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Income Tax : Important TDS rate changes from October 1, 2024, affecting insurance, rent, commissions, mutual funds, and e-commerce. Learn about...
Income Tax : Explore key tax rulings from Kolkata ITAT, covering Section 50C, deemed dividends, and tax rate implications under Section 115BAA ...
Income Tax : Learn common mistakes in filing Nil TDS Returns and how to avoid them. Ensure compliance, prevent penalties, and keep accurate rec...
Income Tax : Learn how Section 80D offers additional deductions on health insurance premiums for individuals and HUFs. Maximize tax savings und...
Income Tax : The e-Dispute Resolution Scheme (e-DRS) offers small taxpayers a faceless, digital platform for faster, transparent tax dispute re...
Income Tax : Supreme Court disposes of 573 direct tax cases due to increased appeal limits from the Union Budget 2024-25, reducing tax litigati...
Income Tax : Join our webinar on TDS amendments from Budget 2024 and learn their impact on tax audits, filing procedures, and compliance....
Income Tax : Tax professionals face technical issues on the Income Tax portal, hindering tax audit report submissions before the 30th Sept 2024...
Income Tax : As of September 17, 2024, direct and advance tax collections show significant growth compared to the previous fiscal year....
Income Tax : KSCAA requests review of incorrect TDS credit processing by CPC Bengaluru for AY 2024-25 and urges system corrections and resoluti...
Income Tax : Aggrieved, the assessee challenged the matter in appeal before the Ld. CIT(A). However, the same was dismissed. Being aggrieved, t...
Income Tax : Reassessment order was quashed on cash deposits as AO did not possess any credible information to form a belief that income had es...
Income Tax : Addition of cash deposit under section 68 was not justified as the same could only be invoked if the taxpayer maintained books of ...
Income Tax : Penalty under section 270 A was not leviable as the nature of addition/disallowance were not in the nature of misreporting or misr...
Income Tax : ITAT Mumbai held that adoption of value of land as determined by the Stamp Duty Authority without referring the valuation to Valua...
Income Tax : Summary of the Direct Tax Vivad Se Vishwas Rules, 2024. Notification outlines tax dispute resolution, declarant obligations, and M...
Income Tax : Direct Tax Vivad Se Vishwas Scheme 2024 comes into effect on October 1, 2024, per Notification No. 103/2024 from the Ministry of F...
Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
Income Tax : CBDT raises monetary limits for tax appeals: Rs. 60 lakh for ITAT, Rs. 2 crore for High Court, and Rs. 5 crore for Supreme Court, ...
Income Tax : New CBDT instruction outlines updated procedures for internal audit objections, emphasizing accountability, compliance, and effici...
Y. Narayana Chetty Vs. ITO (Supreme Court) The notice prescribed by section 148 cannot be regarded as a mere procedural requirement. It is only if the said notice is served on the assessee that the ITO would be justified in taking proceedings against the assessee. If no notice is issued or if the notice issued is shown to be invalid, then the proceedings taken by the ITO would be illegal and void – Y. Narayana Chetty v. ITO [1959] 35 ITR 388 (SC); CIT v. Thayaballi Mulla Jeevaji Kapasi [1967] 66 ITR 147 (SC); CIT v. Kurban Hussain Ibrahimji Mithiborwala [1971] 82 ITR 821 (SC).
Held, that the Income-tax Officer was justified in exercising his powers under s. 35 and rectifying the mistake. As a result of, the legal fiction about the retrospective operation of the Amendment Act, the subsequently inserted proviso must be read as.
The question arising for consideration both in the reference under section 66(2) of the Indian Income-tax Act as well as in W.P. No. 925 of 1955 are identical and relate to the proper rule to be applied for determining the amortisation of films for computing the income, profits and gains of the assessee which is carrying on business as a film distributor. The assessee in the Reference Case No. 27 of 1955 is the petitioner in the writ petition.
In pursuance of the direction of this Court under Section 66(2), Indian Income-tax Act, 1922, in Miscellaneous Civil Case No. 143 of 1950, the Income-tax Appellate Tribunal, Bombay, has submitted the statement of case on the following question of law : “Whether on the material on record the Appellate Tribunal could reasonably come to a finding that the sum of Rs. 8,500 was an income undisclosed sources ?”
An assessment under section 23(3) of the Act cannot be made only on bare suspcion. An assessment so made without disclosing to the assessee the information supplied by the departmental representative and without giving any opportunity to the assessee to rebut the information so supplied and declining to take into consideration all materials which the assesses wanted to produce in support of his case constitutes a violation of the fundamental rules of justice and calls for the powers under Art. 136 of the Constitution.
CIT v. S Sen & Others (Orissa High Court) 17 ITR 355 (Orissa) The proceeding arises out of two application consolidated because of the facts being identical, by the Commissioner of Income-tax/Excess profits Tax, Bihar and Orissa, under Section 66(1) of the Income-tax Act read with Section 21 of the Excess profits tax Act for the stating a case and a case stated for the opinion of this Court on the following three question of law :-
