ITAT Hyderabad held that dismissal of appeal by CIT(A) on the ground of non-deposition of self-assessment tax by the assessee needs re-verification since assessee incurred losses and therefore has a reason for not depositing the self-assessment tax. Hence, matter remanded.
ITAT Ahmedabad held that order of PCIT invoking section 263 of the Income Tax Act set aside as conditions necessary for invoking Section 263 of the Act, i.e., the order being erroneous and prejudicial to the interest of the revenue, are not satisfied.
Notice under section 148 was issued upon assessee by AO for reassessing the cash deposit as undisclosed income, following approval from the Joint Commissioner of Income Tax (JCIT).
Explore how seizure of documents can impact audit deadlines under Section 44AB and defenses against Section 271B penalties for audit delays.
ITAT Mumbai cancels ₹1 lakh penalty imposed on Sameer Mavji Patel under Section 271B for delayed tax audit report, citing reasonable cause due to survey delays.
15 securities firms authorized to perform Aadhaar authentication under the Prevention of Money-laundering Act after meeting privacy and security standards.
Bombay HC rules that relatives of a husband cannot be charged under Section 498A IPC solely for advising a wife to tolerate cruelty, quashing charges against in-laws.
Explore the latest tax provisions affecting mutual fund income, including recent changes in capital gains taxation and classifications under the Finance Bill 2024.
Kerala SGST circular on penalty calculation under the IGST Act clarifies the manner for show cause notices issued under Sections 73 and 74 of the KSGST Act.
Tax implications of the Finance Bill 2024 on share buybacks. Key changes, examples, and their impact on shareholders’ tax liabilities.
