Power under section 245(2) to withhold refunds: An Overview
Power under section 245(2) to withhold refunds: An Overview Introduction: Introduced by the Finance Act, 2023, this sub section…
Income Tax
Form 10AB with condonation option now available on e-filing portal
Form 10AB with condonation option now available on e-filing portal 1. Introduction: The Income Tax Department has enabled the filing…
GST not includible in Gross Receipts for Income Computation U/S 44BB: ITAT Mumbai
GST not includible in Gross Receipts for Income Computation U/S 44BB: ITAT Mumbai Oceaneering International GMBH Vs DCIT (International…
Sales recorded in books of account, even if alleged to be in genuine, do not result in income escaping assessment: Delhi HC
Sales recorded in books of account, even if alleged to be in genuine, do not result in income escaping assessment:…
Amount received by illegal occupant is tax free?
Amount received by illegal occupant is tax free? Recently, ITAT Mumbai in the case of Mohammed Fakhre Alam Shaikh…
No Addition u/s 153A without incriminating material found during search – Statements of third parties not sufficient: ITAT Delhi
No Addition u/s 153A without incriminating material found during search – Statements of third parties not sufficient: ITAT Delhi …
Tax Payment Postponed, ₹30 Lakh Earned – All Thanks to a Smartly Timed Sale
Tax Payment Postponed, ₹30 Lakh Earned – All Thanks to a Smartly Timed Sale Query 1: When Your Agricultural Land Is…
Reason to believe for Reassessment: AO must exercise discretion independently and not under the dictates of other authorities.
Reason to believe for Reassessment: AO must exercise discretion independently and not under the dictates of other authorities. Bombay High…
Re-assessment is valid if the AO independently verifies information and forms a reasoned belief of income escaping assessment.
Re-assessment is valid if the AO independently verifies information and forms a reasoned belief of income escaping assessment. In…
Assessment order passed on a non-existent entity due to amalgamation is invalid considering the applicability of Section 170(2) of the Income Tax Act
Assessment order passed on a non-existent entity due to amalgamation is invalid considering the applicability of Section 170(2) of the…
Non filing of MSME-1 by Companies may attract penalty up to Rs. 3 Lakh
Non filing of MSME-1 by Companies may attract penalty up to Rs. 3 Lakh For all companies in India…
Courts, Sub-Registrars must report if they come across cash transactions over Rs. 2 Lakhs to Income Tax Department: Supreme Court
Courts, Sub-Registrars must report if they come across cash transactions over Rs. 2 Lakhs to Income Tax Department: Supreme Court…
No notice u/s 143(2) issued by the AO – ITAT Quashed Assessment as Jurisdiction
No notice u/s 143(2) issued by the AO – ITAT Quashed Assessment as Jurisdiction Kolkata ITAT held that “……..Therefore,…
Reasons recorded were vague and scanty and the approval has been granted mechanically – ITAT quashed the Reassessment Assessment
Reasons recorded were vague and scanty and the approval has been granted mechanically – ITAT quashed the Reassessment Assessment …
Unsigned notices are void ab initio and cannot confer jurisdiction or attract any legal consequence
Unsigned notices are void ab initio and cannot confer jurisdiction or attract any legal consequence Recenlty, ITAT, Delhi Quashes…
AO must independently form a reasoned belief while initiating proceedings u/s 147: Bombay HC
AO must independently form a reasoned belief while initiating proceedings u/s 147: Bombay HC In its recent pronouncement in…
Unsecured loans from trustees without prior approval from the Charity Commissioner: ITAT directed CIT (E) for giving Permanent Registration
Unsecured loans from trustees without prior approval from the Charity Commissioner: ITAT directed CIT (E) for giving Permanent Registration There…
Private Discretionary Trust: Surcharge is applicable at respective surcharge slab rate: SB- Mumbai ITAT
Private Discretionary Trust: Surcharge is applicable at respective surcharge slab rate: SB- Mumbai ITAT Recently, Special Bench of Mumbai ITAT…
