Income Tax : Explore the latest changes in Income Tax laws, including extinguishment of demands, return processing, form amendments, exemptions...
Income Tax : Delve into the provisions of Income Tax Act Sections 153A & 153C, governing assessments after search or requisition. Learn from co...
Income Tax : Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....
Income Tax : Learn about Section 147 to 153 Income Escaping Assessment and Reopening of Cases Under Income Tax Act, 1961. Get guidance on the p...
Income Tax : Explore legality of Section 148A(b) & Section 148A(d) proceedings post Finance Act 2021. Understand implications of local assessm...
Income Tax : Income Tax Gazetted Officers’ Association requested CBDT to issue Clarification in respect of the judgement of Hon’ble Supreme...
Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...
Income Tax : Under the provisions of Income-tax Act, 1961, notices for assessment/reassessment of income of old cases of more than six years fr...
Income Tax : One of the key sources of dispute is the existing arrangement for follow up on audit objections by Internal Audit Party and the Re...
Income Tax : Detailed analysis of Bombay High Court's ruling on Hexaware Technologies Ltd vs ACIT. Invalid notice under Section 148 scrutinized...
Income Tax : Assessee had miserably failed to establish genuineness of the transaction by cogent and credible evidence and that the investments...
Income Tax : Explore how the Bombay High Court ruled against reopening Section 143(1) assessments without valid reasons, safeguarding taxpayers...
Income Tax : Discover the conditions for issuance of a reassessment notice u/s 153A beyond six years & explore the detailed analysis of ACIT Vs...
Income Tax : The court's deliberation highlights the absence of any challenge to the initial re-assessment order or its revision by the Commiss...
Income Tax : Learn how to initiate proceedings under section 147 of the IT Act in e-Verification cases. Detailed instructions for Assessing Off...
Income Tax : Explore e-Verification Instruction No. 2 of 2024 from the Directorate of Income Tax (Systems). Detailed guidelines for AOs under I...
Income Tax : Supreme Court in the matter of Shri Ashish Agarwal, several representations were received asking for time-barring date of such cas...
Corporate Law : Income Tax Gazetted Officers’ Association (W.B.) Unit Date: 02.02.2023. To The Principal Chief Commissioner of Income Tax, W...
Income Tax : CBDT directed that cases reopened u/s 147/148A in consonance with Judgement of SC in case of UoI vs. Ashish Agarwal & CBDT instruc...
HC establishes a precedent reinforcing principle that reassessment must be based on new and substantive grounds, preventing arbitrary or unfounded reopening of assessments.
ITAT Mumbai held that CIT(A) cannot exercise the power to enhance u/s. 251(1) where AO has not dealt with the issue and has not applied his mind on the taxability or non-taxability of a specific matter. Accordingly, exercise such power by CIT(A) will be beyond his jurisdiction.
ITAT Mumbai held that revision under section 263 of the Income Tax Act unjustified as AO while allowing the exemption in the order passed under section 144 r.w.s.263 has taken a possible view upon verifying the details available on record.
The burden lies on the assessee to explain each day of the delay, and the tribunal underscored that the appellant did not substantiate her claims adequately. The reasons for the delay were deemed not bona fide and reasonable, leading to the rejection of the appeal for condonation of delay.
ITAT Bangalore held that the provisions of section 68 of the Income Tax Act cannot be applied in relation to the sales receipt of preference shares shown by the assessee in its books of accounts as sales receipt has already been shown in the books of accounts as income/loss at the time of sale only.
Delhi High Court nullifies reassessment under IT Act, citing lack of independent application of mind. In-depth analysis of Sahu Exports vs. ACIT judgment.
Madras High Court held that reopening of assessment invoking provisions of section 148 of the Income Tax Act inspired from a review and a change of opinion is liable to be quashed and set aside.
Learn about the ITAT Delhi decision in DCIT vs. Rapid Buildwell Ltd. case. NCLT moratorium impact on proceedings. Detailed analysis of grounds and outcome.
ITAT Mumbai upholds reassessment proceedings in Himanshu Manoranjan Bhatt vs ITO case. Sale and purchase of property not disclosed; addition of LTCG contested.
Since the penalty was reduced from 300% to 100% of the tax sought to be evaded, assessee was entitled to the benefit of Section 279(1A) of Income Tax.
