Author: administrator
Ex parte order remanded as notices not sent to e-mail address mentioned in Appeal Form-35 but to email linked to PAN ABCAUS Case Law CitationABCAUS 3656 (2023) (02) ITAT In the instant case, the assessee had challenged the ex parte order passed by the CIT(A) on the ground …
Refund of amount wrongly transferred to an entry provider party whose bank account was attached by Income Tax Department declined- SLP dismissed by Supreme Court ABCAUS Case Law CitationABCAUS 3655 (2023) (02) SC As alleged by the petitioner, in the course of its business it sought to invest …
Mistake by CA in Tax Audit Report if demonstrated with relevant material enough, Insistence of correction in audit report is not justified ABCAUS Case Law CitationABCAUS 3654 (2023) (02) ITAT Important Case Laws covered:Checkmate Services Pvt. Limited vs. CIT In the instant case, the appellant assessee was in …
Manner and contents of assessment order framed not determinative whether or not reopening is a case of change of opinion – Supreme Court ABCAUS Case Law CitationABCAUS 3653 (2023) (02) SC Important Case Laws covered:Commissioner of Income Tax v. Kelvinator India Limited reported in 320 ITR 561 SCCommissioner …
Frequently Asked Questions (FAQs) on Income Tax e-Verification Scheme 2021. The FAQs on the e-Verification Scheme, 2021 (hereafter ‘FAQs’) aim to provide general guidance in understanding the procedures and processes of the e-Verification Scheme, 2021 issued vide CBDT Notification no. 137/2021 dated 13.12.2021. According to …
There is no legal authority by or under which the revenue-authorities can make a lump-sum disallowance. Lump sun disallowance made without rejecting books of account deleted. ABCAUS Case Law CitationABCAUS 3652 (2023) (02) ITAT Important Case Laws relied upon:ACIT vs. Genda Lal Hazarilal & Company 134 Taxmann 384 …
Capital Gain Exemption u/s 54 and 54F for investment in residential house limited to Rs. 10 crores Section 54 and section 54F of the Income-tax, 1961 allows deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one …
Increase in threshold limits for presumptive taxation schemes u/s 44AD and section 44ADA Under the existing provisions of Section 44AD of the Income Tax Act 1961 a presumptive income scheme is provided for small businesses. This scheme applies to certain resident assessees (i.e.,an individual, HUF or a …
Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2024-25 as per Union Budget 2023-24 The basic income tax exemption limit and tax slabs for individuals can be broadly categoriesd as under: (i) Optional Simplified Personal Tax Regime (New Tax Regime) under section …
Section 87A Rebate for AY 2024-25 as per Union Budget 2023-24. Amendment, amount and eligibility The section 87A of income tax rebate was reintroduced by the Finance Act 2013 w.e.f. 1st April 2014. Earlier the section was omitted by the Finance (No. 2) Act 1967. The present 100 …