Income Tax : Learn about rectifying mistakes in income tax orders under Section 154, including types of rectifiable orders, responsible authori...
Income Tax : Learn about the Faceless Income-Tax Proceedings, including e-Proceedings features, differences from manual assessments, and how to...
Income Tax : Understand the implications of receiving a notice under Section 143(2) of the Income Tax Act. Learn how to respond, time limits, a...
Income Tax : Learn how online gaming habits can lead to income tax scrutiny notices under Section 143(2) of the Income Tax Act, 1961. Understan...
Income Tax : Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates,...
Income Tax : Read how Income Tax Gazetted Officers’ Association addresses last-minute case reallocations affecting timely issuance of notices...
Income Tax : The Supreme Court has ruled that it is mandatory for the Income Tax Department to issue notice within the prescribed time limit of...
Income Tax : Gujarat High Court held that reopening of assessment under section 148 of the Income Tax Act on mere change of opinion is not perm...
Income Tax : AO after providing due opportunity to the assessee, made addition of INR 3,74,08,810/- on the basis that the assessee could not ex...
Income Tax : ITAT Ahmedabad rules in favor of a co-op housing society, deleting addition based on assumed 8% net profit from unsecured loans ta...
Income Tax : ITAT Ahmedabad dismisses Revenue's appeal, validates the sale price of unquoted shares in Bipin Babubhai Panchal's LTCG case, reje...
Income Tax : Himachal Pradesh High Court held that attachment of account like Cash Credit or Overdraft by exercising powers conferred under sec...
Income Tax : Understand the guidelines set by the Indian Ministry of Finance for the compulsory selection of returns for complete scrutiny duri...
Income Tax : CBDT hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) having her / his headqua...
Income Tax : The three formats of notice(s) are: Limited Scrutiny (Computer Aided Scrutiny Selection}, Complete Scrutiny (Computer Aided Scruti...
Income Tax : Central Board of Direct Taxes, with approval of the Revenue Secretary, has decided to modify notice under section 143(2) of the In...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
Gujarat High Court held that reopening of assessment under section 148 of the Income Tax Act on mere change of opinion is not permissible in law. Accordingly, petition allowed and reassessment notice quashed.
AO after providing due opportunity to the assessee, made addition of INR 3,74,08,810/- on the basis that the assessee could not explain and produce books of accounts alongwith supporting evidences.
ITAT Ahmedabad rules in favor of a co-op housing society, deleting addition based on assumed 8% net profit from unsecured loans taken from non-members.
ITAT Ahmedabad dismisses Revenue’s appeal, validates the sale price of unquoted shares in Bipin Babubhai Panchal’s LTCG case, rejecting fabrication claims.
Himachal Pradesh High Court held that attachment of account like Cash Credit or Overdraft by exercising powers conferred under section 226(3) of the Income Tax Act untenable as bank doesn’t become a debtor.
In view of this, tax officer did not allow the offset of LTCL against LTCG and the carry forward. CIT (A) overturned tax officer’s decision, stating that the transactions were part of legitimate tax planning and that the method of sale was a commercial consideration.
The assessee is in the wholesale distribution of sale of premium motorcycles manufactured by Ducati, Thailand to the dealers in India and in distribution of spare parts, accessories, clothing and merchandise imported from its Ducati group entities to the dealers in India.
The respondents, on the other hand, would urge us to hold that a failure to place the amalgamated entity on notice was curable and one which would fall within the ambit of Section 292B of the Income Tax Act, 1961.
ITAT Mumbai held that hardship compensation is not a revenue receipt but constitute a capital receipt. Accordingly, AO directed to delete addition made towards the same.
The ITAT Nagpur overturned an income tax disallowance in Ghalani’s case due to late filing of Form 15G/H, citing valid legal grounds.
