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Reopening of Income Tax Assessment on Change of Opinion Invalid when barred by Limitation: Bombay HC [Read Order]

Manu Sharma

A Division bench of the Bombay High Court has held that reopening of Income Tax assessment on the sole basis of change of opinion is invalid when the...

Non-cooperation with Income Tax Assessment Proceedings, Relevant Details and Records Not Produced:...

NFRA - Burnpur- Cements-CA - Audit-Lapses-Imposes -TAXSCAN

NFRA debars Burnpur Cements' CA for 5 Years for Audit Lapses, Imposes Fine of Rs. 5 Lakhs [Read...

Notice u/s 143(2) of Income Tax Act is Condition Precedent for Framing of Income Tax Assessment:...

ITAT Weekly Round-Up

ITAT deletes Addition Due to Disallowance of Discounts/Subventions in the Income Tax Assessment u/s 40A

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) deletes the addition due to the disallowance of discounts or subventions in the Income Tax Assessment under Section 40 A of the...

Incriminating Statements by Third Parties Cannot Be Used for Addition in Income Tax Assessment: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) recently ruled that the incriminating statements by third parties cannot be used for addition in Income Tax assessment. The ...

Notice u/s 143(2) not issued by AO: ITAT quashes Income Tax Assessment Order [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has quashed the assessment order holding that notice under Section 143(2) of the Income Tax Act, 1961 was not issued by the assessing officer...

Income Tax Assessment u/s 153 A must be based on Incriminating Material: SC [Read Judgement]

The Supreme Court in its recent judgement has held that assessment under Section 153A of the Income Tax Act, 1961 must be based on ‘incriminating’ material. Abhisar Buildwell P. Ltd, the assessee...

Supreme Court upholds quashing of Income Tax Assessment Proceedings initiated u/s 153C for Lack of Incriminating Evidence [Read Judgement]

The Supreme Court has recently upheld the quashing of reassessment proceedings by the jurisdictional High Court and dismissed a bunch of appeals of the revenue in the absence of any incriminating...

NRI Investments in India: What to Do if You Receive an Income Tax Notice

Several UAE-based Indian ex-pats have been receiving notices from the Indian income tax department in relation to their previous investments in India. These notices have led to concerns among...

UAE - NRI - Notice - Income Tax - Tax - Income - Income tax reassessment - reassessment notice - reassessment - Taxscan

Death of Assessee during Income Tax Assessment Proceedings: ITAT directs Re-Adjudication [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has directed re-adjudication noticing the death of assessee during the income tax assessment proceeding. The assessee Salochna Devi is a...

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