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Income Tax : New Application for Condonation of Delay in Filing Forms 9A, 10, 10B, and 10BB Post 18th November 2024 as per Circular No. 16/2024...
Income Tax : India-Switzerland MFN clause suspension may cost $100 billion in Swiss investment, raising tax rates on dividends and impacting th...
Income Tax : SC clarifies reassessment notices under TOLA and Finance Act 2021 in Union of India v. Rajeev Bansal. Learn how decision impacts t...
Income Tax : Government decriminalizes minor direct tax offences, simplifies compliance, and improves litigation management. Key changes includ...
Income Tax : PAN 2.0 focuses on process upgrades for taxpayers with no mandatory new PAN card. Existing cards remain valid. Estimated cost: ₹...
Income Tax : CBDT's electronic campaign helps taxpayers fix mismatches in income and transactions for FY 2023-24 and 2021-22. Revised ITRs can ...
Income Tax : KSCAA raises concerns and provides suggestions for improving the Direct Tax Vivad Se Vishwas Scheme 2024 to the CBDT....
Income Tax : The government responds to queries on corporate tax, including notices, prosecutions, and collections over the past five years....
Income Tax : The assessee is a souharda cooperative society duly registered under the Karnataka Souharda Sahakari Act, 1997 and is engaged main...
Income Tax : ITAT Ahmedabad held that addition towards undisclosed receipts not sustainable since the amount stand reconciled. Accordingly, ord...
Income Tax : Madras High Court granted stay on payment of 10% of tax demand since the respondent/ department failed to furnish proof against al...
Income Tax : Delhi High Court held that in case of investment in two residential properties, exemption under section 54F of the Income Tax Act ...
Income Tax : Assessee had given reasons that as per the previous counsel, late Shri R.R. Jain (C.A.) had given advice no separate appeal agains...
Income Tax : Circular No. 19/2024 offers clarifications on the eligibility and settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024....
Income Tax : CBDT amends Notification No. 44/2020 under Section 10(23FE) of Income-tax Act. Changes take effect from publication in the Officia...
Income Tax : Notification designates special courts in Tamil Nadu under the Income Tax Act, 1961, and Black Money Act, 2015, for specific distr...
Income Tax : The Ministry of Finance grants approval to IIIT Hyderabad for scientific research under the Income Tax Act, effective from 2024-25...
Income Tax : Overview of steps in the ITBA Assessment Module for passing assessment orders, including income computation, feedback, and order g...
ITAT Ahmedabad imposed cost of Rs. 10,000 on the assessee due to non-compliance with the show cause notice and directed to restore the matter back to the file of Jurisdictional Assessing Officer.
CBDT’s electronic campaign helps taxpayers fix mismatches in income and transactions for FY 2023-24 and 2021-22. Revised ITRs can be filed until Dec 31, 2024.
ITAT Surat held that the Fixed Deposits can be treated as stock-in-trade if it forms part of banking business. Further, held that deposits that forms part of banking business, write off such loss will be a loss arising in the course of carrying on banking business.
ITAT Kolkata held that in terms of block assessment under section 153A of the Income Tax Act, reopening of unabated assessment without any incriminating material found with respect to concerned assessment year is impermissible in law.
ITAT Mumbai held that addition u/s. 68 towards amount received as gift from son not justified since addition is made in a baseless manner, solely relying on unverified newspaper reports. Accordingly, appeal of revenue dismissed.
Held that the deposits made by the assessee were in the nature of fixed deposit investments. Therefore, the loss suffered by the assessee when the bank went to liquidation is only a capital loss.
Madras High Court held that in terms of section 245I, the Settlement Commission cannot re-open its concluded proceedings by invoking section 154 of the Act so as to levy interest under section 234B of the Income Tax Act.
ITAT Surat held that delay in filing of an appeal before CIT(A) since the assessee was displaced from his office due to attachment of office on account of some purported fraud committed by him is sufficient cause.
ITAT Ahmedabad held that addition under section 69 of the Income Tax Act towards cash deposit in bank not justified since it is proved that cash was deposited out of the sale of agricultural land.
As the assessee had not submitted his explanation with respect to cash deposit made by him during the demonetization period, the same was treated as unexplained money u/s 69A of the Act.
