ITAT Delhi held that reopening of assessment under section 148 of the Income Tax Act based on incorrect facts and incorrect recording of reasons is invalid and bad-in-law. Accordingly, reopening is liable to be quashed.
CBIC updates import tariff values for palm oil, gold, silver, and areca nuts, effective April 24, 2025. Values remain unchanged.
ITAT Delhi held that concealment of income via bogus share capital transaction duly attracts levy of penalty under section 271(1)(c) of the Income Tax Act. Accordingly, appeal of assessee dismissed and penalty upheld.
ITAT Delhi held that approval memo u/s. 153D of the Income Tax Act is totally silent on the issues involved and has been granted omnibus approval without any thoughtful process being discernible. Thus, assessment order vitiated due to such mechanical approval.
Madras High Court held that imposition of interest and penalty unwarranted as Input Tax Credit wrongly availed is reversed without utilization. Accordingly, since Input Tax Credit is not utilised, interest and penalty is not justified.
ITAT Bangalore exempts Canara Bank from MAT, citing Delhi HC rulings on non-applicability of Section 115JB to banking companies before 2012 amendment.
Thus, we do not find any error in the impugned order for the purpose of interference, therefore, the present appeal is found to be without any merit and the same is hereby dismissed though without any order as to costs.
Explore the Code on Wages 2019: its universal wage coverage, timely payment rules, and equal pay provisions compared to the Payment of Wages, Minimum Wages, and Equal Remuneration Acts.
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Gujarat High Court held that initiation of revisionary proceeding under section 263 of the Income Tax Act post complete extinguishment of all tax liabilities of Corporate Debtor upon approval of resolution plan is not tenable in law. Thus, notice u/s. 263 quashed.
