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Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
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Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
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Assessment order passed u/s. 158BC r.w.s 143(3) / 254 dated 31.12.2019 determining the undisclosed income of about Rs. 57.43 crores against Mr.D was barred by limitation as per provisions of section 153(2A) and liable to be quashed as AO ought to have passed assessment order on 14.04.2019 whereas the impugned order was passed on 31.12.2019.
Net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21. Advance Tax collections for F.Y. 2020-21 stand at Rs. 4.95 lakh crore which shows a growth of approximately 6.7%.
Get insights into the audit requirements under the Income Tax Act 1961. Understand the conditions for tax audits and how they apply to businesses and professionals.
No addition can be made to the income of the assessee in this asst. years, as in the view of the AO the outstanding liability in question is bogus and non-existent. The question of cessation of such non-existent as bogus liability does not arise. Hence, Sec. 41(1) cannot be applied. Only when there is a genuine liability and there is cessation of such liability or it is written off in the books of account, then Sec. 41(1) of the Act can be applied.
ITO Vs Richmond Vivek Laboratories P Ltd (ITAT Hyderabad) Learned CIT (DR) vehemently contended during the course of hearing that the CIT (A) has erred in law and on facts in deleting the impugned misc. expenditure disallowance of Rs.1,92,38,312/- despite the fact that the assessee had failed to prove the same by way of filing […]
Shri Subbaraya Annamalai Siva Kumar Vs ITO (ITAT Hyderbad) Ld.DR fails to dispute the clinching fact that the Pr. CIT’s impugned order has nowhere held the assessment in question dated 06.01.2015 as an erroneous one so far as it causes prejudice to the interest of Revenue as per Sec.263 of the Act. Ld.Pr.CIT has rather […]
Therefore, reasons are to be examined only on the basis of reasons as recorded. Here, in this case, I note that the A.O on mistaken facts resorted to reopening which is an admitted fact on a perusal of re-assessment order (supra). Therefore, the condition precedent for reopening the assessment u/s 147 of the Act is found to be absent and, therefore, the reopening itself is bad in law and therefore, the impugned notice u/s 148 of the Act is quashed and therefore, the consequent action of making addition of Rs.9,80,494/- is null in the eyes of law.
The provisions of the DTAA cannot be thrusted upon the Assessee simply because the Assessee is a tax resident of a country with which India has entered into a tax treaty or on account of the mere perception of the AO that the Assessee may claim benefits under the tax treaty in subsequent years. 2. Short term losses should be eligible to be carried forward.
Sadruddin Tejani Vs ITO (Bombay High Court) The basic facts set out above are not in dispute. Without getting into the merits of the demands by the Revenue or the Application for Revision under Section 264 of the Income Tax Act by the Petitioner, it would be relevant to note that, it is not in […]
When an Assessing Officer complete assessment on the basis of return and other documents submitted by an assessee. In this process an Assessing Officer can complete assessment without passing a Regular Assessment Order. The presence of an assessee or his/her Authorised Representatives are not required.
