Reopening of Assessment for Cash Deposits During Demonetization – Notice Quashed for Lack of Tangible Material Summary in Key Points: Issue: Whether the Assessing Officer (AO) was justified in reopening the assessment under Section 147 of the Income-tax Act, 1961, based on information about cash deposits made during demonetization, when the assessee had provided an… Read More »

Revision Order for Penalty under Section 270A Set Aside for Lack of Intimation under Section 143(1)(a) Summary in Key Points: Issue: Whether the Principal Commissioner of Income-tax (PCIT) can revise an order and direct the Assessing Officer (AO) to invoke penalty provisions under Section 270A(9)(e) of the Income-tax Act, 1961, when there has been no… Read More »

 Principal Commissioner could not initiate Section 263 proceedings as the issue was pending before CIT (A). Summary in Key Points: Issue: Whether the Principal Commissioner of Income-tax (PCIT) was justified in initiating revision proceedings under Section 263 of the Income-tax Act, 1961, when the Assessing Officer (AO) had already passed an order under Section 201/201(1A)… Read More »

Deletion of Addition under Section 68 Due to Clerical Error occurred while consolidating the annual accounts Summary in Key Points: Issue: Whether an addition made under Section 68 of the Income-tax Act, 1961 for an unexplained cash credit is valid when the increase in capital balance is due to a clerical error in the assessee’s accounts… Read More »