India & Samoa enters into Tax Information Exchange Agreement (TIEA) Notification of Agreement between the Government of the Republic of India and Government of Samoa for the exchange of information with respect to taxes (AEI/ACT) (Tax Information Exchange Agreement TIEA). The Finance Ministry has notified Tax Information Exchange …

New allegation added in order passed u/s 148A(d) not present in show cause notice u/s 148A. High Court declines interference. In a recent judgment, Allahabad High Court has declined to entertain a Petition challenging addition of a new allegation in order passed u/s 148A(d) in reassessment proceedings. ABCAUS …

Penalty u/s 270A can not be levied for additions made on estimation basis. Penalty on the basis of findings in quantum proceedings not independently examined can not be sustained. ABCAUS Case Law Citation:ABCAUS 3861 (2024) (02) ITAT Important Case Laws relied upon by parties:Jai Balaji Business Corporation Pvt. …

Rectification application u/s 154 for claim of leave salary encashment exemption u/s 10(10AA) dismissed as barred by limitation In a recent judgment, ITAT has dismissed a plea for claim for leave salary encashment exemption u/s 10(10AA) as the rectification application u/s 154 was made nearly after eight years. …

Order held erroneous but not prejudicial despite depreciation allowed at higher rate because there was no taxable income on account of business loss In a recent case, the ITAT has held that the assessment order though erroneous was not prejudicial to the Revenue despite depreciation allowed at higher …

Allegation of  Paper Companies without further facts insufficient to reopen assessments – SLP dismissed by Supreme Court. High Court laid down guidelines for reopening of assessments u/s 147 and 148 Recently the Supreme Court dismissed the SLP filed by the Income Tax Department against the judgment of the …