When the Assessing Officer has taken up the assessment for examination after three or four years from the relevant financial year, no material evidence may be available on the land to show that the assessee has cultivated as claimed. ...
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The Blogs
Income reflected in 26AS after I filed my Income Tax Return – How to rectify it now?
Income reflected in 26AS after I filed my Income Tax Return - How to rectify it now?
Query]
I have, at the advice of the team of a broker regarding the bifurcation of the portfolio, agreed to the sale of 115 ...
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Explanation 2 to section 263 inserted w.e.f. 01.06.2015 is prospective and applicable with effect from 1st June, 2015.
Explanation 2 to section 263 inserted w.e.f. 01.06.2015 is prospective and applicable with effect from 1st June, 2015.
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AO cannot change the valuation method from DCF to NAV: ITAT Chennai.
AO cannot change the valuation method from DCF to NAV: ITAT Chennai.
M/s. Brio Bliss Life Science P Ltd. (ITA. No: 3067/Chny/2019 Ltd)
Facts:
AO noticed that during the year under consideration the assessee company has received share premium of Rs. ...
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Karnataka HC directs Dept. to follow procedure prescribed in Circular to allow ITC for bonafide mistakes in returns for FY 19-20 as well
Karnataka HC directs Dept. to follow procedure prescribed in Circular to allow ITC for bonafide mistakes in returns for FY 19-20 as well
Wipro Ltd. v. Assistant Commissioner of Central Taxes
The petitioner committed error in showing the wrong GSTIN number ...
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Delhi High Court set aside Section 148A(d) order passed without considering reply of Assessee
Delhi High Court set aside Section 148A(d) order passed without considering reply of Assessee
IN THE HIGH COURT OF DELHI AT NEW DELHI
Date of decision: 01.02.2023
W.P.(C) 1244/2023
ASHOK KUMAR GARG ...
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Reassessment proceedings under section 148 of Income-tax Act, 1961 cannot be initiated merely for verification of the information reflected on the Insight Portal.
Reassessment proceedings under section 148 of Income-tax Act, 1961 cannot be initiated merely for verification of the information reflected on the Insight Portal.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
WRIT PETITION NO. 1798 OF 2022
Digi1 Electronics ...
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e-Verification Scheme of CBIT is another initiative facilitating voluntary compliance
e-Verification Scheme of CBIT is another initiative facilitating voluntary compliance
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Entire purchase amount of such bogus purchases cannot be added at best, the addition limited to the extent of G. P. Rate
Entire purchase amount of such bogus purchases cannot be added at best, the addition limited to the extent of G. P. Rate
IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR
(Through Virtual Court)
BEFORE SHRI RAVISH SOOD, JUDICIAL MEMBER AND
SHRI RATHOD ...
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Bombay HC quashes reassessment proceedings on account of mere change of opinion
Bombay HC quashes reassessment proceedings on account of mere change of opinion
Jetair Pvt Ltd vs. Deputy Commissioner of Income Tax & Ors. (WP No. 3446 of 2022, 1901 of 2022 and 1996 of 2002)
Facts:
The petitioner, Jetair, was the ...
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Assessment Order based on an uncertain issue of treaty benefit is not a fit case for revision U/S 263
Assessment Order based on an uncertain issue of treaty benefit is not a fit case for revision U/S 263
Tata NYK Shipping Pte. Ltd. (ITA No.1067/Del/2022)
Facts:
The assessee is a joint venture between Tata Steel Company, an Indian firm, and ...
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“Corporate Compliance Calendar for the m/o March, 2023”.
"Corporate Compliance Calendar for the m/o March, 2023".
About Article:
This article contains various Compliance requirementsfor the Month of March, 2023under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet ...
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Whether income from sale of milk of cows is an agricultural income exempt from tax?
Whether income from sale of milk of cows is an agricultural income exempt from tax?
Here is an interesting case of Supreme Court wherein it has observed as under:
In order to claim an exemption from payment of income-tax in respect ...
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No purchases can be rejected without disturbing the sales in case of a trader
No purchases can be rejected without disturbing the sales in case of a trader
Here is a landmark order by the Bombay High Court which may be relevant in various cases wherein addition is done of the entire purchase amount ...
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Reassessment notice send ‘only’ to ‘secondary email id’ of taxpayer is held invalid by Bombay High Court
Reassessment notice send 'only' to 'secondary email id' of taxpayer is held invalid by Bombay High Court
The taxpayer submitted that the reassessment notice was issued on the secondary email id as per PAN card but not on the registered ...
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No more exemption to Life Insurance Policies above Rs. 5 Lakh
No more exemption to Life Insurance Policies above Rs. 5 Lakh
“Collect taxes from a taxpayer just like a bee collects honey from a flower without disturbing its petals.” - Chanakya in Arthashastra
Every year changes are effected in the Income ...
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Notice U/S 148 cannot be issued to non existing entities: HC
Notice U/S 148 cannot be issued to non existing entities: HC
Orbit Projects Private Limited Vs ITO (WPA 3814 of 2023)
Facts:
Orbit Projects Private Limited, the petitioner has challenged the impugned notice under Section 148A(b) of the Income Tax Act, ...
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If a person has only agricultural income and no other income, then no addition can be made to the total income unless and until the AO proves that the assessee has any other source of income which is taxable under the Income-tax Act: ITAT
If a person has only agricultural income and no other income, then no addition can be made to the total income unless and until the AO proves that the assessee has any other source of income which is taxable ...
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