Category: Income Tax
Capital gain tax in JDA is in the year of receipt of constructed area and not in year of entering into joint development agreement – ITAT In a recent judgment, ITAT has confirmed that capital gain tax in the case of a joint development agreement is in the …
Simply holding that AO was required to make more enquires is not a valid ground to hold assessment order as erroneous and prejudicial – ITAT ABCAUS Case Law Citation:ABCAUS 3892 (2024) (03) ITAT In the instant case, the assessee had challenged the revisionary order u/s 263 passed by …
Assessee can not be prevented from claiming an income exempt merely because such income was wrongly offered in ITR which was not revised – ITAT In a recent judgment, ITAT has set aside a case for fresh determination of taxability of receipts wrongly offered to tax in return …
CIT(A) directed to consider rectification application u/s 154 against CPC adjustment made u/s 143(1)(a) In a recent judgment, ITAT has directed CIT(A), NFAC to consider rectification application filed by assessee u/s 154 against CPC adjustment made u/s 143(1)(a). ABCAUS Case Law Citation:ABCAUS 3889 (2024) (03) ITAT In the …
CBDT notifies all income tax returns (ITRS) forms ITRs 1 Sahaj ITR-2, 3, ITR 4 Sugam, ITR-5 . 6 and ITR-7 for Assessment Year 2024-25 CBDT by now has notified all income tax return forms (ITRS) for AY 2024-25. The new forms incorporates the changes required by the …
No penalty can be levied if AO failed to record such satisfaction in assessment order. Penalty proceedings would necessarily be initiated in the quantum assessment order itself. In a recent judgment, ITAT has deleted income tax penalty u/s 271D and 271E holding that no penalty can be levied …
There is no presumption that people having low income cannot have small saving In a recent judgment, ITAT has deleted addition u/s 69 towards cash deposit in bank holding that here is no presumption that the people having low income cannot have small savings. ABCAUS Case Law Citation:ABCAUS …
Addition u/s 40A(3) deleted- CBDT can not impose new condition for grant of benefit which are not provided in Act or Rules – ITAT In a recent judgment, ITAT has deleted addition u/s 40A(3) towards cash purchases observing that Income Tax authorities can’t imposed new condition for grant …
Assessee mislead by claiming deduction for Bad debts written off when in fact at the same time it treated the same as liabilities under the head ‘provisions’ in the balance sheet. In a recent judgment, Hon’ble High Court has dismissed a Writ Petition challenging the notice u/s 148 …
Prosecution u/s 276B rws 278AA quashed by High Court as delay in depositing TDS was due to maternity leave of the staff and subsequent conduct of the assessee In a recent judgment, Hon’ble High Court has quashed the prosecution u/s 276B / 278AA launched by the Income Tax …