Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : ITAT Mumbai held that penalty under Section 270A cannot be levied merely because income was estimated after rejection of books. Si...
Income Tax : The Income Tax Department explains how faceless assessments under Section 144B operate through the e-Filing portal without requiri...
Income Tax : The guide explains faceless assessments, appeals, penalties, rectification requests, and demand responses under the Income-tax Act...
Income Tax : Courts have held that non-compliance with mandatory procedures under Section 144B renders faceless assessment orders void. The rul...
Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...
Income Tax : The Kerala High Court, today admitted a batch of Writ Petitions challenging the constitutional validity of the Faceless Assessment...
Income Tax : ITAT Mumbai remanded the case to examine whether Section 56(2)(x) applied based on the agreement date and to consider refund of ex...
Income Tax : ITAT Mumbai deleted a Section 69 addition after finding documentary evidence established joint ownership, source of funds, and ear...
Income Tax : ITAT Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : ITAT Mumbai quashed a Section 148 notice issued after the limitation under the first proviso to Section 149, holding the reassessm...
Income Tax : The High Court held that an assessment order passed without issuing a show cause notice detailing the proposed additions violated ...
Income Tax : CBDT issues guidelines for IT verification under Section 144B(5), detailing circumstances for digital and physical checks, effecti...
Income Tax : In pursuance of sub-section (3) of section 144B of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the fo...
Income Tax : Standard Operating Procedure (SOP) for Assessment Unit (AU), Verification Unit (VU), Technical Unit (TU) and Review Unit (RU) unde...
Income Tax : Roll out of first phase of changes in ITBA functionalities for Faceless Assessment due to amendments in Section 144B by Finance Ac...
Income Tax : National Faceless Penalty Centre, in accordance with the guidelines issued by the Board, may,–– (a) in a case where imposit...
The Tribunal held that interest earned by a co-operative society from investments with co-operative banks falls within Section 80P(2)(d). Such income is deductible, subject to verification of the source and bifurcation.
Cash deposits followed by regular transfers to the telecom operator established a clear business cycle. The ruling confirms that explained business receipts cannot be treated as unexplained cash.
The ITAT held that an assessment made in the name of an amalgamated company is void ab initio, even where proceedings continued after merger intimation.
The Tribunal held that reassessment under section 147 fails when the alleged income escapement cited for reopening is accepted and no related addition is made. Without sustaining the original reason for reopening, jurisdiction itself collapses.
ITAT Delhi held that Final Assessment Order passed u/s 143(3) r.w.s. 144C(13) passed beyond time limit prescribed under section 153 of the Income Tax Act is barred by limitation. Accordingly, Final Assessment Order is liable to be quashed.
The Tribunal ruled that Sections 144C and 153 must be read harmoniously and that DRP proceedings do not extend statutory limitation. Any final order issued beyond the prescribed time is void ab initio and liable to be quashed.
The Tribunal held that reassessment notices issued by the Jurisdictional AO after the faceless regime came into force are invalid. The key takeaway is that only faceless authorities can initiate reassessment post-29 March 2022.
The Tribunal held that reassessment proceedings are invalid where notices are issued by the Jurisdictional AO instead of the Faceless AO. Non-compliance with the faceless scheme renders the entire process void.
The ruling clarifies that mere reproduction of third-party information alleging disproportionate assets is insufficient. The Assessing Officer must clearly identify escaped income and apply independent reasoning.
It was ruled that reassessment proceedings must be initiated only through the faceless mechanism after the CBDT notification under section 151A. The concept of concurrent jurisdiction between JAO and FAO was expressly rejected.
