ITAT Mumbai held that assessment order passed u/s 143(3) beyond time limit prescribed under section 153 of the Income Tax Act is time barred and bad in law.
Sushil Kumar Gupta & Ors. Vs State of West Bengal & Anr. (Calcutta High Court) Learned advocate for the petitioners submits before this Court that the present petitioner No.-3 has resigned from the company as a Director in the year 1994 and the other petitioners have no connection in the alleged occurrence of offence, however […]
Mangal Credit and Fincorp Ltd. Vs DCIT (ITAT Mumbai) In the instant case, the assessee has received money on issuing share capital in the form of exercise of rights in share warrants. The share capital so collected by the assessee is not in the course of negotiations for transfer of capital asset. The shares so […]
assessee has filed the return of income belatedly for the year under consideration but there is no prohibition to adjust the brought forward losses against the income declared belatedly in the return of income under the provision of section 139(3) of the Act.
Visakhapatnam Service Tax Commissionerate has initiated separate action against the Respondent at their Visakhapatnam unit for non payment of appropriate service tax there.
Certificates issued by the Chartered Accountant and Chartered Engineer, go on to establish the fact of use of material in the work executed by the appellants. Therefore, we are of the considered opinion that the contract was not simplicitior but was a composite contract. Therefore, we find that the appellants are entitled for the abatement of 67% of the value as claimed by them.
Penalty was levied under section 271 B of the Act on the ground that tax audit report under section 44AB of the Act was not filed by the assessee before filing of return of income and no explanation was given.
HC held that even without any request for personal hearing by an assessee, officer must have to provide personal opportunity of hearing, if the order is contemplated to be adverse.
The Indian Income Tax Department has recently opened the ITR-2 filing window, enabling individuals and Hindu Undivided Families (HUFs) to report their non-business income from various sources. ITR-2 holds significant relevance for taxpayers who earn income from sources such as salary, pension, house property, capital gains, or other non-business sources, making it imperative for taxpayers […]
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