Category: Income Tax

Income tax proceedings relating to the period prior to the approval of the resolution plan infructuous – Supreme Court dismissed Special Leave Petition (SLP) of Revenue Income tax proceedings relating to the period prior to the approval of the resolution plan infructuous as upon completion of the CIRP, …

Capital gain under JDA chargeable during the previous year, in which the certificate of completion for the whole or part of the project is issued by the competent authority. Capital gain under a Joint Development Agreement shall be chargeable to income-tax as income of the previous year, in …

Non furnishing of reasons recorded for reopening of assessment despite assessee asking the same, the reassessment order bad in law. In a recent judgment, ITAT Delhi held that where reasons recorded were not furnished for reopening of assessment even when assessee sought for the same, the reassessment order …

When search u/s 132 was not conducted at the registered address of the assessee company, proceeding u/s 153A can not be initiated on the assessee. In a recent judgment, ITAT Delhi has held that when search u/s 132 was not conducted at the registered address of the assessee …

Revision order u/s 263 by PCIT without specifying what information AO had not called – SC declines to interfere with quashing. In a recent case, the Hon’ble Supreme Court declined to interfere with quashing of revision order under section 263 as PCIT did not give any specific finding …

The appellant/Petitioner not barred to arguing points other than on which the appeal is admitted by Court. SLP against admission of an appeal is not maintainable – SC In a recent order, the Hon’ble Supreme Court has held that admission of an appeal does not debars the appellant/Petitioner …

How to solve “please select type of account” error appearing while filing online income tax return at e-portal. It has been reported by many users that while filing online their return of income at e-filing portal at validation stage an error is displayed showing an error with message …

Supreme Court refused to quash the order passed by the PCIT under section 127 of Income Tax Act 1961 transferring the case of the assessee from one State to another.  In a recent case the Hon’ble Supreme Court declined to quash the transfer of case under section 127 …

High Court directs CPC Bangalore to accept physical revised return as time limit for relevant year had expired. In a recent judgment, High Court of Meghalaya directed CPC Bangalore to accept the physical revised return as time limit for filing the revised returns for the relevant accounting year …

No disallowance merely because of self-made vouchers for expenses when such expenses are common in the kind of business done by the assessee – ITAT In a recent judgment ITAT Bangalore has held that disallowance merely because of self-made vouchers for expenses is not correct when such expenses …