![Re-Assessment u/s 147 of Income Tax Act cannot be invoked to make Protective Addition: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Re-Assessment-Income-Tax-Act-Income-Tax-Protective-Addition-ITAT-taxscan.jpg "Re-Assessment u/s 147 of Income Tax Act cannot be invoked to make Protective Addition: ITAT [Read Order]")
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...
![Advance Tax Not Payable If Assessee is Above Age of 60 Years having No Business Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Advance-Tax-Tax-Income-Tax-Business-Income-ITAT-taxscan.jpg "Advance Tax Not Payable If Assessee is Above Age of 60 Years having No Business Income: ITAT [Read Order]")
![Income Tax Addition cannot be made Merely Based on Assumption and Presumption: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Income-Tax-Addition-Income-Tax-Assumption-Presumption-ITAT-Taxscan.jpg "Income Tax Addition cannot be made Merely Based on Assumption and Presumption: ITAT [Read Order]")
![Notice u/s 148A(b) of Income Tax Act issued against Non-Existing Entity is not valid: Calcutta HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Notice-Income-Tax-Act-Income-Tax-Tax-Calcutta-High-Court-Taxscan.jpg "Notice u/s 148A(b) of Income Tax Act issued against Non-Existing Entity is not valid: Calcutta HC [Read Order]")
![Income Tax proceedings Against Dead Person Invalid: ITAT directs Re-Adjudication as AO was Not Aware of Death of Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Income-Tax-proceedings-Income-Tax-Tax-ITAT-Re-Adjudication-Aware-of-Death-Taxscan.jpg "Income Tax proceedings Against Dead Person Invalid: ITAT directs Re-Adjudication as AO was Not Aware of Death of Assessee [Read Order]")
![Cash Deposits of Agricultural Income not Taxable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/cash-deposit-agricultural-income-tax-income-tax-ITAT-Taxable-Taxscan.jpg "Cash Deposits of Agricultural Income not Taxable: ITAT [Read Order]")
Filing of Revised Return and Payment of Tax After Receiving Re-Assessment Notice shows “No Willful Attempt to Escape Income”: ITAT deletes Penalty [Read Order]
The Ahmedabad Income Tax Appellate Tribunal ( ITAT ) while deleting the penalty imposed by the assessing officer held that filing of revised return and payment of tax after receiving reassessment...
![Filing of Revised Return and Payment of Tax After Receiving Re-Assessment Notice shows “No Willful Attempt to Escape Income”: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Revised-Return-Filing-Payment-Tax-Re-Assessment-Notice-Re-Assessment-Notice-Escape-Income-ITAT-Penalty-taxscan.jpg "Filing of Revised Return and Payment of Tax After Receiving Re-Assessment Notice shows “No Willful Attempt to Escape Income”: ITAT deletes Penalty [Read Order]")
Benefit of Extended Time frame under TOLA 2020 not available to Income Tax Dept for Proceedings u/s Section 149(1)(b): Allahabad HC [Read Order]
A Division Bench of the Allahabad High Court has recently held that the time frame under the Taxation and Other Laws (Relaxation And Amendment of Certain Provisions) Act (TOLA), 2020 is not available...
![Benefit of Extended Time frame under TOLA 2020 not available to Income Tax Dept for Proceedings u/s Section 149(1)(b): Allahabad HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/TOLA-Income-Tax-Dept-Allahabad-HC-TAXSCAN.jpg "Benefit of Extended Time frame under TOLA 2020 not available to Income Tax Dept for Proceedings u/s Section 149(1)(b): Allahabad HC [Read Order]")
Taxpayers Beware: Income Tax Dept to Initiate Reassessment Proceedings in matters involving High-Risk and High-Risk Non-PAN Transactions [Read Instruction]
The Directorate of Income Tax (Systems) has recently issued an instruction on Insight Portal, to expedite reassessment proceedings in matters involving high risk and high risk non-PAN. The Board...
![Taxpayers Beware: Income Tax Dept to Initiate Reassessment Proceedings in matters involving High-Risk and High-Risk Non-PAN Transactions [Read Instruction]](https://www.taxscan.in/wp-content/uploads/2023/02/Taxpayers-Income-Tax-Dept-Income-Tax-Income-Reassessment-Reassessment-Proceedings-High-Risk-Transaction-Non-PAN-Transactions-taxscan.jpg "Taxpayers Beware: Income Tax Dept to Initiate Reassessment Proceedings in matters involving High-Risk and High-Risk Non-PAN Transactions [Read Instruction]")
Contravention of general directions issued by Court where Notice u/s 148 for Reopening Assessment: Bombay HC remands matter to AO [Read Order]
The Bombay High Court remanded back matter to Assessing Officer (AO) as there was contravention of general directions issued by Court where notice under Section 148 of the Income Tax Act for...
![Contravention of general directions issued by Court where Notice u/s 148 for Reopening Assessment: Bombay HC remands matter to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Bombay-High-Court-Bombay-HC-High-Court-Notice-Reopening-Assessment-Assessing-Officer-AO-taxscan-.jpg "Contravention of general directions issued by Court where Notice u/s 148 for Reopening Assessment: Bombay HC remands matter to AO [Read Order]")
True and Full Disclosure regarding Valuation of Equity Shares: Bombay HC quashes Re-Assessment Notice [Read Order]
The Bombay High Court quashed re assessment notice as there was true and full disclosure regarding valuation of equity shares. The Petitioner, The Suminter Organic and FairTrade Cottton Ginning...
![True and Full Disclosure regarding Valuation of Equity Shares: Bombay HC quashes Re-Assessment Notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Valuation-of-Equity-Shares-Equity-Shares-Shares-Bombay-High-Court-Re-Assessment-Notice-Re-Assessment-Notice-taxscan.jpg "True and Full Disclosure regarding Valuation of Equity Shares: Bombay HC quashes Re-Assessment Notice [Read Order]")
No Tangible Material for AO to have ‘reason to believe’ for Escapement of Income: Bombay HC quashes Re-Assessment Notice [Read Order]
The Bombay High Court quashed re assessment notice on the ground that no tangible material for Assessing Officer (AO) to have ‘reason to believe’ for escapement of income. A return of income was...
![No Tangible Material for AO to have ‘reason to believe’ for Escapement of Income: Bombay HC quashes Re-Assessment Notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Tangible-material-AO-Escapement-of-Income-Escapement-of-Income-Income-Bombay-High-Court-Re-Assessment-Notice-Re-Assessment-taxscan-.jpg "No Tangible Material for AO to have ‘reason to believe’ for Escapement of Income: Bombay HC quashes Re-Assessment Notice [Read Order]")