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At the time of furnishing the essential clarifications for the assessments that are conducted under the Income Tax Act 1961, the Patna High Court said that these assessments should not be arbitrary and must laid on the material proof found at the time of investigation. The division bench of Chief Justice K Vinod Chandran and […]
The Calcutta High Court has ruled that proceedings u/s 153C of the Income Tax Act could not be initiated unless incriminating material of the taxpayer is discovered in a search and both the assessing officers (the Assessing Officer of the searched person, along with the Assessing Officer of the person other than the searched person) […]
The interruption has been refused by the Rajasthan High Court with the beginning of the proceedings u/s 153C of the Income Tax Act, 1961 (“the Act”) that were alleged to have started only based on specific WhatsApp Chats, marking that the data in the chats were corroborated by certain transactions and therefore the said chat […]
The Supreme Court’s decision in Union of India v. Rajeev Bansal has been interpreted by the Delhi High Court to explain the time duration surviving u/s 149 of the Income Tax Act, 1961 for issuing reassessment notices. The period between 20 March 2020 to 30 June 2021 would not be included in the limitation, because […]
It was carried by the Delhi High Court that the provision u/s 153C of the Income Tax Act, 1961 for the Assessing officer of a searched person to record ‘satisfaction’ and handover documents for undisclosed income of another person cannot be replaced by just uploading such information on the insight portal of the department. It […]
The Delhi High Court has replied in the affirmative to the question that if section 153C of the Income Tax Act, 1961 limits an assessing officer from investigating apart from the considered documents for deriving satisfaction notes for starting assessment/ re-assessment of the ‘other person’. Section 153C carries a special provision for the assessment of […]
Overview For the matter of Bawa Float Glass Ltd Vs DCIT, the Income Tax Appellate Tribunal (ITAT) Delhi addressed the legal approval granted issue under section 153D of the Income Tax Act lacking a Document Identification Number (DIN). The taxpayer challenged the absence of DIN directing to the important decision via the tribunal. In-depth Examination […]
The Income Tax Appellate Tribunal (ITAT) Chennai in a ruling has dismissed the appeal by the Revenue (Assistant Commissioner of Income Tax) and the Cross Objections by the assessee, Prakash Ferrous Industries Private Limited, against the order of the Commissioner of Income Tax (Appeals) 18, Chennai on 23.03.2023 for the assessment year 2020-21. The Foundation […]
The Central Board of Direct Taxes (CBDT) revised the Income Tax laws on return of income compatible to revise beneath section 148 Get o know the legal mechanism of how to respond to the assessment and the reassessment notice as per section 148 of the Income Tax Act 1961 of the Income Tax Act. CBDT […]
