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Reopening order u/s 148A(d) quashed as correct amount of cash deposit in bank was less than Rs. 50 lakhs In a recent judgment, the Hon’ble High Court of Punjab and Haryana has quashed the re-assessment order u/s 148A(d) issued after three years as correct amount of cash deposit …
Auto-populate the HSN-wise summary from e-Invoices into Table 12 of GSTR-1 : GSTN Advisory GSTN has issued an advisory on auto-population of the HSN-wise summary from e-Invoices into Table 12 of GSTR-1 A new feature to auto-populates the HSN-wise summary from e-Invoices into Table 12 of GSTR-1 is …
The AO not authorized to stretch the published census population to an imaginary figure – ITAT In a recent judgment, the Hon’ble ITAT has deleted addition made by AO treating the agricultural land as Capital Asset held that AO is not authorized to stretch published census population to …
Empanelment of General Observers for ICSI Examinations June 2024 ICSI has invited interested members to enroll as General Observers for the CS Examinations, June, 2024 scheduled to be held from 02nd June 2024 to 10th June 2024 at various Examination Centres across lndia and obroad. Interested members of …
No special drive to reopen cases to examine HRA claims – CBDT clarification on media reports claiming Income Tax Department special drive to reopen cases with reference to HRA claims CBDT has clarified that apprehensions about retrospective taxation on incorrect HRA claims and re-opening of cases on issues …
High Court stays re-assessment proceedings as order u/s 148A(d) was passed ignoring objection of assessee. High Court stays re-assessment proceedings notice u/s 148 and order u/s 148A(d) was passed by the AO ignoring the objections raised by the assessee. In a recent judgment, the Hon’ble Allahabad High Court …
ITD using Digital Forensics & Financial Analysis experts during Search operations Income Tax Department deploying Digital Forensics & Financial Analysis Experts during the conduct of a Search and Seizure action and follow up work. In a world of rapidly changing technology and high data encryption, the Income Tax …
Disallowance u/s 40(A)(2)(b) – Onus is on Assessing Officer to made comparable study In a recent judgment, ITAT has deleted disallowance u/s 40(A)(2)(b) towards payments to related parties and held that onus is on Assessing Officer to made comparable study to show unreasonableness ABCAUS Case Law Citation:ABCAUS 3937 …
When no cash involved in transaction, Section 68 treating it unexplained cash credit not attracted When there was no cash involved in the transaction of allotment of shares, the provisions of Section 68 of the Act treating it as unexplained cash credit are not attracted – ITAT In …
Provisions of section 69 not applicable on the profit from trading of speculative Transactions In a recent judgment, ITAT has held that provisions of section 69 of the Income Tax Act, 1961 (the Act) not applicable on the profit from trading of speculative Transactions, hence higher rate of …