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

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Reassessment based on casual Non-Application of Mind and borrowed Satisfaction: ITAT Quashes Proceedings [Read Order]

The Guwahati Bench of the Income Tax Appellate Tribunal (ITAT) held that the AO had reopened the case with a "complete non-application of mind,"...

ITAT Reduces 2% Commission Addition on Bank Credits to 1% in Accommodation Entry Matter [Read Order]

Excess S.80HHC Deduction can be Reopened Even if Original Order was Silent: Madras HC holds Reliance...

Proper Course of Action for Assessment Based on Information from Search must be u/s 153C: ITAT Rules...

No Satisfaction Recorded to Invoke S.153C under Income Tax: Calcutta HC Upholds S.147 Reassessment,...

Is Excessive Share Premium a Capital Receipt or Income? Supreme Court to determine Taxability of ₹679 Cr [Read Order]

The Supreme Court of India recently admitted an appeal filed by the Income Tax Department, challenging a Bombay High Court ruling that held excessive share premium receipts were ‘capital’ in...

Reassessment in Wrong Year and Notice Beyond Limitation: ITAT Quashes ₹2.13 Cr Additions u/s 50C [Read Order]

In a recent ruling, the Indore bench of Income Tax Appellate Tribunal (ITAT) set aside reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, against the assessee for AY...

Reassessment Order Passed Ex Parte After No Response to Notice: Madras HC Dismisses Writ as Infructuous, Permits Appeal [Read Order]

In a recent decision, the Madras High Court dismissed a writ petition challenging an ex parte reassessment order passed under Section 147 of the Income Tax Act, 1961, holding that the petitioner...

Reassessment Cannot Survive Once Recorded Reasons Fail: Delhi HC [Read Order]

The bench of the Delhi High Court held that reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, cannot be sustained once the very reasons recorded for reopening are...

Homebuyer Claims S. 80C Deduction for Housing Loan Repayment, Wins Dept Challenge: Know How ITAT Ruled

The Income Tax Appellate Tribunal (ITAT) Panaji recently ruled in favour of a taxpayer who had claimed a deduction under Section 80C of the Income Tax Act, 1961, for repayment of a housing loan...

Non-Filing of Form 3CL Not Ground to Reopen Assessment u/s 147: Kerala HC Quashes ITAT Order Against Apollo Tyres on Limitation [Read Order]

In a recent ruling, the Kerala High Court held that the non-filing of Form 3CL could not be treated as suppression of material facts for reopening an assessment under Section 147 of the Income Tax...

ITAT restricts Addition on “Peak Purchase” to Differential Margin Between Declared and Benchmark Profit in Rice Trading Case [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Raipur, has restricted the addition to the differential margin between the Gross Profit (GP) declared by the assessee and the benchmark rate...

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