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Income Tax : Understand Section 139 of the Income Tax Act, its implications on return filing due dates, and the changes for FY 2023-24. Learn a...
Income Tax : Understand the concept of Updated Return under the Income-tax Act, its necessity, tax implications, and filing process. Get insigh...
Income Tax : Article explains What is Belated Return, limitations of filing Belated application, consequences when submitting Belated return an...
Income Tax : The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an a...
Income Tax : ITAT Bangalore held that once the audit report filed in form 10B to be available with the Assessing Officer before the assessment ...
Income Tax : ITAT Mumbai held that addition under section 69A of the Income Tax Act on the basis of a third party statement without bringing an...
Income Tax : ITAT Kolkata held that loan transaction between holding and subsidiary company done in the normal course of business and out of bu...
Income Tax : ITAT Kolkata held that issuance of notice under section 143(2) of the Income Tax Act by non-jurisdictional Assessing Officer rende...
Income Tax : ITAT Lucknow held that delay of 4 days erroneously calculated as delay of 551 days by CIT(A). Accordingly, directed CIT(A) to cons...
Income Tax : The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of s...
Income Tax : CBDT hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) having her / his headqua...
ITAT Bangalore held that once the audit report filed in form 10B to be available with the Assessing Officer before the assessment proceedings take place, the requirement of Law is satisfied. Thus, exemption under section 11 of the Income Tax Act allowed.
ITAT Mumbai held that addition under section 69A of the Income Tax Act on the basis of a third party statement without bringing any corroborative material is liable to be deleted. Accordingly, addition deleted and appeal of assessee allowed.
ITAT Kolkata held that loan transaction between holding and subsidiary company done in the normal course of business and out of business/ commercial expediency are outside the scope of deemed dividend.
ITAT Kolkata held that issuance of notice under section 143(2) of the Income Tax Act by non-jurisdictional Assessing Officer renders assessment bad-in-law. Thus, assessment order is bad-in-law and hence liable to be quashed.
ITAT Lucknow held that delay of 4 days erroneously calculated as delay of 551 days by CIT(A). Accordingly, directed CIT(A) to consider request of condonation and if found appropriate to grant opportunity of being heard.
ITAT Agra held that merely uploading of the communication in the Income Tax department e-portal is not sufficient mode of communication in view provisions of Section 282 of the 1961 Act and Rule 127 of the Income Tax Rules.
ITAT Agra held that ex-parte dismissal of appeal, as notices issued by CIT(A) were not compiled, without adjudicating issues on merits is in violation of section 250(6) of the Income Tax Act. Hence, order set aside and matter remitted back to CIT(A) for fresh adjudication.
Although Rule 128(9) requires Form 67, assessee’s compliance within this rule during the rectification stage demonstrated a good faith or effort to fulfil procedural requirement.
ITAT Hyderabad condoned delay of nearly a decade in filing of an appeal since tax liability was fastened on the assessee without an authority of law and it is a well settled principle of law that unless authority of law, no tax can be collected.
Madras High Court held that delay in filing returns of income and seeking refund thereof is condoned in terms coverage within the scope of the expression ‘genuine hardship’ in section 119(2)(b) of the Income Tax Act.
