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In a recent ruling ITAT Delhi partly allowed the appeal of the assessee and modified the order passed by the AO is modified to restrict the unaccounted income by applying 0.3% of the total credits received during the year.
Delhi High Court held that validity of reassessment under section 148 of the Income Tax Act has to be determined based on original reasons disclosed to the assessee. Such reasons cannot be improved upon subsequently.
The petitioner has filed the present petition, inter alia, impugning a notice dated 22.03.2024 issued u/s. 148A(b) of the Income Tax Act, 1961 as well as the order dated 31.03.2024 issued u/s. 148A(d) of the Act.
ITAT Ahmedabad held that passing of order by CIT(A) without taking into account the submission made by the assessee is not sustainable in law. Accordingly, matter remitted back to the file of CIT(A).
Devanur Thimmasetty Srinivasa Vs ITO (Karnataka High Court) Assessment order taking entirety of the sale consideration without taking note of the indexed cost of acquisition. is liable to set-aside- Karnataka HC In a recent ruling, the Karnataka High Court quashed an income tax reassessment order and notice issued to the petitioner where the full sale […]
ITAT Kolkata held that in course of reassessment, AO concludes that no additions or modifications are warranted under these heads, it would not be entitled to make any additions in respect of other items forming part of original return.
Delhi High Court held that reopening of assessment under section 148 of the Income Tax Act beyond the period as stipulated under section 149(1) of the Income Tax Act is not permissible. Accordingly, notice issued beyond time limit set aside.
It is mainly contested that invocation of jurisdiction under Section 148 of the Act was beyond the period of limitation under Section 148 read with Section 147 of the Act as there was no suppression of facts by the petitioners.
ITAT Surat held that each and every addition cannot be a basis for levying a penalty under section 271(1)(c) of the Income Tax Act. There has to be deliberate furnishing of inaccurate particulars or concealed income for levy of penalty.
ITAT Bangalore held that once the sale consideration mentioned in the sale deed differs from the stamp value adopted by the officer, AO has to adopt the procedures contemplated u/s. 50C of the Act. Accordingly, appeal filed by the assessee dismissed.
