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Archive: 18 January 2025

Posts in 18 January 2025

Webinar on Critical Issues in Faceless Assessments under Income Tax Act, 1961

February 14, 2025 4821 Views 0 comment Print

Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.

Procedure for Himachal Pradesh Sadhbhawana Legacy Cases Resolution Scheme, 2025

January 18, 2025 381 Views 0 comment Print

Learn about the Himachal Pradesh Sadhbhawana Legacy Cases Resolution Scheme, 2025, including procedures for resolving tax disputes, filing declarations, and appeals.

Himachal Pradesh Sadhbhawana Legacy Cases Resolution Scheme, 2025

January 18, 2025 531 Views 0 comment Print

Resolve pending tax disputes in Himachal Pradesh with the Sadhbhawana Scheme 2025. File declarations, pay settlement fees, and secure discharge certificates.

Relief to assessee on interest expenses addition and partial relief for household expenses disallowance

January 18, 2025 3282 Views 0 comment Print

As regarding disallowance of interest-free loans on unsecured loans, it was concluded that the same were part of routine business transactions and were of short-term nature therefore, no addition for interest charged on the loans.

EPFO Clarifications on Pension for Higher Wages Cases

January 18, 2025 2292 Views 1 comment Print

EPFO clarifies policies on pension computation, trust rules, arrears, and damages in higher wages cases per Ministry of Labour & Employment guidelines.

Provision for leave salary not allowable as deduction u/s. 43B(f): Madras HC

January 18, 2025 1329 Views 0 comment Print

Madras High Court held that provision for leave salary is not allowable as deduction under section 43B(f) of the Income Tax Act since deduction of actual payment is allowable and not of provision. Accordingly, question of law answered in favour of revenue.

Invocation of revision proceedings after approval of resolution plan not justified: ITAT Ahmedabad

January 18, 2025 393 Views 0 comment Print

ITAT Ahmedabad held that invocation of Revision proceedings under section 263 of the Income Tax Act after approval of the Resolution Plan by NCLT is against the Provisions of Law. Accordingly, revisionary proceedings quashed.

Order set aside as satisfaction note was recorded without application of mind: ITAT Delhi

January 18, 2025 3693 Views 0 comment Print

ITAT Delhi held that orders passed based on illegal assumption of jurisdiction on the basis of satisfaction note which was recorded without application of mind and quite in a mechanical manner is liable to be set aside. Accordingly, addition deleted.

National commission cannot re-write terms of contract entered between bank and credit cardholder

January 18, 2025 432 Views 0 comment Print

Supreme Court held that the National Commission had no jurisdiction to re-write the terms of the contract entered between the banks and the credit cardholders, which the parties have mutually agreed to be bound by.

Both the parties agreed to treat the addition as business receipts: ITAT directed AO to assess profit @ 8%

January 18, 2025 1080 Views 0 comment Print

Assessee didnot file return for the year under consideration. As per AIMS module information received that assessee has deposited the amount of Rs.16,84,100/- as cash during the demonetization period. Case was reopened notice was issued accordingly.

S.159 applies when reassessment notice was issued during lifetime of deceased assessee

January 18, 2025 918 Views 0 comment Print

In response to the said notice, the son/legal heir of the deceased assessee submitted a reply on 01 April 2023 wherein he unequivocally apprised the respondent of the demise of his father/assessee, furnishing alongwith a copy of the death certificate as conclusive evidence, and asserted that the notice was null and void ab initio.

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