Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : The article explains how the Finance Acts, 2025 and 2026 have reshaped the Updated Return regime under Section 139(8A). It highlig...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : This article explains why reassessment proceedings may be invalid if the Assessing Officer merely relies on Investigation Wing rep...
Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
Income Tax : Discover how Finance Act 2021 revamped assessment and reassessment procedures under Income-tax Act, impacting notices, time limits...
Income Tax : Humble Representation for modification of Section 151 of the Income Tax Act relating to Sanction for issue of Notice under sec. 14...
Income Tax : Income Tax Gazetted Officers’ Association requested CBDT to issue Clarification in respect of the judgement of Hon’ble Supreme...
Corporate Law : Non- extension of the Time Barring Date for assessment of reopened cases and issuance of the notices for reopening – difficu...
Income Tax : Madras HC held that merely issuing a corrigendum acknowledging the return did not rectify the defective assessment process and ord...
Income Tax : ITAT held reassessment under Sections 147/148 invalid because it was based on a pre-1 April 2021 third-party search, requiring pro...
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 : Gujarat HC quashed the reassessment proceedings after holding that ignoring the assessee's adjournment request violated natural ju...
Income Tax : ITAT Kolkata held that extensive documentary evidence, audited books, supplier confirmations and banking records established the g...
Income Tax : The department has identified high-risk cases through its Insight Portal for AYs 2022-25. It directs officers to initiate reassess...
Income Tax : Supreme Court in the matter of Shri Ashish Agarwal, several representations were received asking for time-barring date of such cas...
Corporate Law : Income Tax Gazetted Officers’ Association (W.B.) Unit Date: 02.02.2023. To The Principal Chief Commissioner of Income Tax, W...
Income Tax : CBDT directed that cases reopened u/s 147/148A in consonance with Judgement of SC in case of UoI vs. Ashish Agarwal & CBDT instruc...
Income Tax : Consequent to order passed by Allahabad High Court passing severe strictures and proposing to levy exemplary cost of Rs 50 lakhs i...
The Kolkata ITAT allowed Winner Tradecom Pvt. Limited’s appeal, deleting a ₹15 lakh addition made under Section 68 for an alleged credit from a shell company.
ITAT Kolkata held that issuance of reassessment notice under section 148 of the Income Tax Act expiry of specified period of limitation is time barred and hence invalid and bad-in-law. Accordingly, appeal of assessee is allowed and notice is quashed.
$\text{Karnataka \text{ HC}$ quashes AY 2018-19 reassessment and penalty, ruling that Section 148A(b) notice granting only $\text{5 \text{ days}$ to respond violated the mandatory “not less than seven days” rule.
High Court held that reassessment notices/orders issued by the AO, rather than NFAC, are void due to jurisdictional defects. The ruling reinforces procedural fairness and statutory compliance.
The ITAT Ahmedabad set aside the PCIT’s revisionary order under Section 263, ruling that the AO’s acceptance of ₹12.18 lakh exempt LTCG on Kushal Tradelink shares was based on a detailed inquiry and a plausible view. The Tribunal held that revision is invalid when the AO conducts due diligence, finds no adverse material to link the assessee to price rigging, and takes a possible view on the evidence.
ITAT Jaipur quashed the reassessment order against Late Shri Jitendra Nagar, ruling the AO used the wrong authority (PCIT) for sanction under Section 151(ii), following the Supreme Court’s Rajeev Bansal precedent.
ITAT Mumbai set aside orders taxing a money changer’s Rs.219 crore turnover, holding that neither u/s 68 addition nor arbitrary profit estimation is valid without verifying recreated books.
Gujarat High Court held that reassessment under section 148 of the Income Tax Act is liable to be quashed since income earned in NRE Account is exempt under section 10(4)(ii) of the Act and hence there is no question of escapement of income.
The ITAT Chennai upheld the quashing of a reassessment for AY 2017-18, ruling the u/s 148 notice invalid. As more than three years had elapsed, u/s 151(ii) required sanction from the Principal Chief Commissioner (Pr.CCIT), not the Principal Commissioner (Pr.CIT), confirming the jurisdictional defect.
The ITAT Ahmedabad, applying the Supreme Court’s Rajeev Bansal ruling and Gujarat High Court’s precedent, invalidated a reassessment for AY 2017-18. The order u/s 148A(d) and fresh u/s 148 notice, stemming from a deemed notice issued on 30.06.2021, were held time-barred as they were issued 20 days beyond the maximum seven-day ‘surviving time’ limit.
