Category: Income Tax

Digital Evidence Investigation Manual of CBDT is mandatory to be followed by ITD while conducting search and seizure and it is not optional – High Court In a recent judgment, the Hon’ble High Court has held that it is mandatory for the ITD to follow the Digital Evidence …

Income earned from property if business income or income from house property primarily depends upon the objects / main business of the assessee – ITAT In a recent judgment, the Hon’ble ITAT has set aside revisionary order u/s 263 and held that Assessing Officer was not justified in …

CBDT has issued Guidelines for priority/out of turn disposal of appeals by CIT(A) Assessment Units and Additional Joint CIT(Appeals) CBDT to ensure priority/out of turn disposal of pending appeals at the level of CIT(A/AU) and Addl./Jt.CIT(Appeals), has decided that requests for such disposal of appeals, covering genuine and …

Retracting from income offered during survey and challenging non opportunity of cross examination at assessment stage – upheld In a recent judgment, the Hon’ble Supreme Court declined to interfere with the judgment of High Court which upheld the ITAT order where non opportunity of cross examination during assessment …

Extension of due date for filing Form No. 26QE for F.Y. 2022-23 CBDT extends date for filing Form No. 26QE for FY 2022-23 which was required to be filed during the period 01.07.2022 to 28.02.2023. As per section 194S of the Income-tax Act, 1961, any person responsible for …

Valuation of closing stock is revenue neutral  – ITAT deleted addition on account of valuation of stock In a recent judgment, ITAT has held that valuation of closing stock is revenue neutral. Even if it is enhanced for the year under consideration the same will reduce the profit …

Disallowance towards land filling expenses was right as except contractor bills no other evidence was produced – ITAT In a recent judgment, ITAT has confirmed the disallowance towards land filling expenses as except contractor bills no other evidence was produced showing how the property was made beneficial with …

Eligible donations by trust/institution to another trust/institution are application for charitable or religious purposes only to the extent of 85% of such donations – CBDT Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred …

Assessee was liable to pay penalty u/s 272A(1)(d) on the first default as thereafter, the AO could have proceeded to frame an ex-parte order – ITAT In a recent judgment, ITAT has deleted the penalty u/s 272A(1)(d) for multiple default in non-compliance to the notice holding that assessee …

Income tax prosecution u/s 276CC where assessee filed belated return under section 139(4) – Allahabad High Court admits application In a recent judgment, the Hon’ble Allahabad High Court has admitted an application contending that where assessee had filed return of income under Section 139(4) of the Income Tax …