Margin of profits in Arhat business is not strictly comparable with previous years unlike other business ventures. It depends upon agricultural produce which overwhelmingly depends upon vagaries of climate variability and also demand and supply. ABCAUS Case Law Citation:ABCAUS 3797 (2023) (09) ITAT In the instant case, the …
Guidance Note on Tax Audit u/s 44AB. ICAI releases revised 2023 Edition ICAI has released the revised 2023 edition of Guidance Note on Tax Audit u/s 44AB of the Income Tax Act 1961. The first Guidance note was released in 1985 and this ninth edition in series. Tax …
Application for TDS mismatch correction. CBDT notifies Form 71 Mismatch of TDS credit has become a big trouble specially for the assessee and has give rise to increased litigation. Particularly when income is reflected in the return of income but the corresponding TDS has been deducted and paid …
Procedure to requisition services of Police/Govt. Official in search operation & reference to valuer CBDT has issued Notification No. 70/2023 dated 28.08.2023 prescribing a new Rule 13 for procedure to be followed for requisition of services of Police/Govt. Official in search operation & reference to valuer u/s 132 …
CBDT launches the revamped National Website of the Income Tax Department www.incometaxindia.gov.in CBDT has launched a revamped Website of the Income Tax Department. In order to enhance taxpayer experience and keep pace with new technology, the Income Tax Department has revamped its National website www.incometaxindia.gov.in with a user-friendly interface, …
ITAT allows profits from sale of plots earlier converted into stock in trade as capital gain with indexation benefit ABCAUS Case Law Citation:ABCAUS 3796 (2023) (08) ITAT Important Case Laws relied upon:P.M. Mohammed Meerakhan vs. CIT (1969) 73 ITR 735 In the instant case, the Income Tax Department …
