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 : Ensure sufficient time for compliance with Section 143(2) notice and the mandatory issuance of valid notices under Section 142(1)(...
Income Tax : 1. What is Sec 143(2)? Where a return has been furnished u/s 139, or in response to a notice 142(1), the Assessing Officer (AO) ...
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 quashes Income Tax reassessment notice against Deepak Natvarlal Pankhiyani HUF, citing lack of fresh evidence s...
Income Tax : Assessee was engaged in diamond manufacturing, trading, and windmill power generation, had claimed deductions under sections 35DD ...
Income Tax : Read the detailed analysis of ITAT Delhi's decision in Rhine Energy LLP vs Assessment Unit, allowing expenses on Buffet Dinner, Li...
Income Tax : Explore the case of Pipelic Energy Software India Pvt Ltd Vs DCIT at Telangana High Court. Detailed analysis on why subsidiary exp...
Income Tax : ITAT noted that CIT(A)'s decision was reasoned, considering discrepancies in repayment timelines and absence of proper documentati...
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...
Bombay High Court held that reopening of assessment u/s 147 of the Income Tax Act unsustainable as the assessee has fully and truly disclosed all the material facts.
ITAT Mumbai held that deduction claimed u/s. 80P(2)(d) of the Income Tax Act cannot be denied by invoking another sub-section of 80P. Accordingly, disallowance of deduction claimed u/s 80P deleted.
ITAT Bangalore held that the interest income earned by a cooperative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Income Tax Act.
Mere completion of assessment under section 143(3) doesn’t automatically merge the intimation under section 143(1) with the assessment order
ITAT Delhi held that addition on the basis of fall in gross profits without pointing out any specific discrepancy in accounts that resulted into suppression of true figure of gross profit is unsustainable in law.
ITAT Bangalore held that disallowance of deduction claimed u/s 54F unjustified as no steps were taken to convert the limited scrutiny into complete scrutiny. Accordingly, disallowance deleted.
ITAT Chennai reopens Carborundum Universal’s case with Deputy Commissioner over income tax deletion due to evidence gaps. Full analysis inside.
ITAT Bangalore reviews Behra Gopal Krishna Rao’s case, highlighting the challenge of email notices for individuals unfamiliar with computers. Details inside.
ITAT Delhi held that initiation of proceedings u/s 153C of the Income Tax Act based on seized dumb documents found in the premises of third party is unsustainable in law as the seized documents are merely loose sheets not forming part of the books of account of the assessee and that they do not constitute admissible evidence.
ITAT Hyderabad held that law doesn’t permit delegation of authority by PCIT to Assessing Officer (AO) for the purpose of imposition of penalty. Accordingly, direction issued by PCIT to AO to initiate penalty proceedings u/s 271(1)(c) of the Income Tax Act is unlawful.