Income Tax

Ensuring Independence of Auditor: Absolutely Amazing Representation by Chartered Accountants Association, Surat

10 months ago

Ensuring Independence of Auditor: Absolutely Amazing Representation by Chartered Accountants Association, Surat Ref: CAAS/Representations/2024-25/03 …

Income Tax

7 days delay in depositing unspent CSR amount of Rs.68.48 lakhs to PM Cares Fund – Penalty of Rs.1.06 crores was imposed:

10 months ago

7 days delay in depositing unspent CSR amount of Rs.68.48 lakhs to PM Cares Fund – Penalty of Rs.1.06 crores…

Income Tax

Order passed by CIT (A) without reasoning on the issues on merits is clearly in violation of section 250(6) of the Act and liable to be set side: ITAT Agra

10 months ago

Order passed by CIT (A) without reasoning on the issues on merits is clearly in violation of section 250(6) of…

Income Tax

Mumbai ITAT upholds Taxpayer’s right to legitimate tax planning

10 months ago

Mumbai ITAT upholds Taxpayer’s right to legitimate tax planning ACIT Circle 4(1)(1), Mumbai vs. Ranu Vohra (ITA No.412/Mum/2024) Facts:…

Income Tax

Benefit of cost inflation index is available even in respect of foreign assets.

10 months ago

Benefit of cost inflation index is available even in respect of foreign assets. Mumbai Tribunal in the case of…

Income Tax

Grant of sanction by the appropriate authority is a precondition for AO to assume valid jurisdiction for issue of 148 notice: Mumbai ITAT

10 months ago

Grant of sanction by the appropriate authority is a precondition for AO to assume valid jurisdiction for issue of 148…

Income Tax

Approval not obtained from PCIT as required under the new provisions – Reassessment notice declared invalid and assessment stood nullified: Mumbai ITAT

10 months ago

Approval not obtained from PCIT as required under the new provisions – Reassessment notice declared invalid and assessment stood nullified:…

Income Tax

Re-assessment notice issued U/s 148 being barred by limitation under the new provisions of section 149(1) is liable to be quashed and set aside.

10 months ago

Re-assessment notice issued U/s 148 being barred by limitation under the new provisions of section 149(1) is liable to be…

Income Tax

10 year limit applies only prospectively, meaning it does not apply retroactively to assessment years where the old six-year limit has already expired: Delhi HC

10 months ago

10 year limit applies only prospectively, meaning it does not apply retroactively to assessment years where the old six-year limit…

Income Tax

Delay in filing Form 67 is a procedural lapse that does not affect the substantive right to claim FTC: ITAT

10 months ago

Delay in filing Form 67 is a procedural lapse that does not affect the substantive right to claim FTC: ITAT…

Income Tax

Delay in filing Form 67 is a procedural lapse that does not affect the substantive right to claim FTC: ITAT

10 months ago

Delay in filing Form 67 is a procedural lapse that does not affect the substantive right to claim FTC: ITAT…

Income Tax

𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗧𝗿𝗶𝗯𝘂𝗻𝗮𝗹 𝗢𝗿𝗱𝗲𝗿 𝗼𝗻 𝗱𝗶𝘀𝗮𝗹𝗹𝗼𝘄𝗮𝗻𝗰𝗲 𝗼𝗳 𝗙𝗼𝗿𝗲𝗶𝗴𝗻 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁

10 months ago

𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗧𝗿𝗶𝗯𝘂𝗻𝗮𝗹 𝗢𝗿𝗱𝗲𝗿 𝗼𝗻 𝗱𝗶𝘀𝗮𝗹𝗹𝗼𝘄𝗮𝗻𝗰𝗲 𝗼𝗳 𝗙𝗼𝗿𝗲𝗶𝗴𝗻 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁 𝗞𝗲𝘆 𝗜𝘀𝘀𝘂𝗲𝘀: 1. Denial of Foreign Tax Credit (FTC) due…

Income Tax

Will the notice sent by the wrong officer invalidate the assessment proceeding?

10 months ago

Will the notice sent by the wrong officer invalidate the assessment proceeding? Upholding the order of the Tribunal quashing…

Income Tax

Mere surrender of income would not absolve the assessee from the levy of penalty until and unless the mandatory provisions of Section 271AAA(2) has not been complied.

10 months ago

Mere surrender of income would not absolve the assessee from the levy of penalty until and unless the mandatory provisions…

Income Tax

Final Assessment orders quashed by Mumbai ITAT as it was passed without issue of the draft assessment orders under Section 144C

10 months ago

Final Assessment orders quashed by Mumbai ITAT as it was passed without issue of the draft assessment orders under Section…

Income Tax

Notice issued with a delay of 2 Minutes: Reassessment Proceeding quashed by Delhi HC

10 months ago

Notice issued with a delay of 2 Minutes: Reassessment Proceeding quashed by Delhi HC In a twist that could…

Income Tax

Voluntary disclosure of income does not absolve the assessee from penalties under Section 271(1)(c) and 271AAB: Pune ITAT.

10 months ago

Voluntary disclosure of income does not absolve the assessee from penalties under Section 271(1)(c) and 271AAB: Pune ITAT. The Key…

Income Tax

Benami Transactions: Demonetized currency retained monetary value for conversion within prescribed timelines and so it is “property” under the BPTA

10 months ago

Benami Transactions: Demonetized currency retained monetary value for conversion within prescribed timelines and so it is “property” under the BPTA…

Income Tax

Ensuring Independence of Auditor: Absolutely Amazing Representation by Chartered Accountants Association, Surat

7 days delay in depositing unspent CSR amount of Rs.68.48 lakhs to PM Cares Fund – Penalty of Rs.1.06 crores was imposed:

Order passed by CIT (A) without reasoning on the issues on merits is clearly in violation of section 250(6) of the Act and liable to be set side: ITAT Agra

Mumbai ITAT upholds Taxpayer’s right to legitimate tax planning

Benefit of cost inflation index is available even in respect of foreign assets.

Grant of sanction by the appropriate authority is a precondition for AO to assume valid jurisdiction for issue of 148 notice: Mumbai ITAT

Approval not obtained from PCIT as required under the new provisions – Reassessment notice declared invalid and assessment stood nullified: Mumbai ITAT

Re-assessment notice issued U/s 148 being barred by limitation under the new provisions of section 149(1) is liable to be quashed and set aside.

10 year limit applies only prospectively, meaning it does not apply retroactively to assessment years where the old six-year limit has already expired: Delhi HC

Delay in filing Form 67 is a procedural lapse that does not affect the substantive right to claim FTC: ITAT

Delay in filing Form 67 is a procedural lapse that does not affect the substantive right to claim FTC: ITAT

𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗧𝗿𝗶𝗯𝘂𝗻𝗮𝗹 𝗢𝗿𝗱𝗲𝗿 𝗼𝗻 𝗱𝗶𝘀𝗮𝗹𝗹𝗼𝘄𝗮𝗻𝗰𝗲 𝗼𝗳 𝗙𝗼𝗿𝗲𝗶𝗴𝗻 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁

Will the notice sent by the wrong officer invalidate the assessment proceeding?

Mere surrender of income would not absolve the assessee from the levy of penalty until and unless the mandatory provisions of Section 271AAA(2) has not been complied.

Final Assessment orders quashed by Mumbai ITAT as it was passed without issue of the draft assessment orders under Section 144C

Notice issued with a delay of 2 Minutes: Reassessment Proceeding quashed by Delhi HC

Voluntary disclosure of income does not absolve the assessee from penalties under Section 271(1)(c) and 271AAB: Pune ITAT.

Benami Transactions: Demonetized currency retained monetary value for conversion within prescribed timelines and so it is “property” under the BPTA

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