Author: administrator

Tax Authorities should charge legitimate taxes from the taxpayers instead of punishing the assessees for their bonafide mistakes – ITAT In a recent judgment, ITAT Chandigarh has deleted addition made by the AO criticised him of miserably failing to perform his duties and in assessing the true and …

SEBI Has issued a Press Release cautioning on dealing in Digital Gold. Digital Gold or E-Gold refers to electronic investment products that allow investors to buy, sell, and hold gold digitally without physically possessing it. Such Digital Gold is claimed to backed by real, physical gold stored securely …

Assessee can challenge the validity of any order in the collateral proceedings though the same has not been challenged before the appellate authority – ITAT In a recent judgment, ITAT Guwahati has held that assessee can challenge the validity of any order in the collateral proceedings though the …

Reopening quashed as Form No. 10 have limited space to fill reasons of accumulation of income u/s 11(2) and resolution was provided. In a recent judgment, Bombay High Court has quashed reopening order holding that the contents of Form No. 10 have limited space to fill reasons of …

Stamp duty valuation or classification for fiscal purposes does not determine the character of the property under the Income-tax Act – ITAT In a recent judgment, ITAT Ahmedabad has quashed addition holding that held that stamp duty valuation or classification for fiscal purposes does not determine the character …

Difference of cash deposit between two Assessment Years cannot be added on illogical rationale that there cannot be any increase in cash deposit between two years – ITAT In a recent judgment, ITAT Chennai has held that difference of cash deposit between two Assessment Years cannot be added. …

Reassessment order quashed as reasons to believe stated that return was processed only u/s 143(1) whereas return was actually processed under Section 143(3) In a recent judgment, ITAT Ahmedabad has upheld quashing of reassessment order on account of non application of mind as reasons recorded stated that return …

SLP dismissed against bogus liability styled as “book overdraft” reflected as payable to banks for cheques issued not presented to the banks In a recent judgment, Hon’ble Supreme Court dismissed the SLP against the decision of the Delhi High Court upholding the addition towards bogus liability styled as …

NALCO invites RFP for empanelment of chartered accountant/cost accountant firms for conducting internal audit. National Aluminium Company Limited (NALCO) invites Request for Proposal (RFP) for empanelment/ appointment of chartered accountant/ cost accountant firms for conducting internal audit. National Aluminium Company Limited (NALCO) is a Navratna CPSE under administrative …

ITAT quashed reassessment as notice u/s 148 was issued even prior to the due communication of approval u/s 151 to the Assessing Officer. In a recent judgment, ITAT Kolkata has quashed reopening of assessment as nullity and invalid in the eyes of law when the notice issued u/s …