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Re-Assessment

Tax Demand Contradicts going Concern Exemption: Madras HC Orders Re-Assessment [Read Order]

Nandan GK

The Madras High Court observed that the GST demand on a going concern transfer was arbitrary and unsustainable as it contradicted the tax...

No Reopening of Income Tax Assessment on Entirely New Material: Delhi HC upholds Right of Assessee...

ITAT quashes Reassessment Order passed u/s 148 of Income Tax Act based on vague reasons related to...

AO Failed to Record Reason for Escape of Income due to Non-disclosure of Materials Facts by Assessee...

Increase - Property- Tax -Rates- Raises- Chennai- Corporation’s -Revenue-TAXSCAN

Increase in Property Tax Rates Raises Chennai Corporation’s Revenue

No Live Link b/w AIR Information and AO’s Finding that Assessee is Beneficiary of Fraudulent Transactions: ITAT Quashes Re-Assessment Proceedings [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) held that Mere ground of being benefitted from fraudulent transaction doesn't prove being a beneficiary to such fraud. The appellant, an...

Issuance of Notice u/s 147 of Income Tax Act without Jurisdiction: ITAT Quashes Re-Assessment [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) granted partial approval to the appeal made under Section 147 & 148 of the Income Tax Act, 1961. The basis for this decision was that...

Re-assessment Order u/s 147 of Income Tax Act in the Name of Non-existing Entity is Invalid: ITAT [Read Order]

The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the re-assessment order under section 147 of the Income Tax Act,1961 in the name of any non-existing entity was...

Re-assessment u/s 147 of Income Tax Act After Expiry of Four years from End of Relevant Year of Assessment is Invalid: ITAT [Read Order]

The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the reopening of assessment under section 147 of the Income Tax Act,1961 after the expiry of four years from the end of the...

ITAT quashes Reassessment Proceedings Initiated by Assessing Officer without having Tangible Materials [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has recently quashed the reassessment proceedings initiated by the Assessing officer without having tangible materials. The...

Section 292BB of Income Tax Act shall not applicable if Assessee not Participated in Reassessment Proceedings: ITAT quashes Notice to Dead Person [Read Order]

The Delhi bench of Income Tax Appellate Tribunal (ITAT) quashed the notice issued to dead person and held that section 292B of the Income Tax Act, 1961 should not be applicable if the assessee has...

Money Borrowed for Business Purpose is Allowable as Business Expenditure :ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the money borrowed for business purposes was allowable as business expenditure. The assessee Applitech Solution Ltd. was...