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Power of revision u/s 263 cannot be exercised to collect more taxes by bringing income within the ambit of Sections 68/ 69 etc. and applying higher tax rate u/s 115BBE. ABCAUS Case Law Citation:ABCAUS 3741 (2023) (05) ITAT Important Case Laws relied upon:PCIT vs. Deccan Jewellera (P) Ltd. …
Late fee u/s 234F for delay in filing of ITR deleted as CPC erred in considering due date applicable to the partner assessee ABCAUS Case Law Citation:ABCAUS 3740 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) NFAC in confirming …
Capital Gain Exemption u/s 54 wrongly claimed under section 54F allowed being bonafide typographical mistake ABCAUS Case Law Citation:ABCAUS 3739 (2023) (05) ITAT Important Case Laws relied upon:ITO v Anirudh Ashok JajooShrikar Hotels (P.) Ltd. vs. Commissioner of Income-tax 79 taxmann.com 63Commissioner of Income-tax vs. Natraj Stationery Products …
Addition based on projected income surrendered during search deleted as actual gross income reported in audited accounts was higher ABCAUS Case Law Citation:ABCAUS 3738 (2023) (05) ITAT In the instant case, the Revenue had challenged the order passed by CIT(A)/FAA deleting the addition for undisclosed profit made by …
Drawings and returned income speak volumes about richness of family – ITAT deleted addition for jewellery found during search. ABCAUS Case Law Citation:ABCAUS 3737 (2023) (05) ITAT Important Case Laws relied upon:Ashok Chaddha vs. ITO 14 taxman.com 57 In the instant case, the assessee had challenged the order …
Turnover threshold reduced to Rs. 5 crores for requirement of generating GST E-invoice w.e.f. 1st August 2023  GOVERNMENT OF INDIAMINISTRY OF FINANCE(DEPARTMENT OF REVENUE)CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS Notification No. 10/2023 –Central Tax New Delhi, the10th May, 2023  G.S.R…..(E).-In exercise of the powers conferred …
No company name removal/Strike of without filing overdue financial statements or annual returns  MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 10th May, 2023 G.S.R.354(E).—In exercise of the powers conferred by sub-sections (1), (2) and (4) of section 248 read with section 469 of the Companies Act, 2013 …
Adjustment denying exemption u/s 10(23C)(iiiad) deleted as there was no column / provision in ITR for showing computation of exemption u/s 10(23C)(iiiad) ABCAUS Case Law Citation:ABCAUS 3736 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the adjustment …
Last date for the exercise of the option by GTA to pay GST under forward charge has been extended from 15th March 2023 to 31st May 2023 Â Government of IndiaMinistry of Finance(Department of Revenue) Notification No. 05/2023-Central Tax (Rate) New Delhi, the 9th May, 2023 Â G.S.R……(E).-In …
Mere affidavits of typographical error by typist & CA in Audit Report not enough when assessee was found to maintain duplicate accounts – Supreme Court ABCAUS Case Law Citation:ABCAUS 3735 (2023) (05) SC Important Case Laws relied upon:CST vs. Esufali (HM) Abdulali (HM) (1973) 90 ITR 271 (SC)Nalinakshi …
