Category: Income Tax

Assesssing Officer can’t refer decision to initiate levy of Penalty u/s 271D to Superior Officer unless he himself arrives at a finding of a violation In a recent judgment Hon’ble Supreme Court has dismissed SLP of the Revenue against the High Court judgment holding that Assesssing Officer can’t …

New Tax Regime benefit granted despite belated filing of Form 10IE in view of directions of Supreme Court for exclusion of covid period from limitation In a recent judgment, ITAT Bangalore has held that the failure to file the Form 10IE on or before the due date for …

Revenue can not take advantage of mistakes of assessee, ITAT remands claim of exemption u/s 10(23C)(iiiad) to AO In a recent judgment, ITAT Lucknow remanded the claim of exemption u/s 10(23C)(iiiad) to AO as assessee by inadvertent typographical mistake wrongly claiming exemption u/s 10(23C)(iv) instead of correct section …

Reopening based on audit objection invalid when AO had all the information at the time of assessment In a recent judgment, High Court held that reopening of assessment based on audit objection would be invalid being a change of opinion where the Assessing Officer had all the information …

Personal appearance of a director is not a statutory substitute for documented traceability in a corporate assessment – High Court In a recent judgment, High Court has held that personal appearance of a director is not a statutory substitute for documented traceability in a corporate assessment, especially when …

Claim of exemption u/s 10(26) of the Act cannot be granted merely on the basis of tribal status and residence – ITAT In a recent judgment, ITAT Guwahati has held that the claim of exemption u/s 10(26) of the Act cannot be granted merely on the basis of …

Statement recorded during search on standalone basis has no evidentiary value and cannot be acted upon to fasten any liability on the assessee – ITAT In a recent judgment, ITAT Hyderabad has held that a statement of assessee recorded at the time of search on standalone basis has …

Assessment order u/s 148 quashed as the petitioner had updated his e-mail ID in the IT Portal and the notices were sent to old email id. In a recent judgment, High Court quashed ex parte assessment order u/s 148 as the petitioner had updated his e-mail ID in …

Adjustment of income tax refund due to corporate debtor against old income tax dues shown in the balance sheet upheld In a recent judgment, High Court upheld the adjustment of income tax refund due to corporate debtor against old income tax dues shown in the balance sheet and …

Supply of information u/s 148A does not necessarily mean that entire material available on record have to be supplied to the assessee. In a recent judgment, High Court has held that supply of information u/s 148A does not necessarily mean that copies of the entire material available on …