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For the assessment year 2020-21, there will be a late refund given by the income tax department. You do not have to worry if you already had filed the return for FY 2020-21 but didn’t get the refund yet. As similar to you the most of the assessee who had furnished the taxes in the […]
The Supreme Court on 4 February 2019 has recently issued the notice under which now the taxpayers would be asked to file the income tax returns with linking PAN with Aadhaar mandatorily.
In the recent announcement of union budget 2019, there were multiple benefits showered on the middle class as well as on the farmers alike.
The Delhi High Court has ruled that the Principal Commissioner of Income Tax (PCIT) erroneously invoked jurisdiction under Section 263 of the Income Tax Act and made a mistake by reversing course in the fourth assessment year. This led to the denial of the benefits provided by Section 80IA of the Income Tax Act. Justices […]
Tax regulations often prove intricate, occasionally necessitating court involvement to align Assessing Officers’ conduct. Recently, the Delhi High Court clarified that the extended 10-year review period for Income Tax assessments is applicable only when the estimated undisclosed income surpasses Rs 50 lakh. Justices Rajiv Shakdher and Girish Kathpalia stressed that, in “ordinary cases,” no notice […]
The Bombay High Court has invalidated the reassessment notice issued three years later without proper approval. The two-member Bench comprising of K.R. Shriram and N.K. Gokhale noted that seeking approval from the specified authority under Section 151(ii) of the Income Tax Act is a crucial requirement. Not adhering to this requirement may cause the reopening […]
The Central Board of Indirect Taxes and Customs (CBIC) has declared that the Customs Department is going to commence a PAN-India faceless assessment by 31 Dec. The department has already tested the plan in five cities of the country. The initiative is supposed to curb corruption and bring transparency to the tax collection process. Last […]
The New Delhi ITAT after determining that the taxpayer does not file either of the conditions specified in section 54 of the income tax, ruled that no infirmity in the IT authority’s order in refusing the advantage of the deduction of the long-term capital gains to the taxpayer under section 54. The Division Bench of […]
On discovering that the need of application of mind is not in the instant case, the Delhi ITAT ruled that the reassessment incurred in section 143(3) read with section 147 of the Income Tax Act, 1961, is poor in law and therefore, the re-assessment order is suppressed. ITAT said that no independent application of mind […]
