Category: Income Tax
Initiation of reopening u/s 148 by recording wrong facts not categorically rebutted by the Department held to be arbitrary and bad in law – ITAT The instant appeal was filed by the appellant assessee against the order of the CIT(A) upholding the reassessment proceedings and re-assessment order passed …
Assessee should get full opportunity at every stage of adjudication. Tax laws are not penal and neither so rigid to curb lawful rights of taxpayers-ITAT The instant appeal was filed by the appellant assessee This against the order of the CIT(A) upholding the action of the Assessing Officer …
No document required for change of gender to transgender for PAN correction request application online through NSDL or UTITSL As per advisoty at incom tax efiling website, new PAN allotment and Change request applications with ‘gender’ as ‘transgender’ is allowed without any hassle. There is no requirement of …
Section 50C was not applicable on sale of property to tenant who occupied it on a meager rent for fifty years which itself amounted to encumbrance on the property-ITAT The Appellant assessee had filed the instant appeal challenging that the Assessing Officer (AO) had wrongly and illegally calculated …
Finance Ministers Award for Income Tax Day on 24th July 2018 The Central Board for Direct Taxes (CBDT) has asked all Pr. CCsIT/Pr. DGsIT to send nominations for the Finance Ministers Award for Income Tax Day on 24th July 2018. The award had been constituted last year and it was conferred to 22 …
Meaning of findings and directions for limitation period of reopening notice u/s 150(1). ITAT quashed re-assessment as CIT-A made an observation not gave direction In the instant appeal the appellant assessee had challenged the proceedings initiated under section 147/148 of the Income Tax Act, 1961 (the Act) …
Reopening assessment on information of plot purchase quashed as lease deed was already with AO and the fact was known and considered by him in original assessment u/s 143(3) – HC The petitioner company had filed the instant writ petition praying for setting aside and quashing re-assessment proceedings initiated …
Do you agree with demand that ITR dates should be extended for non availability of e-forms for AY 2018-19 on e-filing portal yet or it is just an excuse and would hardly make any difference as last date for filing TDS returns is not over? As of now …
Chartered Accountant held guilty u/s 278 for abating firm to evade tax by signing accounts without verifying the stock statement submitted to bank ABCAUS Case Law Citation: ABCAUS 2323 (2018) (05) AC Important Case Laws Cited/relied upon by the parties: Sudeep Jain vs M/s ECE Industries Ltd in …
Amendment to section 40(a)(ia) by Finance Act, 2010 being curative in nature are retrospective i.e., from the date of insertion of the section itself-Supreme Court The instant appeal(s) were filed by the Income Tax Department (Revenue/appellant) against the judgment passed by the High Court whereby the Division Bench …