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...
ITAT Chennai held that addition towards amount received as income sustained as it was specified that the amount was not given as loan or advances but was given for service towards arranging the whole deal.
ITAT Delhi held that addition towards alleged bogus purchases unsustainable as cross examination of person based on which AO was drawing inferences was not allowed and payments were made through banking transactions.
ITAT Ahmedabad held that the assessee has discharged the onus cast under section 68 of the Act with respect to receipt of share application money. Accordingly, addition under section 68 of the Income Tax Act not sustained.
ITAT Chennai held that the scope of assessment after search u/s.153A of the Income Tax Act would be limited to the incriminating material/evidence found during the course of search.
Gujarat High Court held that in absence of adequacy of reasons and its relevancy thereof, initiation of reassessment proceedings under section 148 of the Income Tax Act is erroneous and hence liable to be set aside.
ITAT Bangalore held that the loss arising in eligible SEZ-STPI undertakings are not required to be adjusted against the profits arising from other SEZ-STPI undertakings and the said loss can be adjusted against profits arising from non-SEZ-non-STPI units.
ITAT Pune held that onus of proving the genuineness of transaction of receipt of donation not discharged. Accordingly, held that all cash donation transactions are sham, a make believe story, a device adopted created to sleeve undisclosed income through anonymous donations.
Bombay High Court held that as per clause (xiii) of section 144B(1), reply can be filed by the assessee on the date and time as specified or within the extended time. Accordingly, shutting down the window before completion of extended time limit is unjustified. Hence, assessment order liable to be quashed.
ITAT Chennai held that there is no obligation to deduct tax at source u/s 195 of the Income Tax Act as payment made to sister concern in USA is purely reimbursement of expense and does not involve any element of income.
ITAT Mumbai held that disallowance towards payment of PF & ESIC u/s 36(1)(va) unjustified as the amount is deposited before the due date of return of income u/s 139(1) of the Income Tax Act.
