Category: Income Tax

Proviso to Section 10(38) of the Act cannot be read in the reverse to mean that if the gains are not included as book profits under Section 115JB of the Act, the exemption u/s 10(38) can be denied – High Court In a recent judgment, Hon’ble High Court …

Reopening u/s 148 was rightly done as income of the company was shifted to partnership firm to avoid tax by setting off bad debts – SLP dismissed by Supreme Court In a recent order/judgment, Hon’ble Supreme Court has dismissed the SLP filed by the assessee company against the …

Finding recorded by lower authorities on the basis of evidence can not be interfered with by the third Appellate Court – High Court In a recent judgment, Hon’ble Guwahati High Court has held that finding once recorded by both the lower authorities on the basis of evidence with …

Maintainability of appeal must be decided at the outset not at fag end – ITAT In a recent judgment, ITAT Chandigarh has observed that whether the appeal is maintainable and is filed within the prescribed time limit must be decided at the outset and not at the fag …

Powers and statutory discretion conferred on the commissioner of income tax to condone delay u/s 119(2)(b) ought to be judiciously exercised so that undue hardship to the assessee is avoided – High Court In a recent judgment, Hon’ble Bombay High Court has observed that powers and statutory discretion …

Section 271J Penalty on CAs was challenged in Madras High Court. The Court had accepted the writ petition. However, the appeal was dismissed for non appearance of Petitioner In a recent judgment, Madras High Court dismissed the Writ Petition challenging Section 271J Penalty on CAs. The Court had …

CBDT issues revised FAQs on Direct Tax Vivad se Vishwas Scheme, 2024. Taxpayer eligible to apply for DTVSV Scheme, 2024 for appeal pending as on 22.7.2024 even if appeal has been disposed of on merits or dismissed as withdrawn CBDT has issued revised FAQ clarifying that taxpayer eligible …

CBDT launches Electronic Campaign to address income and transaction mismatches for FY 2023-24 and FY 2021-22 The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the Annual Information Statement (AIS) and those …

Assessment order passed u/s 143(3) adopting the income computed by CPC u/s 143(1) does not mean that the challenge to CPC order passed u/s 143(1) will not survive. In a recent judgment, ITAT Delhi held that AO passing the assessment order u/s 143(3) adopting the assessed income as …

Passing order without waiting assessee’s compliances till the date it was allowed, goes against the principle of natural justice – ITAT In a recent judgment, ITAT Raipur has held that passing of an order without waiting for the assessee’s compliances till the date up to which it was …