Category: Income Tax

Transfer/Promotion in the grade of CIT / Director of Income Tax CBDT has made 20 transfer/postings in the grade of Commissioner of Income Tax/Director of Income Tax on account of promotion/additional charge/others.  Promotion Cases: One case Other cases: Lucknow: One caseDelhi: Six casesAgra: One caseKarnal: One caseMumbai: One …

Promotions/Transfer and postings in the grade of PCIT/Principal Director of Income Tax CBDT has made 23 Promotions/transfer/postings in the grade of Principal Commissioner of Income Tax/Principal Director of Income Tax on account of promotion/additional charge/others. Promotion Cases: One case Other cases: Delhi: Three casesMumbai: One caseAhmedabad: One caseGwalior: …

High Court directs return of passports to directors accused of tax evasion u/s 276C, 277 of income Tax Act 1961 In a recent judgment, the Hon’ble High Court of Madras has directed return of passports to directors of company accused of offences u/s 276C for willful attempt to …

CBDT Extends Due Date for Filing Return of Income in the case of an assessee who is required to furnish a report referred to in section 92E, for AY 2024-25 The due date for furnishing the return of income u/s 139(1) of the Income-tax Act,1961 (the Act) in …

Claim for exemption u/s 10(10B) though not claimed in return, can be raised during proceedings before CIT(A) or the Tribunal. In a recent judgment, the ITAT Chandigarh has held that claim for exemption u/s 10(10B) for compensation received on forced retrenchmen, though not claimed in return, being a …

No addition can be made merely for time gap between withdrawals and redeposits into bank – ITAT In a recent judgment, Hon’ble ITAT Kolkata deleted addition for cash deposit in bank due to time gap between the withdrawals and redeposits into same bank without any findings of fact …

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 …