ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act without iota of evidence or any cogent reasons is unsustainable and liable to be quashed.
ITAT Mumbai held that capital gain is to be taxed in the hands of legal owner of the property who has transferred the property by registering sale deed. Merely because interest of housing loan is claimed by the son of the assessee, it doesn’t make him the owner of the property.
ITAT Chennai held that rice being specified in schedule is covered within the definition of agricultural produce as per provision of Tamil Nadu Agricultural Produce Marketing (Regulation) Act, 1987. Accordingly, as per Rule 6DD(e)(i) of the Income Tax Rules the same is exempt from disallowance under section 40A(3) of the Income Tax Act.
Calcutta High Court held that order of transfer passed invoking power under section 127 of the Income Tax Act without opportunity of being heard is unsustainable in law.
ITAT Mumbai held that penalty under section 271-1-c of the Income Tax Act not imposable when the addition on account of bogus purchases is done on adhoc estimated basis As adhoc estimated based addition doesn’t tantamount to furnishing of inaccurate particulars of income.
ITAT Mumbai held that initiation of proceedings under section 153C of the Income Tax Act based on documents impounded during the course of survey under section 133A of the Income Tax Act is bad in law and unjustified as no such material were found during the course of search.
Understand Rule 12 of Income Tax Rules & get to know what amendments were made wef 01.04.2023 for AY 2023-24. Learn more
03 Agencies are notified as PSIA, additional areas of operation for 04 existing PSIAs and additional instruments in respect of 07 existing PSIAs have also been notified.
Amendment of Section 43B to boost MSME sector growth & timely payments. Govt. of India passed Budget 2023 to help MSMEs. Find out more.
Tax reform in India with simple & viable GST – Understand how we can move towards a simpler Goods & Service Tax system of indirect taxation. Learn how suppliers are the base of GST taxation & the need for cooperative participation.
