Category: Income Tax

FAQs PAN 2.0 Project- Existing PAN card holders not required to apply for new PAN or change their PAN FAQs PAN 2.0 Project The Cabinet Committee on Economic Affairs (CCEA) has approved the Income Tax Department’s Permanent Account Number (PAN) 2.0 Project. This project aims to streamline and …

If Society has both charitable and religious objects, registration u/s 12AA can not be denied by invoking provisions of section 13(1)(b) – High Court  In a recent judgment, Hon’ble Chhattisgarh High Court upheld the order of the ITAT that when the Society has both charitable as well as …

Due to national holiday, deposit of PF on next working date is in due compliance with the provisions of section 36(1)(va) of the Income Tax Act, 1961 – ITAT  In a recent judgment, ITAT Chandigarh has held that the due date being the national holiday, the deposit of …

There is no overlap between two phrases “concealment of particulars of his income” and “furnished inaccurate particulars of income” – High Court upheld ITAT in deleting penalty u/s 271(1)(c) for not specifying limb of applicable charge.  In a recent judgment, Hon’ble Delhi High Court has held that where …

ITAT to obtain satisfaction from Misc. application on causes shown for not appearing on the date of hearing in original proceedings – High Court  In a recent judgment, Hon’ble High Court restored the case to ITAT as it had failed to obtain satisfaction from the miscellaneous application to …

Deduction u/s 80JJAA allowed for delayed filing of Form 10DA as Form 3CD showing the quantum of deduction was filed prior to one month from filing of return of income.  In a recent judgment, ITAT Bengaluru has allowed deduction u/s 80JJAA as Form 3CD showing the quantum of …

Notice u/s 148 quashed as passed without application of mind for quoting wrong section while seeking approval for reopening u/s 151 of the Act – SLP dismissed  In a recent judgment, Hon’ble Supreme Court has upheld the judgment of Bombay High Court quashing the order quashing order passed …

CBDT specifies further forms to be filed electronically as prescribed in Appendix-II of the Income Tax Rules 1962 F. No. 30/DGIT(S)BLR/e-Filing Notification/Forms/2024 Government of IndiaMinistry of FinanceCentral Board of Direct TaxDirectorate of Income Tax (Systems) Notification No. 06/2024 Dated: 19-11-2024 Specifying Forms prescribed in Appendix-II of the Income …

Third party statement taken after recording reasons cannot form basis of Assessing Officer’s “reasons to believe” to reopen the assessment – ITAT  In a recent judgment, ITAT Delhi has held that third party statement recorded subsequent to the reasons recorded, cannot form basis of Assessing Officer’s “reasons to …

Income from renting of shops and other space within Mall held taxable under the head of “income from business” not income from house property. In a recent judgment, Hon’ble Supreme Court income affirmed the judgment of Hon’ble Madhya Pradesh High Court that where letting out the property was …