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 : ITAT Mumbai held that penalty u/s. 271(1)(c) of the Income Tax Act not imposable in absence of wilful intention on the part of the...
Income Tax : ITAT Pune remands the case of Suhas Maruti Dhankude for re-adjudication due to non-adjudication of jurisdictional grounds and fail...
Income Tax : ITAT Pune held that the DTAA does not get triggered at all when a domestic company pays DDT u/s. 115O of the Income Tax Act. In nu...
Income Tax : ITAT Ahmedabad held that addition u/s. 68 on account of unexplained cash credit, being bogus unsecured loan, and u/s. 69C on accou...
Income Tax : ITAT Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for ...
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...
Explore the case Fab Engineering Pvt. Ltd. vs ITO, where ITAT Ahmedabad upheld disallowance on long-term capital loss claim from sale of company shares.
Delhi High Court held that reopening of assessment liable to be quashed as PCIT simply rubber-stamped the attempt of AO to reopen the assessment without inquiring about various basic issues involved in the matter like applicability of section 50C, cost of acquisition and claim of deduction u/s 54EC.
ITAT Mumbai held that as per Section 56(2)(ix) of the Act money received as advance would be treated as income liable to tax in the hands of recipients under the head ‘Income from Other Sources’ provided such advance is forfeited and the negotiations do not resulted in transfer of the capital assets.
Bombay High Court held that initiation of reassessment proceedings u/s 147 after the expiry of 4 years from the end of the relevant assessment years without failure on the part of the assessee to disclose fully and truly all the material facts unsustainable and liable to be quashed.
ITAT Mumbai held that penalty under section 271B of the Income Tax Act for delay in furnishing of audit report not leviable on account of reasonable cause shown that delay was due to the death of director who was also an accountant of the company.
Delhi High Court supports Valley Iron & Steel Co.’s voluntary enhancement of disallowance under Section 43B of the Income Tax Act. Detailed analysis and implications here.
Reviewing Panchiram Nahata Vs ITO case, where ITAT ruled that notional interest income could not be estimated for making disallowances out of interest expenditure
Analysis of the recent ITAT ruling on Pawan Satyanarain Jalan Vs Assessing Officer Central where the penalty under Section 271AAB of the Income Tax Act was deleted.
ITAT Delhi held that presumption u/s. 132(4A) of the Income Tax Act is only against the person in whose possession the search material is found and not against any other person. Addition based on dumb documents without corroborative evidence is unsustainable in law.
ITAT Delhi held that the payments received by the assessee in view of architectural design services rendered to its clients in India are not chargeable to tax as FTS in terms of Article 12(4) of the India-Singapore DTAA.
