Income Tax

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

1 year 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.

1 year 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

1 year 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

1 year 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

1 year 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

1 year 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?

1 year 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.

1 year 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

1 year 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

1 year 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.

1 year 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

1 year ago

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

Income Tax

Section 249(4)(b) should not be rigidly when no ITR is filed & where the entire income assessed is disputed: ITAT Agra

1 year ago

Section 249(4)(b) should not be rigidly when no ITR is filed & where the entire income assessed is disputed: ITAT…

Income Tax

Two distinct flats situated on separate floors and lacking structural or functional integration could not be treated as one residential unit: Delhi HC.

1 year ago

Two distinct flats situated on separate floors and lacking structural or functional integration could not be treated as one residential…

Income Tax

Key CGST Rules regarding ITC reversal and apportionment – Rule 37, 39, 42 & 43.

1 year ago

Key CGST Rules regarding ITC reversal and apportionment – Rule 37, 39, 42 & 43. The Central Goods and…

Income Tax

Some important issues in Direct Tax Vivad se Vishwas Scheme:

1 year ago

Some important issues in Direct Tax Vivad se Vishwas Scheme: Introduction: The Direct Tax Vivad Se Vishwas Scheme, 2024,…

Income Tax

If the assessee has not disclosed details of a foreign bank account & does not provide other details on requested by AO, the Department is justified in making the Estimate: Delhi HC

1 year ago

If the assessee has not disclosed details of a foreign bank account & does not provide other details on requested…

Income Tax

Tax Implications of Receiving Property in Exchange for Relinquishing Tenancy Rights

1 year ago

Tax Implications of Receiving Property in Exchange for Relinquishing Tenancy Rights Query 1] I was managing a big commercial property…

Income Tax

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

Section 249(4)(b) should not be rigidly when no ITR is filed & where the entire income assessed is disputed: ITAT Agra

Two distinct flats situated on separate floors and lacking structural or functional integration could not be treated as one residential unit: Delhi HC.

Key CGST Rules regarding ITC reversal and apportionment – Rule 37, 39, 42 & 43.

Some important issues in Direct Tax Vivad se Vishwas Scheme:

If the assessee has not disclosed details of a foreign bank account & does not provide other details on requested by AO, the Department is justified in making the Estimate: Delhi HC

Tax Implications of Receiving Property in Exchange for Relinquishing Tenancy Rights

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