Day: June 12, 2024

Notice u/s 148A(b) giving less than seven days time to submit response quashed In a recent judgment, the Hon’ble High Court of Karnataka has set aside show cause notice u/s 148A(b) giving less than seven days’ time to submit response ABCAUS Case Law Citation:ABCAUS 4085 (2024) (06) HC …

Deduction u/s 54F allowed for residential house purchased in the name of wife – ITAT In a recent judgment, the ITAT Chennai has allowed Deduction u/s 54F for residential house purchased in the name of wife holding that assessee and his wife would have commonality of interest to …

TDS 194IA not applicable if individual share of assessee is less than 50 lakhs in property purchased – ITAT In a recent judgment, the ITAT Indore held that TDS u/s 194IA not applicable if assessee’s individual share of payment was less than 50 lakhs in property purchased. Law …

ICAI competent to impose restriction on number of tax audits u/s 44AB per year  – Supreme Court settles the pending controversy. In a recent judgment, the Hon’ble Supreme Court has upheld the competence of ICAI to impose a restriction on the maximum number of tax audits that could …