Income Tax : An overview of Section 144 of the Indian Income Tax Act, which allows an Assessing Officer to make a best judgment assessment in c...
Income Tax : An analysis of Sections 263 and 264 of the Income-tax Act, 1961. It details the conditions, scope, and judicial precedents for the...
Income Tax : The High Court held that once a resolution plan under IBC extinguishes prior tax liabilities, reassessment cannot be initiated. Th...
Income Tax : The Tribunal held that delay in filing Form 67 is a procedural lapse. It restored the matter to the AO to verify and allow Foreign...
Income Tax : The tribunal examined whether penalties could continue when the fresh assessment order did not record satisfaction for initiating ...
Income Tax : The Tribunal accepted that the deposits represented funds withdrawn earlier for house construction. Since the explanation was supp...
Income Tax : The Tribunal held that where the AO had examined and accepted exemption on interest under Section 28 of the Land Acquisition Act, ...
Delhi High Court overturns order in Interglobe Enterprises vs. PCIT case, ruling that ₹1.51 crore interest income cannot be taxed twice. Case remanded for reassessment.
Delhi HC clarifies the wide scope of Section 264 of the Income Tax Act, emphasizing that the Commissioner must address errors leading to over-assessment, even if raised for the first time in a revision application.
Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxation, such mistake can be rectified via revision application under section 264 of the Income Tax Act.
