Reopening due to bank’s mistake in reporting PAN of partnership firm in bank account of proprietorship– ITAT deleted additions made In a recent judgment, ITAT has deleted additions made in reopening proceedings based on reporting of cash deposit against PAN of partnership in place of proprietorship. ABCAUS Case …
High Court declines interference under writ jurisdiction at conclusion stage of re-assessment proceedings. In a recent order, the Hon’ble Allahabad High Court has declined interference under writ jurisdiction at conclusion stage of re-assessment proceedings. ABCAUS Case Law Citation:ABCAUS 3857 (2024) (02) HC In the instant case, the assessee …
No deemed dividend u/s 2(22)(e) when loan was received for commercial transaction and interest was paid on it In a recent judgment ITAT has held that there is no deemed dividend u/s 2(22)(e) when loan was received for commercial transaction and interest was paid on it ABCAUS Case …
Supreme Court to decide if non mentioning DIN by income tax authorities makes order void or it’s just a procedural mistake ABCAUS Case Law Citation:ABCAUS 3855 (2024) (02) SC CBDT Circular No.19/2019 dated 14th August 2019 provides that on or after the 15th day of October, 2019, no communication …
RBI bans Paytm Payments Bank Ltd from receiving payments after February 29, 2024 In 2022, RBI had directed Paytm Payments Bank Ltd from onboarding of new customers. The bank had also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT …
If assessee not availed opportunity of cross examination, it can not be ground of challenge – Supreme Court dismisses Special Leave Petition ABCAUS Case Law Citation:ABCAUS 3854 (2024) (02) SC Important Case Laws relied upon by parties:Kishan Chand Chellaram Vs. CIT, (1980) 125 ITR 713 SCSumati Daya Vs. …