Discover the key amendments in the Finance (No.2) Bill, 2024, affecting income tax reassessment procedures under the Income-tax Act, 1961.
Explore the legal battle: Serum Institute of India vs Union of India (Bombay HC). Analysis of sub-clause (xviii) to section 2(24) and its constitutional validity.
Telangana HC rules in Kankanala Ravindra Reddy vs ITO: Section 148A(d) orders and Section 148 notices must be issued by NFAC, not AO. Explore the court’s analysis of legal provisions and implications for faceless assessments under the Income-tax Act, 1961.
Discover pivotal case of Uttrakhand Poorv Sainik Kalyan Nigam Ltd. vs ITO, where ITAT Dehradun established that Section 142(1) and 148 cannot operate simultaneously, leading to quashing of reassessment proceedings.
The issue under consideration is that whether the assessee is required to demonstrate commercial expediency during each year concerning a loan which was availed during previous year relevant to A.Y. 2005-06.
n this Article, a detailed discussion will be on a legal maxim namely Expressio unius est exclusio alterius, which is used as one of the rules for interpretation of statutes.
Understand the significance of digitally signing a notice under section 148 of the Income-tax Act. Learn why it cannot be considered as the issuance of notice according to the Allahabad High Court.
The issue of validity of notices issued between April 01, 2021 and June 30, 2021 has been a subject matter of major litigation in the past year. Large number of writ petitions were filed across the country, challenging the constitutional validity of the notices issued under section 148 of the Act.
The meaning of the expression ‘substantial part of business’ for the purpose of Section 2(22)(e) Introduction Section 2(22)(e) of the Income Tax Act, 1961 will not be attracted if the company making the payment by way of loans or advances, have made such payment in the ordinary course of its business and lending of money […]
The Inter-Corporate Deposit does not fall within the ambit of the expression ‘loan’ specified in Section 2(22)(e) of the Income Tax Act, 1961 for the purpose of treating it as deemed dividend.
