The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, recently set aside an assessment order by holding that the cash deposited in the bank account of the assessee is not enough to form a “belief of escapement of income” by the Assessing Officer (AO). This ruling was made in response to an appeal filed by the…

In a recent decision, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has made it clear that revisional power under Section 263 of the Income Tax Act, 1961 cannot be used to reopen the assessment proceedings. The case involved the State Bank of India, which had filed its return of income on 29.09.2008…

Landmark Decision by Mumbai ITAT – Special Bench in case of Total Oil India Pvt. Ltd. & Others Issue under Consideration: Dividend Distribution Tax (DDT) vs. Treaty Tax Rate on Dividend paid by the domestic company to Non-Resident (NR) Shareholders Key findings of the ITAT Special Bench Decision are summarized as under: Current Provisions for…

The ITAT’s decision highlights the importance of providing reasonable and supported causes for the delay in filing an appeal to the tribunal. Assessee Appeals Denied: ITAT Chennai Bench Upholds Dismissal for All Three Assessment Years” The Income Tax Appellate Tribunal (ITAT), Chennai Bench, recently made an observation that a delay of 1468 days in filing…