The Supreme Court’s rulings clarify reassessment procedures under the Income Tax Act, addressing validity, TOLA implications, and unresolved issues.
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 a committee to review the Income-tax Act and invites public suggestions on simplification and compliance via the e-filing portal.
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.
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.
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
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.
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.
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.
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.