Where the basis of appeal is the ITR, the appeal would be dismissed, if the return is invalid: ITAT Chandigarh
Transfer of Funds or Assets to a Family Trust with Non-Resident Beneficiaries: Need to have a cautious approach.
Indian Resident is entitled to claim indexation benefit on sale of foreign assets while computing long term capital gains under Section 45
Actual write – off of bad debts in the books is sufficient for claiming the deduction – There is no need for evidence to substantiate claims of bad debts.
Delhi HC asked CBDT to consider eligibility of VSVS 2024 by those taxpayers wherein statutory timelimit to file appeal has not expired on 22.7.2024.
Ensuring Independence of Auditor: Absolutely Amazing Representation by Chartered Accountants Association, Surat
7 days delay in depositing unspent CSR amount of Rs.68.48 lakhs to PM Cares Fund – Penalty of Rs.1.06 crores was imposed:
Order passed by CIT (A) without reasoning on the issues on merits is clearly in violation of section 250(6) of the Act and liable to be set side: ITAT Agra
Grant of sanction by the appropriate authority is a precondition for AO to assume valid jurisdiction for issue of 148 notice: Mumbai ITAT
Approval not obtained from PCIT as required under the new provisions – Reassessment notice declared invalid and assessment stood nullified: Mumbai ITAT
Re-assessment notice issued U/s 148 being barred by limitation under the new provisions of section 149(1) is liable to be quashed and set aside.
10 year limit applies only prospectively, meaning it does not apply retroactively to assessment years where the old six-year limit has already expired: Delhi HC
Delay in filing Form 67 is a procedural lapse that does not affect the substantive right to claim FTC: ITAT
