Assessment u/s 147 on the basis of seized material found during search of third party void ab-initio – ITAT In a recent judgment, ITAT has quashed the re-assessment order passed u/s 147 holding that when incriminating material is seized belonging to person other than searched, assessment has to …

TDS/TCS deductors given relief for non deduction of TDS at higher rate for inoperative PANs CBDT has issued Circular No. 6 of 2024 dated 23.04.2024 giving relief to TDS/TCS deductors for non deduction of TDS u/s 206AA / 206CC at higher rate for inoperative PANs. As per CBDT …

Reassessment order quashed as assessee could not join the link of personal hearing through video conferencing due to technical failure of the e-filing portal In a recent judgment, the Hon’ble High Court has set aside the reassessment order u/s 147 as the assessee could not join the link …

It is open to assessee to show that it was over assessed under erroneous impression of law even if it was the mistake of assessee – ITAT In a recent judgment, ITAT has set aside the issue of taxability of excise duty subsidy wrongly offered as taxable income. …

Education Cess cannot be allowed as an expenditure in view of the subsequent amendments in the Income Tax Act, 1961 – Supreme Court In a recent judgment, the Hon’ble Supreme Court had allowed the appeal of the Revenue observing that in view of the subsequent amendments in the …

Cash deposit in bank account cannot be shifted from a live person to a deceased assessee just because he was joint holder – ITAT In a recent judgment, the Hon’ble ITAT has quashed asssessment order on a deceased person holding that cash deposit in the bank account cannot …