Read all Latest Updates on and about Section 147 of the Income Tax Act

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No Disclosure of Material Facts: Madras HC Invalidates Action for Reopening Income Tax Assessment Notice issued u/s 148 [Read Order]

The Madras High Court has held the reopening of assessment by the Income Tax Department under Section 148 of the Income Tax Act, 1961 to be invalid ...

No Fresh Reassessment after 4 years when Facts Were Fully Disclosed: ITAT [Read Order]

Notice Issued Post 01.04.2021 for AY 2015-16 is Barred by Limitation: ITAT Quashes Reassessment...

Change in Opinion Insufficient for Reassessment: ITAT highlights Validity of Notice u/s 148 in...

Mutual Cooperative Society May Accept Deposits and Lend Loans to its Own Members: ITAT [Read Order]

ITAT Directs Fresh Examination of Alleged Accommodation Entry Addition Based on Investigation Wing Inputs [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has remanded a matter back to the Assessing Officer, holding that an addition made solely on the basis of uncorroborated information ...

Land Sale Allegation Based on Insight Portal Collapses: ITAT Quashes Income Tax Reassessment [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) has quashed reassessment proceedings initiated against asessee holding that reopening based solely on unverified insight portal...

ROC Strike-Off Does Not Invalidate Reassessment where S.148 Notice Predates It: ITAT [Read Order]

The Income Tax Appellate Tribunal, Surat (ITAT) held that reassessment proceedings are not rendered invalid merely because the assessee company’s name was subsequently struck off by the Registrar...

Revenue’s “No ITR Filed” Claim Backfires: Supreme Court sustains Deletion of Income Tax Addition made without Proof [Read Judgement]

The Supreme Court has declined to interfere with a ruling by the Gujarat High Court by which a reassessment initiated on a mistaken premise was quashed along with the deletion of an income tax...

Reopening of Assessment u/s 147 Invalid Due to Defective PCIT Approval: ITAT Quashes Entire Reassessment [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961 are void ab initio when the mandatory...

Client Code Modification in F&O Transactions Allegations Need Transaction-Level Proof: ITAT Remands ₹1.33 Cr Income Addition Matter [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that an argument for income escaping the net of taxation due to Client Code Modification (CCM) in futures and options transactions...

Failure to Adhere to Surviving Time Limit under TOLA Renders Reassessment Proceedings u/s 148 Void: ITAT Quashes Assessment Orders [Read Order]

The Income Tax Appellate Tribunal (ITAT) Bench at Ahmedabad has quashed reassessment proceedings for Assessment Years 2015-16, 2016-17 and 2017-18 after holding that the notices were issued beyond the...