IRS tax season starts off sluggish but tax refunds bigger

Early IRS data shows fewer tax returns processed and few refunds issued through Feb. 6, but the average refund amount is up. Here's what to know.
Tax Guru

ITAT Kolkata – Penalty u/s 271(1)(b) Deleted; Completion of Assessment u/s 143(3) Implies Condonation of Alleged Non-Compliance

The ITAT Kolkata held that where assessment is completed under Section 143(3), alleged earlier non-compliance with notices stands impliedly condoned. Penalty under Section 271(1)(b) was therefore ...
Tax Guru

Reopening U/s 147 quashed – Borrowed satisfaction mechanical approval U/s 151 invalid; sale of investments cannot be taxed U/s 68 – ITAT Kolkata

The Tribunal held that reopening based solely on investigation wing information without independent application of mind is invalid. Mechanical reasons cannot justify reassessment under Section ...