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Income Tax : The Income Tax Department explains how faceless assessments under Section 144B operate through the e-Filing portal without requiri...
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Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
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Discover the risks and penalties of submitting fake rent receipts to claim HRA exemptions and learn how to comply with tax regulations effectively.
ITAT Mumbai held that assessee is not entitled for concession rate of tax of 20% provided under section 112(1) of the Income Tax Act on the short term capital gain computed under section 50 of the Income Tax Act.
ITAT Bangalore rules CIT(A) cannot dismiss an income tax appeal on limitation grounds after con-doning the delay. Case remitted for fresh consideration.
ITAT Ahmedabad rules in favor of a co-op housing society, deleting addition based on assumed 8% net profit from unsecured loans taken from non-members.
AO, however, did not accept the explanation of the assessee and the accumulation of income of Rs.5,92,352/-in A.Y. 2008-09, which was held as not applied within the stipulated period of 5 years, was treated as income of the current year.
Explore the ITAT Mumbai’s ruling on Vipul Vasant Patil’s foreign tax credit claim and interest levies for FY 2018-19. Learn more about the case details.
Considering the judgment of Alnavar Credit Souharda Co-op Ltd noted above the AO is directed to decide the issue afresh regarding the claim of deduction made by the assessee.
It was held that assessee to provide concrete evidence establishing the genuineness of the cash deposits in accordance with CBDT Circular wherein the various instructions had been issued by CBDT dated 21.2.2017, 3.3.2017, 15.11.2017 & 9.8.2019.
Punjab and Haryana High Court held that interest under section 234B and 234C of the Income Tax Act cannot be waived as depositing advance tax has nothing to do with seizure of the books of accounts.
Assessee preferred an appeal before CIT(A) with a delay of about 133 days in filing the appeal. However, CIT(A) dismissed the appeal by not condoning the delay and without adjudicating the issues on merits. Being aggrieved, the present appeal is filed.
