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ITAT Bangalore held that addition under section 68 of the Income Tax Act towards unexplained money send back for de novo reassessment due to difference in amounts and unclear information.
The assessee is an individual, whose case for AY 2011-12 was reopened on the basis of AIR information available in the system of department, accordingly, a notice u/s 148 was issued on 30.03.2018 and served upon the assessee through RPAD.
The petitioner has filed the present petition impugning a notice dated 27.03.2018 issued under Section 148 of the Income Tax Act, 1961 for reopening the petitioner’s assessment for the Assessment Year 2011-12.
Explore key insights on income tax reassessments in light of recent Supreme Court rulings, focusing on changes to procedures and time limits.
ITAT Jaipur held that mere entering into the Development Agreement would not permit invocation of section 45(2) of the Income Tax Act. There is no positive act which indicates that the assessee has treated capital asset as stock-in-trade.
ITAT Chennai held that approval of large number of cases in a single day cannot be reason for faulting reopening of assessment since the case was reopened u/s. 148 of the Income Tax Act after due application of mind.
SC clarifies TOLA’s application to Income Tax Act post-April 2021, covering reassessment notice deadlines and procedural timelines. Notices beyond limits are void.
AO proceeded to finalize the assessment based on available records, as the assessee had still not responded or provided any explanations regarding the unexplained cash deposits. AO added the unexplained cash deposits of Rs. 3,13,34,845/- to the total income.
ITAT Bangalore held that granting an opportunity to cross examine essential when addition is made on the basis of 3rd party statements. Non-granting any opportunity of cross examination violates the principle of natural which vitiates the validity of addition.
ITAT Chennai held that cash received under unregistered will accepted as will furnished by the assessee not established as fabricated one by the department and there is no requirement in law to get the will registered.
