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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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The Punjab and Haryana High Court, once the investigation was conducted and an assessment order was passed through the invoking Section 153A of the Income Tax Act for the AY 2006-07 to 2012-13, a fresh order without conducting an investigation operation would not be sustainable in law. The bench of Justice Sanjeev Prakash Sharma and […]
Receipts via a foreign entity from the provision of software services to oil companies in India being like business profits are not chargeable in India in the absence of its Permanent Establishment (PE) during the relevant AYs, Delhi ITAT ruled. Section 44BB of the Income Tax Act includes a unique provision for the calculation of […]
In the case of the income tax refund fraud of Rs 263 crores, the Enforcement Directorate arrested an Indian businessman. On May 16, 2024, the ED, Mumbai Zonal Office arrested Rajesh Brijlal Batreja under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. An investigation based on FIR registered by CBI under various […]
A judgment has been furnished by the Income Tax Appellate Tribunal (ITAT) Delhi on 17th May 2024, in the matter of Saroj Sangwan Vs Income Tax Officer (ITO), addressing critical issues surrounding Section 148 of the Income Tax Act. The same case, related to the AY 2011-12, examines the procedural virtue and jurisdictional control of […]
The CBDT’s order has been quashed by the Bombay High Court rejecting the application filed by CG Power and Industrial Solutions Ltd asking for the condonation of delay in filing income returns based on the recast of accounts under NCLT’s order. Any assessment order passed u/s 143(3) or 144C as well as the resulting notices […]
The Madras High Court in a ruling held that a new SCN u/s 148 of the Income Tax Act, 1961 will be issued for the problems not raised before. The department was asked to provide a fresh order u/s 148A(d) after regarding the reply of the taxpayer. A Single bench of Justice Senthilkumar Ramamoorthy held […]
Final Assessment order Passed U/S 144C not appealable when the Assessee has not filed an objection against the draft assessment order: ITAT Hyderabad ITA No.184/Hyd/2024 All Case Summary: The taxpayer Skybridge Solutions Private Limited is a software development and services company. The taxpayer has furnished the ITR (Income Tax Return) for the financial year 2020-21 […]
A 48-year-old IRS officer with the Income Tax Department fell victim to an online reward points fraud, resulting in a loss of Rs 48,902. The victim, Nishi Padma, reported the incident to the Central Division Cyber Crime Police, leading to the registration of a case under various sections of the Information Technology Act, 2000. Must […]
The application of registration filed under Section 12A of the Income Tax Act, 1961 has been cancelled by the two-member bench of the Income Tax Appellate Tribunal ( ITAT ) after witnessing that the income made via leasing of trust building is a commercial business activity. The taxpayer, Golden Charitable Trust entered into a lease […]