Income Tax : Explore the legality of issuing a second notice under Section 148 of the Income Tax Act, 1961 for the same assessment year. Unders...
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 : 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 : 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 : ITAT Raipur order on Rajesh Kumar Tiwari vs ITO. ITAT sets aside Income Tax reassessment completed without providing fair & reason...
Income Tax : Read the detailed analysis of Karrm Infrastructure Pvt. Ltd. vs. CIT at ITAT Mumbai. Learn why ITAT ruled that non-filing of GST b...
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...
ITAT Mumbai held that as there was no malafide or deliberate in action on the part of the assessee in filing the appeal with delay of 387 days before the Ld. CIT(A). Accordingly, it was directed to CIT(A) to condone the delay.
ITAT Delhi held that addition in case of bogus purchases is restricted to the extent of 25% of the purchases. As lower authorities made addition of 25% of bogus purchase, the same is sustainable.
In the case of Amrita Jhaveri Vs DCIT, ITAT Mumbai ruled that non-resident individuals are not required to disclose assets held outside India in their Indian income tax returns. The ITAT quashed the re-assessment order based on vague and general reasons, stating that income chargeable to tax had escaped assessment.
ITAT Ahmedabad held that interest paid on money borrowed for the purpose of business is allowable as business expenditure.
ITAT Indore held that addition u/s 69 of the Income Tax Act towards gifts received from family members unsustainable as receiving gift from family members, namely father and mother for personal use, do not require any special occasion.
ITAT Delhi held that initiation of proceedings under section 147/148 of the Income Tax Act unsustainable as there was on failure on the part of the assessee to disclose fully and truly all the material facts.
ITAT Pune held that first and second proviso(es) to section 50C(1), inserted by the Finance Act 2016 w.e.f. 01.04.2017 being curative in nature inserted for removing hardships to the taxpayers and, therefore, it carries retrospective effect.
In a recent judgment, the Delhi High Court set aside the order and notice issued under Section 148A(d) and 148, respectively, in the case of Premium Estates Pvt. Ltd. vs. ACIT. The court directed the Assessing Officer to conduct a de novo assessment after the petitioner received the notice on the same day as the order.
ITAT Delhi held that as the original return was only processed u/s 143(1), AO can duly initiate re-opening of proceedings under section 147 of the Income Tax Act so as to bring the escaped income into tax.
ITAT Mumbai held that it is settled legal position that when income is estimated, then there can be no question of imposing penalty u/s 271(1)(c) of the Act.