Category: Income Tax

Mere non submission of the PAN details will not lead to disallowance u/s 68 – ITAT In a recent judgment, ITAT Delhi has held that mere non submission of the PAN details will not lead to disallowance of cash credits u/s 68 of the Income Tax Act, 1961. …

Addition made to income on account of travelling expenses to Pakistan – ITAT remands case to AO for verification In a recent judgment, the Amritsar ITAT has restored the issue of addition made to income on account of travelling expenditure to Pakistan for verification of source of expenditure. …

Information from Investigating Wing cannot be sole basis for forming belief that income escaped assessment – High Court In a recent judgment, Hon’ble Delhi High Court has held that information received from Investigating Wing cannot be the sole basis for forming a belief that income of the assessee …

Revision u/s 263 arising from tax auditors observation upheld as AO did not examine the matter In a recent judgment, ITAT Chennai has upheld revisionary proceedings u/s 263 which stemmed from observation of Tax Auditor that there was remission of trading liability u/s 41(1)(a) of the Act and …

Prosecution u/s 276B for delay in deposit of TDS quashed by High Court in the light of CBDT circulars In a recent judgment, Hon’ble Bombay High Court has quashed prosecution u/s 276B for delay in deposit of TDS in the light of CBDT Circular/Instructions stating that when TDS …

List of 402 transfers/postings made in the grade of PCIT / CIT by CBDT  CBDT has issued officer order making eight transfer / Postings in the grade of Principal Commissioner of Income Tax / Principal Director of Income Tax. Further, three transfer/postings has also been made in the …

CBDT rolls out Dispute Resolution Scheme (e-DRS), 2022, to minimise litigation CBDT has rolled out Dispute Resolution Scheme (e-DRS), 2022, to minimise litigation. Dispute Resolution Committees (DRCs) constituted in all 18 jurisdictional Pr. CCIT regions across the country. As per e-DRS, a taxpayer can opt for e-Dispute Resolution …

FAQ e-Dispute Resolution Committee and Form 34BC FAQ e-Dispute Resolution Committee and Form 34BC. In pursuance of section 245MA of the Income-tax Act, 1961 the CBDT) has notified the e-Dispute Resolution Scheme, 2022 (e-DRS). DRCs have been constituted in all 18 jurisdictional Pr. CCIT regions across the country …

Order u/s 263 was bad as CIT did not specify how he arrived at figure of excess depreciation allegedly claimed by the assessee In a recent order, Hon’ble Supreme Court has dismissed SLP against the order of the Hon’ble Bombay High Court upholding the ITAT that CIT did …

Limitation Period to pass revisionary order u/s 263 stood extended by TOLA 2020 In a recent judgment, Hon’ble Orissa High Court has upheld that limitation Period to pass revisionary order u/s 263 stood extended by TOLA 2020. Competence of the Legislature through Parliament to relax provisions in earlier …