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Archive: 20 March 2024

Posts in 20 March 2024

Tax Department Shouldn’t Exploit Taxpayers’ Lack of Knowledge: Delhi HC

March 20, 2024 612 Views 0 comment Print

Read how Delhi High Court reaffirmed taxpayer rights, urging the tax department to refrain from exploiting lack of taxpayer knowledge. Case details and analysis here.

PCIT cannot enlarge scope of limited scrutiny by invoking Section 263

March 20, 2024 477 Views 0 comment Print

Chennai ITAT rules PCIT cannot expand limited scrutiny via Sec 263 in Cholan Paper vs PCIT case. Detailed analysis & conclusion. Read full text here.

Disallow Only Profit Element on Bogus Purchases: ITAT Mumbai

March 20, 2024 1341 Views 1 comment Print

Discover Mumbai ITAT order on Capacite Infra Projects Ltd Vs DCIT, analyzing disallowance of non-genuine/Bogus purchases and its implications on tax assessment.

CIT(A) Cannot Add New Source of Income Without Enhancement Notice

March 20, 2024 504 Views 0 comment Print

In the case of Mandeep Singh Anand Vs ACIT, the Income Tax Appellate Tribunal (ITAT) Delhi ruled that the Commissioner of Income Tax (Appeals) cannot add a new source of income without issuing an enhancement notice. Get insights into the case and the tribunal’s decision.

Revision of Reassessment Order Not Valid if no additions were made based on reasons for reopening

March 20, 2024 579 Views 0 comment Print

Delve into the case of Paramjit Singh Vs PCIT (ITAT Delhi) regarding jurisdiction under section 263 of the Income-tax Act, 1961, and its impact on reassessment orders.

No Penalty U/s 271(1)(v) for Bona Fide Mistakes: Mumbai ITAT

March 20, 2024 618 Views 0 comment Print

Mumbai ITAT ruled no penalty under section 271(1)(c) if bona fide mistakes in original return were corrected during assessment. Full text analysis included.

ITAT criticises CIT(A) for perfunctory defense & lack of inquiry: Remits Matter to AO

March 20, 2024 414 Views 0 comment Print

Delhi ITAT remits matter in ACIT vs Grass Valley India Pvt Ltd case, criticizing CIT(A) for perfunctory defense, lack of inquiry on expenses, and orders fresh determination.

Claim of application of income for charitable purpose u/s 11 & 12 cannot be denied on mere technicalities

March 20, 2024 531 Views 0 comment Print

Delve into the case of Asha Modern Educational Society challenging the denial of income application for charitable purpose under Sections 11 & 12 of the IT Act. Detailed analysis and conclusions provided.

Section 56(2)(viib) not applicable for allotment of share at premium to existing shareholders

March 20, 2024 1197 Views 0 comment Print

Detailed analysis of the Delhi ITAT’s ruling in ACIT Vs Dhruv Milkose Pvt. Ltd., regarding the taxation of premium charged on the issue of shares to existing shareholders under Section 56(2)(viib) of the Income Tax Act.

CIT(A) Can’t dismiss Appeal U/s. 250 without Discussion on Merit: ITAT Ahmedabad

March 20, 2024 1218 Views 0 comment Print

Babubhai Ramanbhai Patel vs DCIT – Ahmedabad ITAT rules CIT(A) must discuss case merits before dismissing appeal for non-prosecution. Full analysis here.

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