Income Tax

Legal fiction created in Section 50 is confined to the computation of capital gains and does not alter the nature of the asset or affect eligibility for exemptions under other sections

11 months ago

Legal fiction created in Section 50 is confined to the computation of capital gains and does not alter the nature…

Income Tax

Non-Complince with CBDT’s 143(2) Notice Format Renders Assessment Invalid: Kolkata ITAT

11 months ago

Non-Complince with CBDT’s 143(2) Notice Format Renders Assessment Invalid: Kolkata ITAT In tax jurisprudence, procedure is not a…

Income Tax

ITAT Jaipur Estimates Profit at 1.52% on Turnover of Rs. 7.96 Crores Amid Audit Lapses and Cash Irregularities

11 months ago

ITAT Jaipur Estimates Profit at 1.52% on Turnover of Rs. 7.96 Crores Amid Audit Lapses and Cash Irregularities The…

Income Tax

Entire purchases cannot be disallowed; only profit embedded in unverifiable purchases can be taxed: ITAT Delhi

11 months ago

Entire purchases cannot be disallowed; only profit embedded in unverifiable purchases can be taxed: ITAT Delhi ITAT Delhi decision in…

Income Tax

Multiple Floors in a Single Building Constitute One Residential House Under Section 54F

11 months ago

Multiple Floors in a Single Building Constitute One Residential House Under Section 54F In a landmark judgment, the Delhi…

Income Tax

Expenditure towards salaries and wages could not be represented as ‘asset’ as per section 149(1)(b)- Reassessment proceedings beyond 3 years quashed by Delhi HC

11 months ago

Expenditure towards salaries and wages could not be represented as ‘asset’ as per section 149(1)(b)- Reassessment proceedings beyond 3 years…

Income Tax

Review Petition filed by the Revenue against the judgment in Safari Retreats dismissed by SC

11 months ago

Review Petition filed by the Revenue against the judgment in Safari Retreats dismissed by SC Hon’ble Supreme Court, on…

Income Tax

ITAT allowed deduction towards interest paid against FDR Interest as it was business-linked and served as collateral for loan facilities

11 months ago

ITAT allowed deduction towards interest paid against FDR Interest as it was business-linked and served as collateral for loan facilities…

Income Tax

Slump Sale: Non-transfer of receivables shown as consideration due did not violate slump sale conditions

11 months ago

Slump Sale: Non-transfer of receivables shown as consideration due did not violate slump sale conditions In the case of slump…

Income Tax

No Justification for Revisional Action Under Section 263 Based on Mere Opinion Divergence.

11 months ago

No Justification for Revisional Action Under Section 263 Based on Mere Opinion Divergence. The assessee, Ganesh Srinivasan, a Senior…

Income Tax

Notice was issued without obtaining prior approval from the appropriate authority as mandated under Section 151(ii) of the Act.

11 months ago

Notice was issued without obtaining prior approval from the appropriate authority as mandated under Section 151(ii) of the Act. …

Income Tax

No Addition u/s 68 can made, in respect of any investment, loan, or advance not credited during the year under consideration.

11 months ago

No Addition u/s 68 can made, in respect of any investment, loan, or advance not credited during the year under…

Income Tax

Non-filing of GSTR-3B and non-payment of GST, if wilful, constitutes “suppression of facts” and attracts penalty under Section 74 of the CGST Act

11 months ago

Non-filing of GSTR-3B and non-payment of GST, if wilful, constitutes “suppression of facts” and attracts penalty under Section 74 of…

Income Tax

Section 264 of the Income Tax Act: An Alternate Remedy for Taxpayers vis a vis Appeal

11 months ago

Section 264 of the Income Tax Act: An Alternate Remedy for Taxpayers vis a vis Appeal There is a…

Income Tax

Legal ownership through a registered deed is not a prerequisite for claiming the exemption, provided there is substantial compliance through investment and possession

11 months ago

Legal ownership through a registered deed is not a prerequisite for claiming the exemption, provided there is substantial compliance through…

Income Tax IT Judgement

Foreign Tax Credit: The requirement under Rule 128 to file Form 67 within the due date is directory, not mandatory.

11 months ago

Foreign Tax Credit: The requirement under Rule 128 to file Form 67 within the due date is directory, not mandatory.…

Income Tax

ITAT Jodhpur Quashes Reassessment as Notice under Section 148 Issued by Jurisdictional AO Instead of Following Faceless Assessment Scheme

11 months ago

ITAT Jodhpur Quashes Reassessment as Notice under Section 148 Issued by Jurisdictional AO Instead of Following Faceless Assessment Scheme Vinayak…

Income Tax

Whether the penalty under Section 271AA was valid for non-reporting of a reimbursement transaction in Form 3CEB.

11 months ago

Whether the penalty under Section 271AA was valid for non-reporting of a reimbursement transaction in Form 3CEB. Pune Tribunal in…

Income Tax

Legal fiction created in Section 50 is confined to the computation of capital gains and does not alter the nature of the asset or affect eligibility for exemptions under other sections

Non-Complince with CBDT’s 143(2) Notice Format Renders Assessment Invalid: Kolkata ITAT

ITAT Jaipur Estimates Profit at 1.52% on Turnover of Rs. 7.96 Crores Amid Audit Lapses and Cash Irregularities

Entire purchases cannot be disallowed; only profit embedded in unverifiable purchases can be taxed: ITAT Delhi

Multiple Floors in a Single Building Constitute One Residential House Under Section 54F

Expenditure towards salaries and wages could not be represented as ‘asset’ as per section 149(1)(b)- Reassessment proceedings beyond 3 years quashed by Delhi HC

Review Petition filed by the Revenue against the judgment in Safari Retreats dismissed by SC

ITAT allowed deduction towards interest paid against FDR Interest as it was business-linked and served as collateral for loan facilities

Slump Sale: Non-transfer of receivables shown as consideration due did not violate slump sale conditions

No Justification for Revisional Action Under Section 263 Based on Mere Opinion Divergence.

Notice was issued without obtaining prior approval from the appropriate authority as mandated under Section 151(ii) of the Act.

No Addition u/s 68 can made, in respect of any investment, loan, or advance not credited during the year under consideration.

Non-filing of GSTR-3B and non-payment of GST, if wilful, constitutes “suppression of facts” and attracts penalty under Section 74 of the CGST Act

Section 264 of the Income Tax Act: An Alternate Remedy for Taxpayers vis a vis Appeal

Legal ownership through a registered deed is not a prerequisite for claiming the exemption, provided there is substantial compliance through investment and possession

Foreign Tax Credit: The requirement under Rule 128 to file Form 67 within the due date is directory, not mandatory.

ITAT Jodhpur Quashes Reassessment as Notice under Section 148 Issued by Jurisdictional AO Instead of Following Faceless Assessment Scheme

Whether the penalty under Section 271AA was valid for non-reporting of a reimbursement transaction in Form 3CEB.

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