Tag Archives: Income tax Officer

Matter Remanded to Assessing Officer for De Novo Adjudication Due to Lack of Opportunity to Explain NRI Investments

By | June 12, 2026
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Matter Remanded to Assessing Officer for De Novo Adjudication Due to Lack of Opportunity to Explain NRI Investments Matter Remanded to Assessing Officer for De Novo Adjudication Due to Lack of Opportunity to Explain NRI Investments Issue Whether an ex-parte assessment order treating time deposits, foreign currency purchases, and bank interest as unexplained investments and… Read More »

Penalty Cannot Be Sustained on Estimated Profit Additions or Unsubstantiated Loose Sheets

By | June 12, 2026
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Penalty Cannot Be Sustained on Estimated Profit Additions or Unsubstantiated Loose Sheets Issue Whether a penalty for concealment of income under Section 271(1)(c) is legally sustainable when the underlying additions are based merely on an estimation of gross profit or on unsubstantiated loose sheets recovered during a tax proceeding. Facts The Additions: For the Assessment… Read More »

Reassessment Order Quashed as Assessing Officer Deviated from Reasons Recorded for Reopening

By | June 12, 2026
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Reassessment Order Quashed as Assessing Officer Deviated from Reasons Recorded for Reopening Issue Whether a reassessment order under Section 147 is legally sustainable if the Assessing Officer (AO) completely deviates from the original reasons recorded for reopening the assessment and makes additions on entirely different grounds. Facts Initiation of Reassessment: For the Assessment Year (AY)… Read More »

Agricultural Land Outside Notified Municipal Limits Lacking Commercial Conversion Is Not a Capital Asset

By | June 11, 2026
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Agricultural Land Outside Notified Municipal Limits Lacking Commercial Conversion Is Not a Capital Asset Issue Whether a parcel of land sold by the assessee constitutes a “capital asset” under Section 2(14) of the Income-tax Act, thereby attracting capital gains tax, when the land is located outside notified municipal limits, is classified as agricultural in revenue… Read More »

Section 148 Reopening Notice Quashed for Assessment Year 2015-16 as Barred by Limitation Under TOLA Guidelines

By | June 11, 2026
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Section 148 Reopening Notice Quashed for Assessment Year 2015-16 as Barred by Limitation Under TOLA Guidelines Issue Whether a reassessment notice issued under Section 148 of the Income-tax Act on July 23, 2022, for Assessment Year 2015-16 is legally sustainable, given the Revenue’s binding concession recorded by the Supreme Court that such notices cannot be… Read More »

Unexplained Bank Deposits Remanded for Fresh Assessment to Evaluate Profit Estimation Based on Past and Succeeding Years

By | June 11, 2026
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Unexplained Bank Deposits Remanded for Fresh Assessment to Evaluate Profit Estimation Based on Past and Succeeding Years Unexplained Bank Deposits Remanded for Fresh Assessment to Evaluate Profit Estimation Based on Past and Succeeding Years Issue Whether the Assessing Officer was justified in treating the entire cash deposit of ₹1.28 crore as unexplained money under Section… Read More »

Spouse’s Trading Losses Funded by Gifted Money Must Be Clubbed and Allowed for Set-Off

By | June 10, 2026
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Spouse’s Trading Losses Funded by Gifted Money Must Be Clubbed and Allowed for Set-Off Issue Whether trading losses incurred by an assessee’s spouse in derivative transactions, funded entirely by a monetary gift from the assessee, must be clubbed with the assessee’s income and allowed for set-off under Section 64(1)(iv) read with Explanation 3(i). Facts Assessee’s… Read More »

Faceless Reassessment Disguised as Best Judgment Under Section 144 Can Be Remitted by CIT(A) for Fresh Determination

By | June 10, 2026
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Faceless Reassessment Disguised as Best Judgment Under Section 144 Can Be Remitted by CIT(A) for Fresh Determination Issue Whether the Commissioner of Income-tax (Appeals) [CIT(A)] has the legal power to set aside a faceless reassessment order and remit the matter back to the Assessing Officer (AO) for fresh adjudication, if the order—though labeled as a… Read More »

Promotion of 196 Income Tax Officer to ACIT – Order No 138 of 2016

By | July 26, 2016
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F. No. A 32013/02/2016-Ad.VI Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, 110001 Date: 22.07.2016 Order No. 138 of 2016 The President is pleased to appoint the following Income Tax Officers, presently posted in the region shown against their names in the grade of Assistant… Read More »