Category: Income Tax

Condonation of delay in filing Form No. 9A/10/10B/10BB for AY 2018-19 & subsequent Assessment Year – CBDT order u/s 119(2)(b) CBDT has issued Circular No. 16/2024 dated 18.11.2024 authorising condonation of delay in filing Form No. 9A/10/10B/10BB for AY 2018-19 & subsequent Assessment Year where delay is up …

NFAC order was set aside by High Court as notice sent by e-mails were received in ‘spam’ folder In a recent judgment, Hon’ble Kerala High Court has set aside appellate order passed by NFAC as the notice of hearing sent by e-mails were received in ‘spam’ folder and …

Enhancing Tax Transparency on Foreign Assets & Income: Understanding CRS & FATCA CBDT has issued a guidance note on Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) along with a Step-by -Step Guide to fill FSI, TR and FA Schedule in ITR Purpose of CRS and …

Compensation received by the assessee from the builder for cancelling the allotment of flat for delay not chargeable to tax being in the nature of capital receipt.  In a recent judgment, ITAT Delhi has held that compensation received by the assessee from the builder for cancelling the allotment …

No deemed dividend u/s 2(22)(e) if funds not utilized for the benefit of the substantial shareholder – ITAT In a recent judgment, ITAT Hyderabad has deleted the addition as deemed dividend u/s 2(22)(e) holding that the payments made by the company had been used for the business purposes …

Revision u/s 263 was correct as AO did not conduct any enquiry to verify if land sold was beyond prescribed Municipal Limits – High Court. In a recent judgment, Hon’ble Delhi High Court held that the assessment order passed by the Assessing Officer (AO) was erroneous in so …

Addition confirmed by High Court as assessee failed to rebut presumption drawn u/s 68 rws 69A In a recent judgment, Hon’ble Chhattisgarh High Court confirmed the addition for cash deposit in bank account as AO, CIT(A) and ITAT gave concurrent finding that the assessee did not produce any …

Pooja Expenses incurred allowable business expenditure under section 37 of the Income Tax Act, 1961 – ITAT  In a recent judgment, ITAT Nagpur has held that Pooja Expenses incurred were allowable business expenditure under section 37 of the Income Tax Act, 1961. ABCAUS Case Law Citation:4311 (2024) (11) …

Corrigendum to issued to rectify mistake in original assessment order was a valid assessment order – ITAT  In a recent judgment, ITAT Chennai has held that corrigendum to assessment order issued by the Assessing Officer (AO) to rectify mistake in original assessment order was a valid assessment order. …

CBDT issues guidelines and monetary limits of the income-tax authorities for reduction or waiver of interest paid or payable u/s  220(2)  Circular No. 15/2024 F. No.  400/08/2024-IT(B)Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes******** New Delhi, 4th November, 2024 Subject: Order under section …