Change of opinion not a jurisdictional issue-Writ Petition against notice u/s 148 was dismissed by the High Court due to alternative remedy. In a recent judgment, Hon’ble High Court of Jharkhand has dismissed a Writ Petition against notice u/s 148 holding that change in opinion cannot be said …

Cheque bounce accused acquitted as complainant did not show amount given as loan in his income tax return. In a recent judgment, Hon’ble Supreme Court has confirmed the acquittal of accused in a case of cheque dishonour where the complainant did not show the amount advanced in his …

Income Tax Relief to Cooperative Societies. Minister of Cooperation in a written reply to a question in the Lok Sabha stated the following income tax benefits available to Cooperative Societies.  Income Tax Relief to Cooperative Societies 1. Reduction in surcharge on cooperative societies The surcharge on co-operative societies …

No Penalty u/s 271E on repayment of loan by journal entries of sale bills – ITAT In a recent judgment, ITAT Indore has held that penalty u/s 271E was not justified when loan was repaid by adjustment of by way of journal entries of genuine sales. ABCAUS Case …

Commencement date notified for amended provisions related to distribution of credit by Input Service Distributor and penalty u/s 122A GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS Notification No. 16/2024–Central Tax New Delhi, dated the 6th  August, 2024 S.O. …..(E).—In …

Capital Gain Indexation Relief – Option of indexation on sale of properties to be incorporated in Finance Bill 2024 Government seeks to provide capital gain indexation relief for computation of capital gain tax in case of sale of properties. List of Amendments proposed to the Finance Bill 2024 …