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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The Blogs
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)
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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Unsigned, Undated, non-elaborative sheet cannot be the basis of the addition: Mumbai ITAT in the case of Saif Ali Khan
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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Provisions of section 80AC do note apply to section 80P if the return of income is not filed
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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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
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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Amount received from Sale of Software Products not Royalty as per Article 12(3) of India -USA DTAA: ITAT
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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Validity of addition solely on the basis of a statement that some payments were made
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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Demand in pursuance of order of assessment cannot be pursued without disposing off the petition for stay of demand
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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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
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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Purchase by assessee could not be treated as bogus if Assessing Officer did not dispute corresponding sales transactions
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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Income Tax Authorities can adopt the theory of Human probability during Assessment Proceeding
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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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.
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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No penalty U/s 271(1)(b) if the assessment is completed U/s 143(3) & not ex-parte U/s 144
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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Bombay High Court allows deduction u/s 80IB(10) on issuance of completion certificate
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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Points to be considered while filing Income Tax Returns for current year
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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Applicability of ITR forms for taxpayer – Summarised in Chart
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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Reassessment–Notice under section 148–Based on information coming from investigation Wing
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?
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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