Category: Income Tax
There is no statutory requirement of pre-deposit for stay of demand under Income Tax Act – High Court stayed demand In a recent judgment, the Hon’ble High Court has stayed income tax demand and penalty holding that in a situation where serious prejudice may be caused to the …
Applicability of provisions of Section 115BBE read with Section 69, 69A and 69C in a case arising before Settlement Commission – Allahabad HC directs AO decide the issue In a recent judgment, the Hon’ble Allahabad High Court has directed AO to examine non applicability of Section 115BBE read …
Addition u/s 68 for jewellery purportedly received on death of grandparent under Will upheld. In a recent judgment, ITAT upheld the addition u/s 68 of the jewellery claimed to have been received on death of grandparent under Will as grandmother was a housewife with no regular sources of …
Merely because directors of two companies were common not mean that deposits received was bogus and companies were shell companies In a recent case, the Hon’ble Allahabad High Court has stated that merely because the directors of the two companies are common may have given rise to suspicion …
Cost of acquisition as on 01.04.1981 taken as per valuer report by reverse indexing of current FMV to be further indexed for calculating capital gain In a recent case, the ITAT has deleted the addition on account of Long Term Capital Gain holding that cost of acquisition as …
ITAT directed AO to serve notice of hearing both through electronic and physical mode upon the assessee In a recent case, the ITAT has directed AO to serve notice of hearing both through electronic and physical mode as the assessee was a non-return filer and did not know …
Extension of due date for filing of Form No. 10A/10AB under Income-tax Act, 1961 to 30.06.2024 CBDT has further extended due date for filing of Form No. 10A/10AB under Income-tax Act, 1961 to 30.06.2024 Earlier also the CBDT on consideration of difficulties reported by the taxpayers and other …
High Court sets aside revisionary order purportedly passed earlier but dispatched after written Submissions were filed In a recent judgment, Hon’ble High Court has set aside the revisionary order u/s 264 which purported passed earlier but dispatched only after the written submissions were filed by the assessee. ABCAUS …
Assessment u/s 147 on the basis of seized material found during search of third party void ab-initio – ITAT In a recent judgment, ITAT has quashed the re-assessment order passed u/s 147 holding that when incriminating material is seized belonging to person other than searched, assessment has to …
TDS/TCS deductors given relief for non deduction of TDS at higher rate for inoperative PANs CBDT has issued Circular No. 6 of 2024 dated 23.04.2024 giving relief to TDS/TCS deductors for non deduction of TDS u/s 206AA / 206CC at higher rate for inoperative PANs. As per CBDT …
