Highest Direct Tax Collection of Rs. 14.71 Lakh Crore till 10th January 2023

Delayed filing of GSTR 1/3B & Denial of ITC vis a vis Principal of Natural justice and was violation of Article 14 of the constitution of India.

Limit of Rs. 5,000 applicable on interest income to report in Statement of Financial Transactions (SFT) by the reporting entities abolished

Validity of addition solely on the basis of a statement that some payments were made

Section 127 of the Income Tax Act-1961: There is no absolute right to be assessed in a particular Territory

ITAT can not pass an order in any manner it likes

Notice issued for prosecution under Black Money Act unconstitutional for defaults before 2015 i.e., when Black Money Act was enacted. Bombay High Court issues notice

Provisions of section 80AC do note apply to section 80P if the return of income is not filed

Unauthorised sale of company’s land by a director, cannot be considered as unaccounted money: ITAT

Fruit you cannot Eat: Extension of the date of claiming capital gain exemption by CBDT

Income Tax Survey does not empower the ITO to examine any person on oath and the statement recorded u/s 133A has no evidentiary value: ITAT Kolkata

Union Budget-2023: Tax Amnesty Scheme in the pipeline?

Amount received from Sale of Software Products not Royalty as per Article 12(3) of India -USA DTAA: ITAT

Extension of the period of claiming Capital Gain Exemption: An Eyewash

CBDT has granted a further extension of timelines to comply with provisions of section 54 to 54GB.

Sec. 80P deduction can’t be denied to the assessee merely on reason that it didn’t file return of income: ITAT

Additions framed on account of alleged cash receipts not valid where no witnesses to such payments are available to testify & where based solely on a statement that some payments were made

Additional ground not raised before the CIT could be raised before the Tribunal: Calcutta HC