Category: Income Tax
How to opt out from New Tax Regime and choose old tax regime for AY 2024-25. Step by step procedure for option to be exercised u/s 115BAC With effect from Assessment Year 2024-25 (FY 2023-24), the new tax regime under section 115BAC has been made as the default …
An invalid or illegal assessment order cannot be revised under the provision of section 263 In a recent judgment, Hon’ble ITAT has held that an assessment order which is not valid/maintainable under the provisions of the Act, cannot be revised by the CIT/PCIT under the provision of section …
CIT can not assume revisionary powers u/s 263 for issues not forming part of limited scrutiny assessment. In a recent judgment, the ITAT has held that CIT can not assume revisionary powers u/s 263 for issues not forming part of limited scrutiny assessment. ABCAUS Case Law Citation:ABCAUS 3959 …
Show cause not giving minimum seven days to respond to proposed variation – Assessment order set aside In a recent judgment, the Hon’ble High Court has set aside the assessment order passed by not giving minimum prescribed time of seven days to respond to show cause for proposed …
ITD Chandigarh invites empanelment of Cost Accountants u/s 142(2A) for FY 2024-2026. Last date to apply is 30/04/2024 The Income Tax Department (West Bengal & Sikkim), Patna has issued a notice inviting applications from Cost Accountants for empanelment u/s 142(2A) of the Income Tax Act, 1961 for the …
Even a single instance of loan given can be considered as money lending business for bad debts allowance – ITAT In a recent judgment, the Hon’ble ITAT has allowed deduction for bad debts written off holding that even a single instance of loan given to single party can …
Voluntary ex-gratia compensation not taxable u/s 17(3)(i). Department has to confine to the grounds taken in appeal – ITAT Voluntary ex-gratia compensation not taxable u/s 17(3)(i). Department has to confine to the grounds taken in appeal and not permitted to set up altogether a new case. ABCAUS Case …
When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine – ITAT In a recent judgment, ITAT has set aside addition u/s 68 and held that When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine. …
Assessee was entitled to interest u/s 244A from 1st April of AY when return filed within extended due date – ITAT Assessee was entitled for interest on TDS refund u/s 244A from 1st April of AY when the return was filed within extended due date In a recent …
The debit entry cannot be added under Section 68 as it speaks about “Cash Credit” and not for debits entries In a recent judgment, ITAT has deleted addition u/s 68 on the alleged cash credit holding that when a debit entry in the books can not be …
