Month: April 2024
Cash deposited in bank account during demonetisation period can not be taxed on technical ground when it was fully exempt u/s 10(26), assessee being resident of Arunachal Pradesh In a recent judgment, ITAT has quashed the addition made on technical ground for cash deposited in bank during the …
ITAT deleted addition made on the presumption that there cannot be loss in restaurant business. In a recent judgment, ITAT deleted addition made on the presumption that there cannot be loss in restaurant business ABCAUS Case Law Citation:ABCAUS 3963 (2024) (04) ITAT In the instant case, the assessee …
ITAT upheld taxing rent of plot of land as income from other sources in the absence of proof of any structure thereon In a recent judgment, ITAT upheld taxing of rent of plot of land as income from other sources as assessee could not prove that there existed …
Application invited for special public prosecutors to represent the Income Tax Department in North-Eastern Region. The Income Tax Department, North Eastern Region has invited applications from eligible advocates for empanelment as Special Public Prosecutors to represent the Income Tax Department before the Courts of Session and its subordinate …
Dakshin Bihar Gramin Bank invites application for concurrent Audit / Revenue Audit for FY 2024-25. Dakshin Bihar Gramin Bank has invited applications from Chartered Accountants / Cost Accountants for concurrent Audit for FY 2024-25. Dakshin Bihar Gramin Bank is a leading Regional Rural Bank of Bihar owned by …
Notice u/s 148 quashed as time period to issue notice u/s 143(2) for conducting assessment u/s 143(3) had not expired. In a recent judgment, Hon’ble Bangalore ITAT has quashed notice u/s 148 as the time period to issue notice u/s 143(2) for conducting assessment u/s 143(3) had not …
How to opt out from New Tax Regime and choose old tax regime for AY 2024-25. Step by step procedure for option to be exercised u/s 115BAC With effect from Assessment Year 2024-25 (FY 2023-24), the new tax regime under section 115BAC has been made as the default …
An invalid or illegal assessment order cannot be revised under the provision of section 263 In a recent judgment, Hon’ble ITAT has held that an assessment order which is not valid/maintainable under the provisions of the Act, cannot be revised by the CIT/PCIT under the provision of section …
CIT can not assume revisionary powers u/s 263 for issues not forming part of limited scrutiny assessment. In a recent judgment, the ITAT has held that CIT can not assume revisionary powers u/s 263 for issues not forming part of limited scrutiny assessment. ABCAUS Case Law Citation:ABCAUS 3959 …
NFRA imposes penalty of Rs. 4.50 crores on CA/Audit Firm for professional misconduct for not exercising due diligence In a recent order, the NFRA has imposed penalty of Rs. 4.50crores on CA/Audit Firm for professional misconduct for not exercising due diligence and not adhering to the requirements as …