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Archive: 08 October 2024

Posts in 08 October 2024

Implications & Issues Surrounding Supreme Court Rulings on Reassessment Notices: Analysis

October 8, 2024 1005 Views 0 comment Print

The Supreme Court’s rulings clarify reassessment procedures under the Income Tax Act, addressing validity, TOLA implications, and unresolved issues.

Suggestions invited for Project Integrated e-filing and CPC (IEC) 3.0

October 8, 2024 822 Views 0 comment Print

Income Tax Department seeks stakeholder feedback on Project IEC 3.0, aiming to enhance the e-filing platform and Centralized Processing Centre services.

CBDT Forms Committee to Review Income-tax Act, Invites Suggestions via E-filing Portal

October 8, 2024 2949 Views 1 comment Print

CBDT forms a committee to review the Income-tax Act and invites public suggestions on simplification and compliance via the e-filing portal.

Section 254 Allows ITAT to Entertain New Claims, But Power Must Be Exercised During Hearings: SC

October 8, 2024 561 Views 0 comment Print

Supreme Court rules ITAT cannot direct AO to consider new claims barred by time, reaffirming ITAT’s plenary powers under Section 254 of the Income Tax Act.

Occasional Money Lending Doesn’t Qualify as Business Under West Bengal Money Lenders Act, 1940

October 8, 2024 252 Views 0 comment Print

Calcutta HC ruled that isolated private loans do not require a license under the West Bengal Money Lenders Act, 1940. Case decreed for repayment with interest.

Merely Writing I am Satisfied” Not Valid Approval for Section 148 Notice

October 8, 2024 747 Views 0 comment Print

Simply writing I am satisfied in the approval u/s 151 of Income-tax Act,1961 is sufficient to show that Sanctioning authority applied its mind while approving reassessment proceedings u /s 148 of Income-tax Act,1961

Reassessment u/s. 148 in contravention of provisions of section 151 bad in law: ITAT Mumbai

October 8, 2024 615 Views 0 comment Print

ITAT Mumbai held that issuance of notice under section 148 of the Income Tax Act in contravention of the provisions of section 151, as the sanction of the concerned Specified Authority was not obtained, is void abinitio and bad in law.

Order set aside as passed without considering reply and without personal hearing: Madras HC

October 8, 2024 255 Views 0 comment Print

Madras High Court held that finalizing of assessment without considering reply and in absence of personal hearing is against the principles of natural justice. Accordingly, order set aside.

Disallowance u/s. 14A without recording proper satisfaction untenable: ITAT Cochin

October 8, 2024 150 Views 0 comment Print

ITAT Cochin held that disallowance under section 14A read with rule 8D of the Income Tax Rules in a mechanical manner without recording proper satisfaction is unsustainable in law. Accordingly, addition set aside.

Denial of permanent registration to existing trust on allegation of belated application unjustified

October 8, 2024 147 Views 0 comment Print

ITAT Cochin held that denial of registration u/s. 80G to the existing trust alleging belated filing of application applying sub clause (iii) of proviso to section 80G(5) unjustified as the same apply to newly formed trust only.

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