Reopening can be done based on audit opinion even if query was raised during assessment proceedings: Bombay HC
Reopening can be done based on audit opinion even if query was raised during assessment proceedings: Bombay HC Bombay…
Income Tax
For invoking section 41(1), there must be an allowance or deduction claimed by the assessee in the past concerning a trading liability, which is subsequently remitted or ceased.
For invoking section 41(1), there must be an allowance or deduction claimed by the assessee in the past concerning a…
Neither Section 41(1) nor Section 68 applied to the lease deposits and booking Advances: ITAT
Neither Section 41(1) nor Section 68 applied to the lease deposits and booking Advances: ITAT The ITAT upheld the Commissioner…
Income Tax Department cannot indefinitely keep the properties attached: Delhi HC
Income Tax Department cannot indefinitely keep the properties attached: Delhi HC Fasttrack Tieup Pvt. Ltd. Versus UOI Case No.: W.P.(C)…
Call centre services are not technical or managerial services: Bombay HC
Call centre services are not technical or managerial services: Bombay HC Commissioner of Income-Tax (TDS)-2 Versus Vodafone Essar Ltd…
Income Tax Department’s Scrutiny of Household Withdrawals: A Wake-Up Call for Taxpayers
Income Tax Department’s Scrutiny of Household Withdrawals: A Wake-Up Call for Taxpayers Imagine opening your mailbox and finding a notice…
Where the assessee has submitted all the necessary documentary evidence, addition of bogus purchases cannot be made: ITAT Delhi
Where the assessee has submitted all the necessary documentary evidence, addition of bogus purchases cannot be made: ITAT Delhi Facts:…
WhatsApp Messages alone Cannot Justify addition under Section 69C Addition: Mumbai ITAT
WhatsApp Messages alone Cannot Justify addition under Section 69C Addition: Mumbai ITAT In a significant ruling of ACIT v/s…
CIT (A) non admission of confirmation of account as additional Evidence – ITAT restored the matter to AO for fresh adjudication
CIT (A) non admission of confirmation of account as additional Evidence – ITAT restored the matter to AO for fresh adjudication…
No question of law if Assessing Officer had concluded that the transaction of purchase and sale of shares was a sham transaction & disallowed Short-Term Capital Loss
No question of law if Assessing Officer had concluded that the transaction of purchase and sale of shares was a…
Making March Meaningful: Smart Moves to Save Big Before the Deadline
Making March Meaningful: Smart Moves to Save Big Before the Deadline March is when businesses and taxpayers scramble to…
Capital Gain Taxation: ITAT Hyderabad interesting judgement on DVO, Litigation Expenses, Cost of Improvement
Capital Gain Taxation: ITAT Hyderabad interesting judgement on DVO, Litigation Expenses, Cost of Improvement The appeal (ITA No. 442/Hyd/2023)…
Compliance Calendar for March’2025
Compliance Calendar for March’2025 INCOME TAX ▪ 2nd March 2025 – Due date for furnishing of challan-cum-statement in respect of…
An overview of Tax Fee Perquisite for the salaried Taxpayers
An overview of Tax Fee Perquisite for the salaried Taxpayers Income Tax rules do permit tax-free perquisites, so salaried people…
New Income Tax Bill 2025 vs. Taxation of slump sale: What has changed.
New Income Tax Bill 2025 vs. Taxation of slump sale: What has changed. Here is an observation, in the new…
Once an assessment is linked to a search operation, it must be reopened under Section 153A/153C & not under Section 1480
Once an assessment is linked to a search operation, it must be reopened under Section 153A/153C & not under Section…
Budget 2025: Welcome relief for individuals remitting funds abroad for educational purposes under the Liberalized Remittance Scheme (LRS).
Budget 2025: Welcome relief for individuals remitting funds abroad for educational purposes under the Liberalized Remittance Scheme (LRS). The…
Union Budget 2025: Extended Tax Benefits on contributions to NPS Vatsalya accounts
Union Budget 2025: Extended Tax Benefits on contributions to NPS Vatsalya accounts The Budget 2025 proposes to extend tax…
