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Category: Assessment

Assessment, Budget, Income Tax

Budget 2023: Proposal on Set off and withholding of refunds in certain cases

February 6, 2023 0 Comments
Budget 2023: Proposal on Set off and withholding of refunds in certain cases     Section 241A of the Act deals with withholding of refund in certain cases. As per the said section, where a refund becomes due to an assessee under ...
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Assessment, Income Tax

Deduction u/s 80P cannot be denied for the reason that the assessee did not file return of income its return of income within due date u/s 139(1)

January 27, 2023 0 Comments
Deduction u/s 80P cannot be denied for the reason that the assessee did not file return of income its return of income within due date u/s 139(1)   There is often a few-month delay in filing the ITR by the assessee ...
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Assessment, Income Tax

Unsigned, Undated, non-elaborative sheet cannot be the basis of the addition: Mumbai ITAT in the case of Saif Ali Khan

January 24, 2023 0 Comments
Unsigned, Undated, non-elaborative sheet cannot be the basis of the addition: Mumbai ITAT in the case of Saif Ali Khan   During search & survey operation, lot many papers and documents are seized. The question of its addition in the hands ...
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Assessment, Income Tax

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

January 10, 2023 0 Comments
Provisions of section 80AC do note apply to section 80P if the return of income is not filed   Here is a landmark order wherein it has been held that section 80A(5) was applicable only when a return of income was ...
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Assessment, Income Tax

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

January 9, 2023 0 Comments
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   ITAT Kolkata in the case of ACIT, Circle2(1), Jalpaiguri Vs. Shri Bholanath Agarwal has held ...
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Assessment, Business/Profession

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

January 9, 2023 0 Comments
Amount received from Sale of Software Products not Royalty as per Article 12(3) of India -USA DTAA: ITAT   Facts: Assessee was asked to show-cause during the assessment proceedings, as to why the aforesaid receipts which was from license fees ...
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Assessment

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

January 7, 2023 0 Comments
Validity of addition solely on the basis of a statement that some payments were made ITAT Pune has recently held that additions framed on account of alleged cash receipts  not valid where no witnesses to such payments are available to ...
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Assessment

Demand in pursuance of order of assessment cannot be pursued without disposing off the petition for stay of demand

January 5, 2023 0 Comments
Demand in pursuance of order of assessment cannot be pursued without disposing off the petition for stay of demand     Calcutta High Court in the case of The Rifle Factory Cooperative Society Limited Vs ACIT Circle 49(1) vide its order dated ...
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Assessment, Income Tax

Penalty under section 271AAB quashed as notice has a fatal error as it intends to penalize an assessee without spelling about the charge against the assessee

January 4, 2023 0 Comments
Penalty under section 271AAB quashed as notice has a fatal error as it intends to penalize an assessee without spelling about the charge against the assessee   ITAT Kolkata in the case of Sushil Kumar Paul C/o. Subash Agarwal & Associates, Advocates, ...
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Assessment

Purchase by assessee could not be treated as bogus if Assessing Officer did not dispute corresponding sales transactions

January 4, 2023 0 Comments
Purchase by assessee could not be treated as bogus if Assessing Officer did not dispute corresponding sales transactions   A return of income was filed by the assessee declaring a total income at Rs. 4,47,970/-. The Sales Tax Department of the ...
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Assessment, Income Tax

Income Tax Authorities can adopt the theory of Human probability during Assessment Proceeding

January 2, 2023 0 Comments
Income Tax Authorities can adopt the theory of Human probability during Assessment Proceeding   The Supreme Court in the case of Sumati Dayal vs CIT has delivered a landmark judgement which is often used by the department in various income tax ...
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Assessment

If the assessee has maintained regular books of accounts, bills, vouchers and day to day stock register having complete quantitative details, addition U/s 68 is not proper.

January 2, 2023 0 Comments
If the assessee has maintained regular books of accounts, bills, vouchers and day to day stock register having complete quantitative details, addition U/s 68 is not proper.     There are few other important observation as well by the ITAT Jaipur Bench ...
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Assessment

No penalty U/s 271(1)(b) if the assessment is completed U/s 143(3) & not ex-parte U/s 144

December 21, 2022 0 Comments
No penalty U/s 271(1)(b) if the assessment is completed U/s 143(3) & not ex-parte U/s 144     The imposition of penalty for non compliance is a regular feature, mostly after the national faceless assessment scheme. However, it should not be imposed ...
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Assessment

Bombay High Court allows deduction u/s 80IB(10) on issuance of completion certificate

December 21, 2022 0 Comments
Bombay High Court allows deduction u/s 80IB(10) on issuance of completion certificate   The Principal Commissioner of Income Tax-17 Versus M/s. Vardhan Builders (ITA 1244/2016 and 83/2018) Facts: The assessee or respondent is an undertaking that has developed a residential project in ...
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Assessment, Income Tax

Points to be considered while filing Income Tax Returns for current year

filing Income Tax Returns
May 30, 2018 0 Comments
Points to be considered while filing Income Tax Returns for current year Changes in the ITR forms are made mainly with an intention to shift the onus on the taxpayers to prove their claim for deductions, expenses or exemptions and ...
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Assessment, Income Tax

Applicability of ITR forms for taxpayer – Summarised in Chart

Applicability of ITR forms for taxpayer
May 28, 2018 0 Comments
Applicability of ITR forms for taxpayer           - Summarised in Chart Individual and HUF Individual and HUF Nature of income ITR 1* (Sahaj) ITR 2 ITR 3 ITR 4 Income from salary/pension (for ordinarily resident person) ✓ ✓ ✓ ✓ Income from salary/pension (for not ordinarily resident and non-resident person) ✓ ✓ ✓ Income ...
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Assessment, Income Tax

Reassessment–Notice under section 148–Based on information coming from investigation Wing

April 25, 2018 0 Comments
Income Tax Act, 1961, Section 148 Reassessment--Notice under section 148--Based on information coming from investigation Wing Conclusion: Reassessment notice on account of information emanating from investigation wing, however without making further inquiry into the matter, was based on mere conjectures and ...
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Article, Assessment, Income Tax, Latest Update, Notification, Other Source Of Income, other topic, Tax Planning

What if you forget to verify your Income Tax Return?

Income Tax Return
March 19, 2018 0 Comments
What if you forget to verify your Income Tax Return? Have you filed your ITR and forget to verify it? Not a big issue, “it’s never too late”. You still have a time to get it verified and complete your ...
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