The ITAT Chennai considered a case involving a Best Judgment ...

Best judgment assessment u/s. 144 sustained due to late filing of return. Cash deposit during demonetization period deemed unexplained. Profit rate determined at 8%.

Case Laws Income Tax

May 30, 2024

The ITAT Chennai considered a case involving a Best Judgment Assessment conducted u/s. 144 due to the assessee's failure to file a return within the specified time u/s. 142(1). The AO treated the return as 'invalid' and proceeded with the assessment. The intimation u/s. 143(1) by CPC, Bangalore did not regularize the return, as the AO explicitly deemed it invalid. The assessment without a notice u/s. 143(2) was upheld as valid. Regarding cash deposits during demonetization, the assessee failed to provide sufficient explanation, leading to confirmation of the addition. Profit rate determination at 8% on total turnover was upheld due to lack of evidence or explanation. The appeal on these issues was dismissed.

View Source

← Previous Next →

The ITAT Chennai considered a case involving a Best Judgment ...

Best judgment assessment u/s. 144 sustained due to late filing of return. Cash deposit during demonetization period deemed unexplained. Profit rate determined at 8%.

Case Laws Income Tax

May 30, 2024

You may also like:

Validity of Best judgment assessment - Assessment u/s 153C - since petitioner has filed a return, no best judgment assessment u/s 144 of the Act could have been passed -...

Best judgement assessment - GSTR returns were not filed by the petitioner within the prescribed time limit - At any cost, the right to file the returns cannot be taken...

Section 144 empowers the Assessing Officer to proceed with best judgment assessment if the assessee fails to file return. Petitioner appeared through counsel but did not...

The ITAT Ahmedabad held that a best judgment assessment u/s 144 without issuing notice u/s 143(2) is invalid if the assessee has filed a return and responded to AO's...

Validity of notice proposing for Best Judgement assessment u/s 144 - Failure to file ITR in response to notice u/s 148 r.w.s. 142(1) due to medical reasons and recovery...

Validity of assessment orders passed pursuant to a best judgment assessment - Section 62 of the GST Act - Default in filing of returns - pray for filing of belated...

Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

Failure to file returns within thirty days after receiving best judgment assessment order u/s 62 of CGST/SGST Act proved fatal for appellant's challenge against...

Best judgement assessment u/s 144 - CIT(A) wrongly substituted the best judgement of the AO with his own judgement contrary to the provisions of section 144 of the Act

Validity of assessment u/s 144 without issuing notice - best judgment assessment - the assessment was patently illegal - HC

Best Judgement Assessment - whenever the return filed by an Assessee is not accepted at its face, it is mandatory for the AO has to issue a notice u/s 143(2) for...

Seeking withdrawal of best judgment assessment orders passed - return filed within (granted extended) time or not - If that were to be so, though the period of 30 days...

Best Judgement Assessment under GST - failure to file returns within time - This Court may not be justified in granting an extension of the period contemplated u/s...

Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

Validity of determination of tax under best judgment assessment - The petitioner challenged an ex-parte assessment order arguing that their statutory return in Form...

Quick Updates: