Income Tax : Learn about rectifying mistakes in income tax orders under Section 154, including types of rectifiable orders, responsible authori...
Income Tax : Key changes in the Finance (No. 2) Act 2024 include revised income tax rates, capital gains tax adjustments, and new definitions i...
Income Tax : Discover the key amendments in the Finance (No.2) Bill, 2024, affecting income tax reassessment procedures under the Income-tax Ac...
Income Tax : Delhi HC rules in PCIT Vs Pavitra Realcon Pvt. Ltd., ITA 579/2018, emphasizing the need for corroborative evidence in tax assessme...
Income Tax : Understand the concept of Updated Return under the Income-tax Act, its necessity, tax implications, and filing process. Get insigh...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Goods and Services Tax : The Ministry of Finance reports the arrest of a firm's finance head for GST evasion worth Rs 88 crore. Learn about the case and it...
Income Tax : The Central Board of Direct Taxes ( CBDT) has directed re-opening of all cases under the search and seizure label, income-escapin...
Income Tax : Delhi High Court remands ITAT case for reconsideration on S. 153C, clarifying its applicability to searches conducted before the F...
Income Tax : Jaipur ITAT rules on Vinaya Sharma's agricultural land sale dispute, determining its taxability under the definition of capital as...
Income Tax : ITAT Vishakhapatnam held that addition u/s. 69 r.w.s. 115BBE of the Income Tax Act merely on the basis of excel sheet seized from ...
Income Tax : Delhi High Court held that re-assessment proceedings set aside as assessment in respect of the AY 2015-16 falls beyond the period ...
Income Tax : ITAT Delhi held that transfer of shares of company by one set of shareholders to another set of shareholders does not give rise to...
Income Tax : Read the order issued by the Central Board of Direct Taxes (CBDT), Ministry of Finance, specifying the scope of the e-Appeals Sche...
Income Tax : Dispute arose between the Department and the assessees with regard to adjustment of such seized/requisitioned cash against advance...
Delhi High Court remands ITAT case for reconsideration on S. 153C, clarifying its applicability to searches conducted before the Finance Act 2015 amendment.
Jaipur ITAT rules on Vinaya Sharma’s agricultural land sale dispute, determining its taxability under the definition of capital assets in Section 2(14) of the IT Act.
ITAT Vishakhapatnam held that addition u/s. 69 r.w.s. 115BBE of the Income Tax Act merely on the basis of excel sheet seized from third party without any independent enquiry and independent corroborative evidences is unsustainable in law.
Delhi High Court held that re-assessment proceedings set aside as assessment in respect of the AY 2015-16 falls beyond the period of ten years as stipulated u/s. 149 read with Section 153C of the Income Tax Act.
ITAT Delhi held that transfer of shares of company by one set of shareholders to another set of shareholders does not give rise to any taxable event in the hands of company and has no tax incidence in the hands of the company whose shares were subject matter of transfer.
Addition of unsecured loans as unexplained cash credits under Section 68 was unjustified as all the above transactions were duly recorded in the books of account and there was no undisclosed cash credit involved in these transactions.
While the prosecution alleged a massive ITC fraud involving multiple shell companies, the lack of documentary proof ultimately led the court to favour the bail.
Assessee filed an appeal concerning the penalty of ₹20,29,394 levied under Section 271AAA for AY 2008-09. It had initially declared a total income of ₹23,62,74,550 in its Return of Income (ROI).
ITAT Delhi held that addition under section 69A r.w.s. cannot be sustained merely on the basis of the statement. There has to be some material corroborating the content of the statements. Accordingly, appeal allowed and addition deleted.
ITAT Delhi held that error of bringing an amount of Rs.12,10,692/- to tax instead of the undisclosed amount of Rs.27,00,00,000/- is assessment made without proper enquiry and hence assessment order is erroneous and prejudicial to revenue so revision order u/s. 263 sustained.
