Category: Income Tax
Income Tax Department invites applications for empanelment of Special Public Prosecutors Applications are invited for empanelment of Special Public Prosecutors for representing the Income Tax Department in the Additional Chief Judicial Magistrate Court (Economic Offences), Ernakulam. The terms and conditions for engagement and eligibility are as per instructions …
Bank certificate stating that fixed deposits did not pertain to the assessee, despite PAN of assessee used, the onus casted upon the assessee stood discharged – ITAT In a recent judgment ITAT Mumbai deleted addition u/s 69A observing that once the bank issued a certificate stating that the …
Entire TDS credit allowed to the joint owner of the property in whose account entire sale consideration was received In a recent judgment ITAT Bangalore allowed the entire TDS credit to the joint owner of the property in whose account entire sale consideration was received as the co-owners …
Even when the trust is not registered u/s 12A, taxes can be levied on the net income and taxing of the entire receipts without any deduction towards expenditure is wrong and illegal – ITAT In a recent judgment ITAT Chandigarh has held that even when the Trust is …
Merely stating head of income from which unexplained investment was generated without stating the actual source does not amount to an explanation within the meaning of section 69. In a recent judgment ITAT Allahabad has held that merely stating the head of income from which the unexplained investment …
CBDT issues awareness material on making a rightful claim of refunds in Income Tax Returns It has been seen in past that salaried persons in particular, filed their Income Income Tax Returns (ITRs) claiming large amount of refund towards tax deducted at source. On scrutiny it transpired that …
No infirmity in reopening on the reasoning that no return was filed by the assessee when assessee was using two different PANs, one for bank operation and other for filing ITR – ITAT In a recent judgment ITAT Allahabad has held that there was no infirmity in the …
Jurisdiction assumed u/s 148 on borrowed satisfaction without any live link between information and material on record – Supreme Court declined to entertain Department In a recent judgment, Hon’ble Supreme Court declined to interfere with High Court order quashing notice under section 148 when Assessing Officer assumed jurisdiction …
CBDT notifies PDF format of ITR-7 for AY 2025-26 CBDT has notified PDF format of ITR-7 for AY 2025-26 applicable for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) Ministry of FinanceDepartment of RevenueCentral Board of Direct Taxes Notification No. …
CIT(A) gave very short time to the assessee to furnish the details and prima-facie it showed that fair opportunity of hearing was not given to the assessee. In a recent judgment, The ITAT Pune remitted the case for re-consideration observing that that CIT(A) gave very short time to …
