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Learn about the recent judgement by the Honble High Court of Punjab & Haryana on Section 43B applicability for Electricity Duty paid by electricity distributors. Read here to find out how the court ruled!
Medi Seva Sahakari Mandali Ltd Vs ADIT (ITAT Rajkot) Held by the Rajkot Bench of the Income Tax Appellate Tribunal in the case of [2023] 146 taxmann.com 3 (Rajkot – Trib.) Medi Seva Sahakari Mandali Ltd. V ADIT (CPC) that deduction u/s 80P could not be denied only on the basis that assessee did not […]
SC allows Section 10(26AAA) exemption to a sikkimese woman who marries a non-sikkimese-held in 146 taxmann.com 271(SC). Find out what this ruling means & what it can mean for you!
Learn about a Gujarat High Court case on reopening of income tax re-assessment proceedings under the Finance Act 2021. Analysis of 4 Recent Important Income Tax Case laws
Section 234D in Income Tax Act, 1961 was introduced in the act to cover those situations where the refund was issued to the assessee according to intimation U/s 143(1) & later on it was discovered post Scrutiny Assessment that the assessee wasn’t eligible for refund or amount of refund was more than amount refunded after […]
Comprehensive analysis of Section 44AD with other related aspects The provisions of Section 44AD were introduced in the Chapter of Profits & Gains from Business or profession to reduce the compliance burden of resident small Taxpayers. Undoubtedly throughout, the concept related to “Presumptive Taxation Schemes’’ has been very well achieved its objectives. However, over the […]
1) Section 147 of the Income Tax Act, 1961 dealt with ‘Assessment or Re-assessment of Incoming Escaping Assessment’. 2) Re-Assessment of Income is possible only in the case of Section 147 & Section 153A i.e. Reassessment in the case of search & Seizure.
A) The rationale behind the introduction of the provision of Special Audit √ Assessee is liable to get its account audited u/s 44AB only when the situation stated in Section 44AB triggered which are mostly based on the Turnover/Gross receipt Criteria. √ The main objective of the introduction of Section 44AB is to determine whether […]
1) Rationale behind introduction of Section 142 in the Act: ♦ Assessee fails to file the ROI within due date u/s 139(1) is expose to risk of Best Judgment Assessment us 144 of the Act. ♦ It would be unfair for him if after the due date revenue directly proceed for assessment us 144 without […]
Introduction: ♦ As per Section 2 of the Income Tax Act, 1961 definition of Income includes losses also. ♦ Losses in the Income Tax Act, 1961 are dealt in accordance with Chapter VI of the Act which consist of Section 70 to Section 80. ♦ Assessee paid tax on Total Income. It might be possible […]
