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

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Re-Assessment Notice Issued After Four Years of Relevant AY: ITAT quashes Order u/s 147 [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently, in an appeal filed before it, on finding that the re-assessment notice was...

Exemption u/s 10(38) cannot be Disallowed when Transaction is Not Declared as Penny Stock: ITAT...

Re - Assessment - order - Calcutta - HC - Writ - Petition - TAXSCAN

No challenge of Final Re Assessment order: Calcutta HC dismisses Writ Petition [Read Order]

Relief to Milton Plastics: Bombay HC quashes Re Assessment Notice in absence of material for basis...

Agriculturalist Need Not Maintain Books of Accounts: ITAT deletes Addition u/s 68 of Income Tax Act...

Reasons recorded for Reopening Reassessment to be Examined on Standalone Basis to Determine validity of Proceedings u/s 147 of Income Tax Act: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently observed that the reasons, as recorded forreopening the reassessment, are to be examined on a standalone basis to determine the...

Re-Assessment u/s 147 of Income Tax Act cannot be invoked to make Protective Addition: ITAT [Read Order]

The Indore Bench of the Income Tax Appellate Tribunal (ITAT), ruled that the Re-Assessment under Section 147 of Income Tax Act, 1961 cannot be invoked to make a Protective Addition. The Assessing...

Relief to Lehman Brothers: Bombay HC quashes Assessment Order passed on Change of Opinion [Read Order]

-“Appropriate application of the law and correct advise to the concerned officer can save a lot of litigation and burden on the court as well as agony to the citizens.” The Bombay High quashed...

Lehman - Brothers - Bombay - HC - Assessment - Order - TAXSCAN

Debits and Credits Can in no way Lead to Inference of Income Escaped Assessment: Bombay HC [Read Order]

In a recent decision the Bombay High Court observed that debits and credits can in no way lead to an inference of income escaped assessment. The petitioner, Digi1 Electronics Pvt Ltd, challenged...

Mere putting of seal as approving Statement is not sufficient: ITAT quashes Reassessment proceedings [Read Order]

The New Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) quashed re assessment proceedings and noted that “Mere putting of seal as approving statement is not sufficient”. The assessee in...

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...

Re-Assessment without Satisfying Conditions of S. 147 of Income Tax Act is Invalid: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that the re assessment without satisfying conditions of Section 147 of the Income Tax Act 1961 would be invalid. the...

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