A) added ₹12,06,189 as undisclosed income due to non-compliance in earlier proceedings.
Madras High Court held that once the purchase of machinery itself was found to be false and the transaction was sham, the claim of depreciation cannot be sustained. Appeal dismissed, accordingly.
