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 : Article discusses about Order which can be rectified under section 154 of Income Tax Act, 1961, Rectification of Income Tax order ...
Income Tax : Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates,...
Income Tax : Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing ...
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 : It has been observed that in many cases an assessee may wish to make a claim which was not made in the return of income filed unde...
Income Tax : We have attached a file in excel format. The file contains the format of various details which normally assessing officer asks As...
Income Tax : Read the detailed judgment of Bombay High Court in ACIT Vs Sociedade de Fomento Industrial Pvt Ltd regarding TDS deduction on retr...
Income Tax : Read the detailed analysis of ITAT Chennai's decision on penalties under sections 269SS and 269T for Pearl Beach Promoters P. Ltd....
Income Tax : Read the full text of the ITAT Delhi order on Sec 56(2)(viib) and its implications for premium amounts on shares issued to holding...
Income Tax : Gujarat High Court quashes Income Tax reassessment notice against Deepak Natvarlal Pankhiyani HUF, citing lack of fresh evidence s...
Income Tax : PCIT Vs Farmson Pharmaceuticals Gujarat Pvt Ltd (Gujarat High Court): Reassessment cannot be solely based on a reevaluation of exi...
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 notice not setting out the material that provided the basis for assumption of jurisdiction u/s. 147 and 148 of the Income Tax Act is without jurisdiction and unsustainable in law.
ITAT Kolkata held that the electricity load extension charges are allowable as revenue expenditure. Accordingly, addition towards the same is unjustifiable and liable to be set aside.
ITAT Ahmedabad held that as per provisions of section 10 General Clause Act, if last working day happens to be a holiday then the authorities concerned have been given power to make the necessary compliance on the next working day.
ITAT Delhi held that expenditure towards clinical trial incurred solely and exclusively for the business purpose is allowable expenditure.
Madras High Court set aside the impugned order as it was based on one basis that writ petitioner’s case is not covered under instruction no. 1914 dated 02.12.1993.
ITAT Delhi held that penalty u/s 271(1)(c) of the Income Tax Act alleging inaccurate particulars not leviable as assessee was subjected to tax on book profits u/s 115JB.
ITAT Mumbai deleted penalty under section 271(1)(c) of the Income Tax Act as penalty order was issued without striking off the irrelevant limb/ inapplicable words.
ITAT Mumbai held that expenditure incurred towards Corporate Social Responsibility are specifically disallowed as per explanation 2 to Section 37(1) of the Income Tax Act.
ITAT Surat held that penalty under section 271(1)(b) of the Income Tax Act not leviable merely because the assesse couldn’t make compliance due to some bonafide reasons.
ITAT Mumbai held that while computing capital gains arising of transfer of capital asset acquired by the assessee under the will, the indexed cost of acquisition has to be computed with respect to the year in which the previous owner first held the asset.
