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

2 years 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

2 years 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.

2 years 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

2 years 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

2 years 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.

2 years 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

2 years 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

2 years 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

2 years 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

2 years 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?

2 years 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.

2 years 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

2 years 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

2 years 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.

2 years 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

2 years 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

2 years 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.

2 years ago

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

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

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

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.

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