IT JudgementDeduction & Claim can be considered by way of a simple letter during assessment proceeding- No need for Revised Return22 Jul 20230Deduction & Claim can be considered by way of a simple letter during assessment proceeding- No need for Revised Return…
IT JudgementBogus Purchase: Only profit element taxable if sales & stock is not doubted22 Jul 20230Bogus Purchase: Only profit element taxable if sales & stock is not doubted PCIT v. Ashwin Purshotam Bajaj [ITA…
IT JudgementHC directed department to refund amount recovered from recipient since wrong GSTR-1 was filed by supplier8 Jul 20230HC directed department to refund amount recovered from recipient since wrong GSTR-1 was filed by supplier Facts: The…
IT JudgementNo tax can be levied on the principles of estoppel: ITAT8 Jul 20230No tax can be levied on the principles of estoppel: ITAT Cornet Hotel Services & Suppliers Pvt. Ltd. Versus…
IT JudgementAssessment order cannot be passed only against one legal heir: Delhi HC29 Jun 20230Assessment order cannot be passed only against one legal heir: Delhi HC Facts: 1. The petitioners are the legal heirs…
IT JudgementOrder U/S 148A(d) is not a final assessment order, writ against the order is dismissed: Calcutta HC24 Jun 20230Order U/S 148A(d) is not a final assessment order, writ against the order is dismissed: Calcutta HC Dinesh Kumar…
IT JudgementCBDT amends rules to incorporate new tax regime and notifies new Form 10IEA:24 Jun 20230CBDT amends rules to incorporate new tax regime and notifies new Form 10IEA: CBDT has issued notification 43/2023 dated…
IT JudgementBusiness profits of a foreign company cannot be taxed unless there exists a PE.10 Jun 20230Business profits of a foreign company cannot be taxed unless there exists a PE. Baker Hughes Energy Technologies UK Ltd.…
IT JudgementReassement quashes by delhi high court as it is done by deviating from prior view without any cogent reasoning3 Jun 20230Reassement quashes by delhi high court as it is done by deviating from prior view without any cogent reasoning …
IT JudgementKarnataka HC quashed SCN of Rs. 21,000 crores issued to Gameskraft’s online gaming activities.20 May 20230Karnataka HC quashed SCN of Rs. 21,000 crores issued to Gameskraft’s online gaming activities. This case argued by who’s…
IT JudgementRule 11UA amended by CBDT for angel tax on funds raised from non-residants.20 May 20230Rule 11UA amended by CBDT for angel tax on funds raised from non-residants. The CBDT has issued Press Release proposing…
IT JudgementAO cannot reject the income estimated by the assessee by following the profit margin method, without first rejecting the books of accounts: ITAT Ahmedabad15 May 20230AO cannot reject the income estimated by the assessee by following the profit margin method, without first rejecting the books…
IT JudgementCalcutta High Court set aside the order 148A(d) and 147 order and restored the matter in the stage of 148A(b)13 May 20230Calcutta High Court set aside the order 148A(d) and 147 order and restored the matter in the stage of 148A(b)…
IT JudgementITAT Jaipur bench deleted addition on account of cash deposited during demonetization out of cash sale13 May 20230ITAT Jaipur bench deleted addition on account of cash deposited during demonetization out of cash sale ITAT Jaipur…
IT JudgementWhether secretarial auditor has to verify list of related parties disclosed in financial statements or he can simply rely on the list verified by the statutory auditors? 5 May 20230Whether secretarial auditor has to verify list of related parties disclosed in financial statements or he can simply rely on…
Income TaxIT JudgementControversy over existence of seized “incriminating material” for re (assessment) under section 153A/153C of the Income Tax Act laid to rest by the Hon’ble Supreme Court!26 Apr 20230Controversy over existence of seized “incriminating material” for re (assessment) under section 153A/153C of the Income Tax Act laid to…
Income TaxIT JudgementWhether diminution in the value of investment is eligible for deduction while computing book profit u/s 115JB?24 Apr 20230Whether diminution in the value of investment is eligible for deduction while computing book profit u/s 115JB? Calcutta High…
IT JudgementCan dividend distribution tax under Section 115-O of Income-tax Act, 1961 be levied in respect of the dividend declared out of agricultural income?22 Apr 20230Can dividend distribution tax under Section 115-O of Income-tax Act, 1961 be levied in respect of the dividend declared out…