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Income Tax : Learn about the clubbing provisions under the Income Tax Act, covering income transfers, revocable transfers, and taxation of inco...
Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...
Income Tax : Learn about Sovereign Gold Bonds (SGBs), including eligibility, investment limits, interest rates, redemption, and tax implication...
Income Tax : Rental income from sub-letting is taxed as "Income from other sources," not "Income from house property." Deemed ownership rules a...
Income Tax : Understand presumptive taxation schemes under sections 44AD, 44ADA, and 44AE, including eligibility, computation, and maintenance ...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...
Income Tax : The Central Action Plan 2024-2025 by CBDT aims to optimize India's direct tax system, focusing on revenue, litigation, taxpayer se...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
Income Tax : ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approv...
Income Tax : ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence s...
Income Tax : Madras High Court held that compensation paid to ESOP holders qualifies as perquisite and hence taxable under the head ‘salary�...
Income Tax : ITAT Ahmedabad held that invocation of section 263 by PCIT unjustified due lack of sufficient evidence to support claim that the o...
Income Tax : ITAT Ahmedabad held that deduction under section 54 of the Income Tax Act towards Long Term Capital Gains admissible even when ret...
Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...
Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
Assessment framed by the AO is on other issues which is not part of the reasons recorded for reopening the assessment. In such a situation, the assessment order is not sustainable in the eye of law.
Sagar Navinchandra Chande Vs I.T.O (ITAT Rajkot) Admittedly, there was cash aggregating to Rs. 11,54,350/- deposited in the bank account of the assessee which was treated as income from undisclosed sources by the lower authorities. The assessee before the leaned CIT-A explained the amount of cash deposit represent amount deposited by the customer to whom […]
Krishan Kumar Goel Vs DCIT (ITAT Delhi) AO has made additions and computed the income at Rs.1,88,85,961/-. Nowhere in the order of the AO there is any whisper that AO is not satisfied by the compliance by the assessee to his notices or queries. Now, the same AO has passed the above said penalty order. […]
Shree Sita Edibles Ltd. Vs ITO (ITAT Raipur) ITAT find that the issue involved in the present appeal lies in a narrow compass, i.e., as to whether or not, a short deduction of tax at source by the assessee would call for triggering the provision of Sec. 40(a)(ia) of the Act for disallowing the amount […]
DCIT Vs Jammu Pigments Ltd. (ITAT Delhi) Assessing Officer initiated proceeding under section 154 of the Act to make the disputed disallowance while computing the book profit and ultimately did so. Therefore, it is evident, the 154 proceeding was at the behest of the Revenue audit. Applicability of section 14A read with Rule 8D to […]
ITAT held that the absence of service of notice u/s 148/143(2) of the Act, reassessment framed u/s 147 r.w.s 143(3) of the Act will be null and void.
Padagouda Hanamanthgouda Patil Vs ACIT (ITAT Bangalore) ITAT noticed that assessee has filed his return of income on 15.10.2018. However, it is the submission of the assessee that the GST amount cited above was paid on 16.10.2018. Hence by the time, the return of income was filed, the assessee has not paid the GST amount […]
Rajiv Gandhi Charitable Trust Vs JCIT (E) (ITAT Delhi) The issue in the present ground is with respect of claim of loss as application of income. It is an undisputed fact that the loss that assessee had incurred on sale of fixed assets and the same has been debited to the income and expenditure account […]
Barapur Gramodyog Vikas Samiti Vs ITO (ITAT Delhi) The AO while completing the assessment noticed that the assessee claimed exemption u/s 10(23B) of the Act as the assessee was engaged in the business of production, sale, etc. of Khadi and Products of Village Industries. The AO was of the view that in view of proviso […]
ITAT held that CIT(A) has considered the case laws and details submitted by the assessee. To our mind, same is amounting to miscarriage of justice
