The income tax act defines Income tax and laws related to income tax. It covers income tax levy, collection, administration, and recovery. Income tax acts and income tax laws get changed/updated from time to time. Read our Latest News and Updated on the Income-tax act and Articles on the income tax act to understand the income tax act and its sections. Read our articles to understand income tax act section 10, income tax act section 24, income tax act section 54, income tax act section 80c, income tax act 44ad, income tax bare act, etc.
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The assessment based on a second notice issued in July 2022 was quashed as time-barred. Once limitation had expired, subsequent notices could not revive reassessment jurisdiction.
The Tribunal considered whether disallowance under section 14A was justified merely because exempt income was earned. It ruled that without corresponding investments in the assessee’s books, section 14A cannot be invoked.
The issue was whether a reassessment notice issued after 31.03.2021 for AY 2014-15 was within limitation. ITAT held the notice time-barred in light of the Supreme Court’s Rajeev Bansal ruling and quashed the entire reassessment.
The article breaks down salary components such as basic salary, allowances, and perquisites. It highlights which parts are fully taxable and which may qualify for exemptions.
The reassessment is challenged as being founded solely on an unauthenticated photocopy with no corroboration. Such material fails the “reason to believe” test and vitiates jurisdiction.
The tribunal held that Maximum Marginal Rate implies tax at the highest slab rate of 30%, not automatic levy of 37% surcharge. Surcharge must strictly follow slab thresholds prescribed in the Finance Act.
The Tribunal held that income admitted during search cannot be treated as undisclosed income unless supported by incriminating material found in the search. In the absence of such material, penalty under Section 271AAB cannot be sustained.
The issue was whether accumulated income could be taxed merely because it was not spent exactly for the purpose stated in Form-10. ITAT Delhi held that as long as funds are applied toward charitable educational objects, technical lapses or non-intimation to the AO cannot defeat exemption under Section 11.
Delhi appellate authority’s ex-parte confirmation of unexplained money under Section 69A was set aside. ITAT directed CIT(A)/NFAC to adjudicate afresh, granting one final hearing opportunity.
The ITAT held that an assessment completed before receiving the DVO report under section 50C(2) is invalid. All additions and disallowances were quashed due to procedural and jurisdictional lapses.
