Category: Income Tax

CIT(A) exceeded his legal brief directing verification of receipts before granting of TDS In a recent judgment, the ITAT Kolkata has held that the CIT(A) exceeded his legal brief directing Assessing Officer (AO) to verify the receipts before granting of credit of TDS duly reflected in Form 26AS. …

Rectification order u/s 154 quashed by High Court, CPC directed to give Foreign Tax Credit In a recent judgment, the Hon’ble Madras High Court has set aside the rectification order passed u/s 154 and directed Centralized Processing Center (CPC) Bengaluru to take into consideration the Foreign Tax Credit …

Income tax prosecution u/s 276B rws 278B – Trial Court directed to consider Immunity in terms of CBDT circular In a recent judgment, the Hon’ble Allahabad High Court in a case of income tax prosecution u/s 276B r.w.s. 278B for late deposit of TDS has given liberty to …

Income surrender during survey on account of low GP rate not taxable to higher tax rate under deeming provisions u/s 115BBE – ITAT  In a recent judgment, the ITAT Chandigarh has held that mere fact that survey has been carried out on the business premises of the assessee …

When assessee not liable to deduct TDS, no late fee u/s 234E can be imposed for late filing of TDS return by the assessee In a recent judgment, the ITAT Ahmadabad has held that when assessee not liable to deduct TDS, no late fee u/s 234E can be …

ITR can’t be revised by AO beyond limitation on direction of ITAT which did not exercising its power u/s 254 to allow the claim In a recent judgment, the Hon’ble Supreme Court has held as the ITAT had not exercised its power under Section 254 to consider the …

Mere use of expression “Yes, I am satisfied” cannot be considered to be a valid approval u/s 148 – High Court In a recent judgment, the Hon’ble Delhi Court has held that the mere use of expression “Yes, I am satisfied” for issuance of notice under Section 148 …

CBDT issues revised guidelines for condonation of delay and to admit an application or claim for refund and carry forward of loss and set off thereof under section 119(2)(b) of the Income Tax Act 1961 Circular No. 11/2024 F. No. 312/63/2023-OTGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of …

Income Tax Re-assessment notices under old regime period can be issued after 01.04.2021 under TOLA – Supreme Court In a recent judgment, the Hon’ble Supreme Court has held that time extension under TOLA will continue to apply for issue of re-assesment notice after 1st April 2021 if any …

Even admission of assessee without corroborative evidence cannot be made basis for addition – High Court In a recent judgment, the Hon’ble Rajasthan High Court has held that the admission of the assessee in absence of any corroborative evidence to strengthen the case of the Revenue cannot be …