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In this portal, the articles and trending news for taxpayer about the income tax are being written and all these articles and news covered the information about the income tax updates, registration, filing process, form details, along with other financial coverings.
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If the income tax officer who hears the case does not render the decision, it would directed to a breach of the principles of natural justice, Kerala High Court ruled. The bench of Justice Murali Purushothaman has marked that the doctrine ‘he who heard should decide or he who decides should hear’ applies to legal […]
The Central Board of Direct Taxes (CBDT) in a move to ease the process of issuing the notices u/s 148 of the Income Tax Act, 1961, has issued updated guidelines via F.No.299/10/2022-Dir(Inv.III)/1522 on June 26, 2024. Such guidelines are set to draw clarity and consistency in managing the matter concerned with the income that has […]
It was ruled by The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) that no reopening can take place after the expiry of four years from the end of the relevant assessment year unless any income levied to tax has escaped assessment for the reasons of the failure on the taxpayers part to reveal truly […]
The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) sets aside income tax reassessment completed without furnishing a copy of the reasons. The Tribunal found that the Commissioner of Income Tax (Appeals)[ CIT(A) ] had not regarded the adjournment request of the taxpayer as neither additional submission nor legal grounds / additional grounds assailed […]
The Income Tax Appellate Tribunal (ITAT) of Bangalore in its judgment addressed the problem of whether the payments made via Herbalife International India Pvt. Ltd. to its associated enterprise (AE) abroad are authorized as “Fees for Technical Services” (FTS) under Indian tax laws and the India-USA Double Taxation Avoidance Agreement (DTAA). The case, Herbalife International […]
In the matter of Laxmilal Badolla vs. NFAC (ITAT Bangalore), the issue is concerned with the levying of penalty u/s 271D of the Income Tax Act, 1961, concerning cash receipts in the course of the AY 2016-17. A Detailed summary of the judgment delivered by the ITAT Bangalore has been stated below- Backdrop: Laxmilal Badolla, […]
In the case of National Contracting Company (India) Private Limited vs. Deputy Commissioner of Income Tax (DCIT), the Chennai Income Tax Appellate Tribunal (ITAT) delivered a ruling. On June 24, 2024, the decision, pronounced, addresses the problem of whether a wrong classification in an Income Tax Return (ITR) can result in the refusal of a […]
The matter of Laxmi Meena Vs Union of India & Ors. before the Rajasthan High Court is concerned with the legality of proceedings initiated u/s 148A(d) of the Income Tax Act, 1961, established on facts proposing differences in reported income from a property transaction. Below is a detailed case summary: A Summary of the Arguments […]
Tax Penalty u/s. 271D and 271E of the Income Tax Act, 1961 cannot be charged if the assessment proceedings are quashed. Under section 147 of the Act, the matter of the taxpayer was reopened on the grounds of the data obtained from the office of, ACIT, Central Circle-2(4), Ahmedabad. An investigation was performed at the […]