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Section 263 Jurisdiction cannot exceed to issues not forming part of Limited scrutiny

October 22, 2023 2919 Views 0 comment Print

Learn how the Income Tax Appellate Tribunal restricted the jurisdiction of Section 263 regarding issues not forming part of a limited scrutiny assessment in the case of Aggarwal Promoters Vs PCIT.

Limited scrutiny is limited to aspects of information received through AIR returns

October 22, 2023 1125 Views 0 comment Print

Explore the Sanjeev Khemka vs PCIT case, addressing limited scrutiny, jurisdiction, and errors under Section 263 – ITAT Kolkata decision.

Navigating the Realm of Financial Influencers: A Quest for Regulation

October 21, 2023 900 Views 0 comment Print

Explore the rise of financial influencers, the need for regulations, and the challenges of regulating finfluencers in India and worldwide.

Taxable Salary Income: Old vs. New Regime – Section 115BAC

October 21, 2023 10686 Views 4 comments Print

Explore the calculation of taxable salary income under Section 115BAC. Compare old and new tax regimes, exemptions, deductions, and benefits.

Income Tax Computation for Individuals: Rules and Rates

October 21, 2023 8868 Views 3 comments Print

Optimize your tax liability with comprehensive insights into Income Tax Computation for Individuals. Learn rules, rates, and strategies for effective financial planning. Delve into topics like residential status determination, income heads, deductions, and special tax rates.

Tax Treatment on Compulsory Land Acquisition: Rules & Exemptions

October 21, 2023 30105 Views 0 comment Print

Learn about tax implications of land acquisition, including capital gains, TDS, exemptions, and penalties. Understand Section 194LA and Section 10(37).

No Penalty for Scrap Goods Cleared Without Further Manufacturing Process After Paying Duty Equivalent to CENVAT Credit Taken

October 21, 2023 171 Views 0 comment Print

CESTAT Chennai’s ruling in Balmer Lawrie & Co. vs. Commissioner of GST & Central Excise: Central excise duty on metal containers returned as scrap analyzed. No penalty levied.

HC Sets Aside GST Registration Cancellation order for Lack of Reason

October 21, 2023 1536 Views 0 comment Print

Delhi High Court nullifies a GST registration cancellation order issued without disclosing a specific reason, upholding principles of natural justice.

AO not considered Unsigned Reply: ITAT Directs Re-adjudication

October 21, 2023 321 Views 0 comment Print

In the Sonam Rajesh Rateria vs. ITO case, ITAT orders re-adjudication due to non-consideration of the Assessee’s unsigned reply to a notice under section 147.

No Pre-deposit Required When Appellate Authority Sets Aside Order-in-Original without Confirming Demand

October 21, 2023 648 Views 0 comment Print

In the case of Net Metallics vs. Union of India, the CESTAT rules on pre-deposit requirements where the Order-in-Original (OIO) is set aside without confirming a demand.

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