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 : On commencement of regular assessment proceedings u/s 143(2) of Act , there is no need for intimation u/s 143(1)(a)(i) Where the s...
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 : Detailed analysis of the ITAT Jodhpur decision in Gaurav Purohit vs PCIT, covering the grounds of appeal, legal arguments, and imp...
Income Tax : Assessee has placed sufficient documents and materials on record to prove identity and creditworthiness of shareholders and genuin...
Income Tax : ITAT Kolkata's order in ITO Vs Indus Realty Pvt. Limited - Mere suspicion or disbelief on the part of Assessing Officer is insuffi...
Income Tax : Detailed analysis of Dharam Singh Vs PCIT (ITAT Delhi) case where ITAT Delhi ruled that revisionary power can't be invoked solely ...
Income Tax : The ITAT Bangalore ruled that income tax additions can't be based solely on unsubstantiated loose slips, emphasizing the need 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...
Dive into the detailed analysis of Syama Prasad Mookerjee Port’s case against DCIT at ITAT Kolkata regarding Section 41(1) of the Income Tax Act. Understand why cessation of trading liability cannot be invoked without liability in books.
Assessing Officer has nowhere determined as to how Section 194C is applicable on payments made by assessee. Unless a charge is being determined, disallowance under section 40(a)(ia) cannot be made.
Discover why ITAT Jodhpur ruled that cash deposits made by a 77-year-old assesse during demonetization couldn’t be added under section 68 of the Income Tax Act.
Understand the grounds of appeal in the case against the final assessment order under the Income Tax Act, 1961, for AY 2017-18, involving taxability of employee cost reimbursements and more.
Learn about the ITAT Kolkata ruling in Manohar Dealcom vs ITO, addressing jurisdiction issues and the applicability of Section 69 of the Income Tax Act.
In the case of Rajni Dua Vs ACIT, ITAT Delhi orders reassessment due to discrepancies in property ownership and leasehold rights. Detailed analysis provided.
ITAT Mumbai rules in favor of V. K. Nanavaty Share and Stock Brokers Pvt. Ltd, quashing the reopening of assessment as wholly without jurisdiction under section 148 of the Income Tax Act.
Assessing Officer to exclude flats already sold or for which advances were received from the stock held by the assessee. For the remaining flats held as stock in trade, the municipal ratable value should be adopted for determining the income from house property.
Issuance Of Letters Of Comfort/Support will Construe As International Transaction U/s 92B considering corporate guarantee issued by assessee could not be compared with the letters of comfort and therefore agreed with the computation of arm’s length rate of 0.04%.
Read the full judgment/order of Madras High Court quashing an I-T assessment order adding Rs. 16Cr unexplained expenditure without reasonable time. Portal reopening ordered.
