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

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Reassessment Proceedings u/s 147 of IT Act completed without Proper Hearing : ITAT directs Re-adjudication [Read Order]

The Indore bench of Income Tax Appellate Tribunal (ITAT) directed re adjudication to the assessing officer for the completion of reassessment under...

Sale Consideration of Agricultural Land Assessed to Tax without Adjusting the Cost of Acquisition:...

Credit Entries Appearing in Current & Savings Accounts are Gross Receipts from Business...

Assessment Order without Issuing proper Notice: ITAT quashes Assessment Order and Addition [Read...

AO violates Principles of Natural Justice by refusing Accommodation Request showing Failure to...

Section 245C (1) Application under Income Tax Act, not Maintainable in Absence of Case for Relevant AY: Delhi HC [Read Order]

The Delhi High Court ruled that Section 245C (1) application under the Income Tax Act is not maintainable in the absence of a case for the relevant Assessment years (AY). The petitioner, Bishan...

Retaining Explanation to Section 245A of the Income Tax Act serves the purpose of explaining the scope of Section 245A, literal interpretation is sufficient: Delhi HC

In a recent judgment, the Delhi High Court ruled that the Retaining Explanation to Section 245A of the Income Tax Act serves the purpose of explaining the scope of Section 245A of the Income Tax Act...

Assessment Order passed u/s 147 of Income Tax Act against Non-Existing Entity is Void Ab Initio: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Tribunal (ITAT) has recently held that assessment order passed under Section 147 of the Income Tax Act, 1961 against non-existing entities is void ab...

ITAT quashes Ex-parte Order due to Non-Service of Notice, grants Assessee Opportunity of Hearing [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) recently quashed an ex-parte order due to the non-service of notice and granted the assessee the opportunity of hearing. The...

Legal Prerequisite for Reopening Beyond 4 years u/s 147 not Fulfilled: ITAT sets aside Reassessment Orders [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently in an appeal filed before it, on finding that the legal prerequisite for reopening beyond 4 years under section 147 was not...

Cash Deposited in Bank account of Assessee, is not sufficient for Formation of "Belief of Escapement of Income" by AO: ITAT sets aside Assessment Order

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently, in an appeal filed before it, while setting aside an assessment order, held that the cash deposited in bank account of the...

Re-Opening of Assessment Impossible Beyond 4 Years, once Assessment Completed u/s 143(3): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bengaluru, has recently, in an appeal filed before it, held that reopening of assessment is impossible beyond 4 years, once the assessment is completed under...

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