Income Tax

  • Income Tax

An invalid assessment order cannot be revised under section 263

An invalid or illegal assessment order cannot be revised under the provision of section 263 In a recent judgment, Hon'ble…

2 weeks ago
  • Income Tax

CIT can not assume revision powers u/s 263 for issues not forming part of limited scrutiny

CIT can not assume revisionary powers u/s 263 for issues not forming part of limited scrutiny assessment. In a recent…

2 weeks ago
  • Income Tax

SCN not giving minimum 7 days time to respond to proposed variation–Assessment set aside

Show cause not giving minimum seven days to respond to proposed variation – Assessment order set aside In a recent…

2 weeks ago
  • Income Tax

ITD Chandigarh invites empanelment of Cost Accountants u/s 142(2A) for FY 2024-2026

ITD Chandigarh invites empanelment of Cost Accountants u/s 142(2A) for FY 2024-2026. Last date to apply is 30/04/2024 The Income…

2 weeks ago
  • Income Tax

Even single loan given can be considered as money lending business for bad debts allowance

Even a single instance of loan given can be considered as money lending business for bad debts allowance - ITAT…

3 weeks ago
  • Income Tax

Voluntary ex-gratia compensation not taxable. Department has to confine to grounds of appeal 

Voluntary ex-gratia compensation not taxable u/s 17(3)(i). Department has to confine to the grounds taken in appeal - ITAT Voluntary…

3 weeks ago
  • Income Tax

When purchases & sales found genuine deposit out of cash sales can’t be treated non-genuine

When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine - ITAT In a…

3 weeks ago
  • Income Tax

Interest u/s 244A payable from 1st April of AY when return filed within extended due date

Assessee was entitled to interest u/s 244A from 1st April of AY when return filed within extended due date -…

3 weeks ago
  • Income Tax

Debit entry cannot added u/s 68 as it speaks of “Cash Credit” not for debits entries  

The debit entry cannot be added under Section 68 as it speaks about “Cash Credit” and not for debits entries…

3 weeks ago
  • Income Tax

Conversion of unsecured loan of wife against allotment of share in joint names upheld

Conversion of unsecured loan of wife against allotment of share in joint names in closely held company upheld The ITAT…

3 weeks ago