Category: Income Tax
Return/Balance sheet to be considered as being within time if filed within timeline condoned by Hon’ble Supreme Court due to Covid-19 In a recent judgment, Hon’ble Allahabad High Court has set aside the order of CIT(Exemption) passed u/s 119(2(b) and order u/s 154 passed by the Assessing Officer …
Satisfaction Note u/s 153C – term “immediate” cannot be extended to defeats the purpose of cost effective, efficient and expeditious completion of search assessments. In a recent judgment the Hon’ble Supreme Court dismissed the SLP of the Revenue against the judgment of the High Court holding that the …
Addition for rental income on accrual basis deleted as assessee was pursuing a civil case against the tenant In a recent judgment, ITAT Agra has deleted addition of rental income holding that it was not justified when the assessee was pursuing a civil case against the tenant, the …
ITAT allows adjustment of credit balance for the purposes of addition of deemed dividend as per section 2(22)(e) In a recent judgment, ITAT Pune directed the Assessing Officer to re-compute the net debit balance for the purposes of addition of deemed dividend as per section 2(22)(e) of the …
Addition u/s 50C deleted based on FMV in CA report under Rule 11UA(1)(b) as AO applied wrong rule Rule 11UA(2) applicable for the valuation of the shares u/s 56(2)(viib) In a recent judgment, ITAT Delhi has upheld deletion of addition u/s 50C based on FMV as per CA …
Remuneration paid by CA firm to wives of CA partners for their services rendered allowed in the absence of any comparable analysis made In a recent judgment, ITAT Mumbai has deleted addition made by AO on account of remuneration paid by CA firm to wives of CA partners …
When assessee did not opt yes or no to receive notices by email, such notices amounted to no service In a recent judgment, ITAT has held that when in the form No. 35 filed the assessee did not either say ‘yes’ or ‘no’ to question whether assessee would …
CIT(A) should have considered the details statement of facts filed before him before dismissing the appeal of the assessee observing that the assessee had nothing to say In a recent judgment, ITAT Bangalore has held that the CIT(A) should have considered the details statement of facts filed before …
Practice of adjustment of receipts in working progress accounts and offering the net figure for taxation is not supported by the Income Tax Act In a recent judgment, ITAT had held that practice of adjustment of receipts in working progress accounts and offering the net figure for taxation …
NSDL latest e-TDS TCS RPU Version 5.9 from FY 2007-08 NSDL has revised the e-TDS TCS RPU utility for preparing of TDS/TCS returns. e-TDS/TCS RPU version 5.9 for Statement(s) from FY 2007-08 onwards has been released. Also e-TDS/TCS File validation utility (FVU) versions 2.190 for FY 2007-08 to FY 2009-10 …
