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Income Tax : Discover how Finance Act 2021 revamped assessment and reassessment procedures under Income-tax Act, impacting notices, time limits...
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Income Tax : The issue was whether reassessment could be initiated after four years without fresh evidence. The court held such reopening inval...
Income Tax : The issue was whether reassessment notice issued without approval from the correct authority is valid. The tribunal held it invali...
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Income Tax : Supreme Court in the matter of Shri Ashish Agarwal, several representations were received asking for time-barring date of such cas...
The AO completed assessment under Section 144 after alleged non-compliance, but failed to prove valid service of notice under Section 148. The Tribunal ruled that absence of jurisdiction renders the entire proceedings null.
The High Court held that reassessment cannot be based on grounds not mentioned in the original Section 148A notice. Since no income had escaped assessment, the reopening was quashed.
The Tribunal ruled that invoking Section 68 on member deposits of a cooperative society was unjustified. Proper books, cash records, and member-wise details were ignored by the AO.
The Tribunal deleted ₹20,00,055 added as unexplained income after finding the transaction was based on mistaken identity. No evidence proved that the assessee received funds from the alleged shell company.
ITAT ruled that without rejecting books of account or disproving sales, addition of aggregate cash deposits is unsustainable. Detailed reconciliations established nexus with business receipts.
The ruling highlights that mere failure to file return, without concealment or tax evasion, does not automatically attract Section 270A penalty. Bona fide explanation and TDS compliance protected the taxpayer.
ITAT ruled that reassessment made pursuant to a quashed Section 263 order has no legal basis. Subsequent additions cannot stand once the revision itself is annulled.
The Tribunal ruled that reassessment completed after the taxpayer s death without issuing notice to legal heirs is void ab initio. Legal heirs are not obligated to inform the Revenue about the death.
The Tribunal held that after expiry of three years, sanction must be obtained from the authority specified under Section 151(ii). Since approval was taken from PCIT instead of PCCIT, the reopening was invalid.
Relying on binding precedent, the Tribunal ruled that additions sustained purely on profit estimation cannot trigger penalty under Section 271(1)(c). Clear evidence of concealment is mandatory for penalty.
