Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : This guide explains the various assessments under the Income-tax Act, including summary assessment, scrutiny assessment, best judg...
Income Tax : The new Income-tax Act, 2025 replaces the old survey framework with a streamlined regime under Section 253. It expands digital rec...
Income Tax : Read KSCAA's representation to the Commissioner of Income Tax, addressing practical issues faced by taxpayers and suggesting solut...
Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...
Income Tax : While uploading Manual order for the A Y 2017-18 user is getting the following message: Manual Order cannot be uploaded for this P...
Income Tax : Tax collections increased from Rs 6.38 Lakh Crore in year 2013-14 to almost Rs 12 Lakh Crore this year 80% growth in tax base; n...
Income Tax : The Tribunal admitted a new legal ground and held that jurisdictional defects can be raised at any stage. It quashed the assessmen...
Income Tax : The ITAT has declared an assessment against SoftwareONE India Pvt. Ltd. void, ruling that an assessment framed in the name of a no...
Income Tax : Delhi High Court directs acceptance of Acuity KP Solutions' tax return and refund, citing time-barred assessment proceedings after...
Income Tax : In a case of BVM Global Education Trust vs Assessment Unit, Madras High Court declares computation sheet and demand notice invalid...
Income Tax : Read about the Madras High Court's order for rectification of an income tax assessment order regarding addition on sale considerat...
Income Tax : A CAG audit report on direct taxes for FY 2022-23 reveals over ₹7,929 crore in tax effect from 481 observations, highlighting as...
Income Tax : Standard Operating Procedure (SOP) for Assessment Unit (AU), Verification Unit (VU), Technical Unit (TU) and Review Unit (RU) unde...
Income Tax : CBDT hereby specifies that all the assessment proceedings pending as on 31.03.2021 and the assessment proceedings initiated on or ...
Income Tax : Faceless Appeal Scheme has been implemented in ITBA and the allocation of cases to Faceless Appeal units is under progress. A numb...
Income Tax : CBDT notifies Prescribed Authority under Section 133C with effect from 13th August, 2020 vide Notification No. 66/2020, Dated: Aug...
CCE v. Maha Laxmi Sugar Mills Co. Ltd – non-submission of one particular return ST-3 for only quarter ending December 1997, on the part of the assessee cannot be said to be intentional withholding of the same for the purposes of avoiding the payment of tax, which has been paid by the assessee. It is pertinent to mention here that amount of tax was only Rs. 1,000/-. Therefore, considering the peculiar circumstances of the case, we are of the view that the Deputy Commissioner, Central Excise has committed no error of law in dropping the proceedings and the CESTAT has also committed no error in upholding the same and in setting aside the order passed by the Commissioner, in revision.
JAGAN LAMPS LTD. v. ITO The accepting of returned income is not an assessment; hence, it will be incorrect to say that the provisions of section 147 cannot be substituted for verification of correctness of entire information contained in the return of income.
Pooja Bhatt v. DCIT Income derived by the assessee-artist from the exercise of her activity in Canada is taxable only in source country i.e., Canada as per the scheme of taxation contained in the Indo-Canada Treaty; by using the expression “may be taxed in the other State” in Article 18(1) of the said Treaty, the contracting parties permitted only the other State i.e. State of income source and by implication, the State of residence was precluded from taxing such income.
CIT vs. Raval Tiles (Bombay High Court) Where the Tribunal did not pass an order on the appeal despite considerable delay and instead fixed the matter repeatedly for ‘clarifications’ and thereafter closed the matter for orders on the basis of written submissions and without hearing the assessee, HELD the procedure followed by the Tribunal was not in compliance with the principles of natural justice.
11. We have carefully perused the agreement entered into by the assessee company with the Government of Tamil Nadu vide concession agreement dated 22-12-2000. In this agreement Article 1 deals with the definition of project as defined under:- ” Project” – means the project described in Appendix 1 which the concessionaire is required to design,
The government may amend an accounting norm that gives certain exemptions to companies from consolidating the balance sheets of subsidiaries with that of the parent under certain circumstances. The idea is to ensure that companies do not take undue advantage of the exemption and give an unrealistic picture of their financial health. Making it compulsory to consolidate the financial statements of all subsidiaries with that of the parent will give the cumulative effect of all the subsidiaries’ financial performance.
The method adopted by a company to arrive at a transfer price is valid unless the tax officer can prove that the company had manipulated the price to shift profits outside India, the Income-Tax Appellate Tribunal (ITAT) has ruled. The tribunal has also observed that the transfer pricing officer (TPO) should have sufficient ground to suspect the shift in profits before invoking the transfer pricing rules.
Profits and gains of a newly established undertaking, therefore, have got to be computed as per the provisions of section 29 to section 43A and if the assessee claims relief under Chapter VI-A of the Act, then it is not open to the assessee to disclaim depreciation allowance. This is because Chapter VI-A is an independent code by itself for computing these special types of deductions. In other words, one must first calculate the gross total income from which one must deduct a percentage of incomes contemplated by Chapter VI-A. That such special incomes were required to be computed as per the provisions of the Act, viz., section 29 to section 43A, which included section 32(2). Therefore, one cannot exclude depreciation allowance while computing profits derived from a newly established undertaking for computing deductions under Chapter VI-A. Therefore, the appellant’s claim for allowance of deduction under section 80HH, without taking into consideration the current depreciation will have to be rejected.
Merely because other clubs follow the very same accounting policy, it cannot be said to be beyond scrutiny or verification as to the correctness and completeness of the accounting practice followed, and there is any deficiency in such accounting practice or policy, it can very well be tinkered with howsoever universally followed such policy is; there is no proposition in law to force the revenue to accept the accounting system
Cebon India vs. ACIT (ITAT Delhi) Where the record did not show that the assessee had been served with a notice under section 143(2) before the due date HELD that the assessment proceedings were not valid as the non-service of the notice was a jurisdictional defect and not merely a procedural defect. Held also that s. 292BB was procedural and prospective.
