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 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 : Assessee was engaged in diamond manufacturing, trading, and windmill power generation, had claimed deductions under sections 35DD ...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
Delhi High Court ruling states Income Tax Dept. must permit personal hearing through National Faceless Assessment Centre upon assessee’s request. Full text judgment provided.
Read the detailed analysis of Computer Modelling Group Ltd. vs. ACIT (ITAT Delhi) regarding interest leviable from the assessee for short payment of tax due to payer’s TDS default before FY 2012-2013.
Explore the implications of jurisdictional issues in tax assessment with the case of YKM Holdings Pvt. Ltd. vs ACIT, assessing the validity of section 143(3) assessments without proper notices under section 143(2).
Read detailed analysis as Kolkata ITAT removes unexplained cash credit addition in Sharda Ferro Works Pvt. Ltd. Vs DCIT case. Share capital scrutiny under section 68.
Detailed analysis of the appeal against a penalty imposed under Section 271B of the Income Tax Act by the ITAT Delhi in the case of Sanjeev Kumar Goyal vs ITO, including the reasons for the penalty dismissal.
ITAT observed that the disallowance of expenses by the AO was on an estimate and ad hoc basis due to the absence of supporting evidence, rather than evidence of concealment of income. Referring to legal precedents, the ITAT emphasized that disallowance based on the magnitude of expenses or missing vouchers is insufficient to justify a penalty, especially without evidence of mala fide intent.
ITAT Mumbai rules penalty under Section 270A deleted as I-T authority failed to consider reasons for difference in sale consideration and stamp duty valuation.
Kerala High Court quashes re-assessment order under Income Tax Act, citing denial of virtual hearing due to formality. Read the detailed judgment.
In DCIT Vs Nilesh Shantilal Tank case, Mumbai ITAT confirms 12.5% gross profit margin on alleged bogus purchases as sales remain undisputed. Full text of the order included.
Kerala High Court ruling emphasizes time limits in Income Tax Act assessments on remand. Detailed analysis of Joseph Michael vs. DCIT case and its implications.
