Read all Latest Updates on and about Section 143 (3) of the Income Tax Act

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No Right to Assessing Authority in Reassessing Prior Years Without Inquiry While Considering Assessment of Relevant Year under Income Tax Act: Kerala HC [Read Order]

Yogitha S. Yogesh

In a significant case, the Kerala High Court held that assessing authority has no right to reassess prior years without inquiry while determining the...

Substitution of Legally Sustainable View taken by AO u/s 263 Revision Proceedings Invalid: ITAT...

Inordinate Delay of 880 Days in Re -filing Income Tax Appeal: Delhi HC rejects Condonation Plea....

ITAT quashes Reassessment Order on Cash Deposits due to AO's Vague Reasoning and Non-Application of...

ITAT dismisses CIT(E) Appeal on Mahindra International School's Tax Exemption due to Non-Compliance...

Delhi HC quashes Income Tax Reassessment Notices issued after Completion of Assessment Proceedings [Read Order]

In a recent ruling, the Delhi High Court held that the impugned action for income tax reassessment could be sustained. In this case, the petitioner Satish Chand Jain had filed his Income Tax...

Discrepancy in Form 26AS and Books of Accounts Due to Typographical Error in Receipts: ITAT Sets aside CIT(A) Order [Read Order]

The two member bench of the Income Tax Appellate Tribunal ( ITAT ), Ahmedabad has set aside the Commissioner of Income Tax (Appeals) order, finding that the discrepancy between Form 26AS and the...

Reopening of Assessment and Work-in-Progress Disallowance Unjustified Due to Change of Opinion by AO: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) found that the reopening of the assessment and the disallowance of work-in-progress were unjustified due to a change of opinion by the...

Limitation u/s 263 of Ties to Original Assessment Order when Reassessment Order is Distinct and Different: Rajasthan HC [Read Order]

The Rajasthan High Court set aside the notice issued under Section 263 of the Income Tax Act, 1961 stating the limitation invoking revisionary powers relate back to original income tax assessment...

S. 28(iv) of Income Tax cannot be invoked without Business Income from Investment Shares: ITAT rules in Favor of Hero Motocorp [Read Order]

Concerning the case of Hero Motocorp, the Income Tax of Appellate Tribunal ( ITAT ) observed the discounted shares were incorrectly taxed under Section 28(iv) of Income Tax Act, 1961 instead of being...

ITAT deletes Adjustment on Guarantee Fee Payment, Upholds Judicial Consistency [Read Order]

Recently, Income Tax Appellate Tribunal ( ITAT ) Ahmedabad ruled in favour of the appellant in an appeal filed against the order of the Assessment Officer (AO) made under Section 143(3) read with...

2 Days given for Reply to Income Tax Notice: Karnataka HC quashes Demand Order [Read Order]

The Single bench of the Karnataka High Court, headed by Justice S. Sunil Dutt Yadav, quashed the demand order prior to which only a two-day period was granted to reply to the Income Tax Show Cause...

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