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Understand how Section 143(1) of the Income Tax Act, 1961 processes returns, makes adjustments, and issues intimation or demand notices to assesses.
Explore GST implications and valuation methods for supplies in online gaming and casinos, including changes in tax laws and recent amendments.
Explore legal implications of using third-party trademarks as meta-tags in online advertising, including court rulings and trademark infringement cases.
ITAT Chennai held that addition towards unexplained money u/s 69A of the Income Tax Act unjustified as assessee has filed necessary evidence to explain nature and source for cash deposits.
ITAT Delhi held that for the purpose of Section 153A/143(3) of the Income Tax Act, the assessment can be said to be ‘made’ only when the DIN is quoted on the order before it is signed. Order passed u/s 153A without first generating the DIN is invalid and bad-in-law.
ITAT Ahmedabad held that the provision of section 50C of Act cannot be made applicable to transaction of capital assets transferred by assessee to a partnership firm by way capital contribution. Such transaction falls under the provision of section 45(3) of the Income Tax Act.
Read Gujarat High Court’s recent ruling in PCIT vs. Jigar Jashwantlal Shah case regarding taxability of allotted shares under Section 56(2)(viic) of Income Tax Act.
ITAT Mumbai held that the benefit under section 35(2AB) of the Income Tax Act is also available in respect of expenditure on clinical trials outside the approved in-house R&D facility.
Delhi High Court restored the matter to the Appellate Authority as refund claim was rejected without considering the material that establish that input supplies in respect of which ITC was claimed were in respect of export.
ITAT Delhi held that as lower authority made ex-parte addition towards unexplained investment u/s 69 of the Income Tax Act matter restored to CIT(A) for denovo adjudication giving last opportunity to assessee to explain source of investment.
