Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
In its recent order, the Delhi High Court has invalidated a non-speaking order that rejected the grant of a lower deduction of tax certificate (LDC) allowing for a deduction of 0.01% TDS. The bench, led by Chief Justice Satish Chandra Sharma and Justice Tushar Rao Gedela, noted that the reasons given by the Respondent/department in […]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled in favour of granting the capital gain exemption, stating that the transfer of property is considered complete only after the owners’ rights have been extinguished. In the relevant financial year 2005-06, which pertains to the assessment year 2006-07, the assessee Rajamanikam Meerabai sold a […]
The reassessment proceedings executed against the non-existent/amalgamated entity under Section 148 A of the Income Tax Act have been cancelled by the Madhya Pradesh High Court stating that despite being available the other remedy has no bearing on the same cases when the entity has stopped to exist under the amalgamation. There is no independent […]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has made a ruling stating that payments made in a compensatory nature should not be considered as interest for the purpose of tax deduction at source (TDS) under Section 194A of the Income Tax Act, 1961. The Assessing Officer (AO) had noticed in the tax […]
In a recent judgement, the Delhi High Court set aside the reassessment order under the Income Tax Act 1961. On the typographical error, the reassessment was triggered inadvertently in the account number of the applicant taxpayer. M/S Tirupati Trading Corporation, the applicant contended the order issued under Section 148A(d) of the Income Tax Act, 1961, […]
The Delhi High Court has allowed the taxpayer an opportunity to present suitable evidence—whether in the form of documents or otherwise—to the Assessing Officer. This evidence aims to substantiate the claims made regarding educational qualifications, professional experience, job roles, and specifically the responsibilities carried out by the individuals in question. This is crucial to support […]
An income tax notice is been quashed by the Delhi High Court because the Assessing Officer failed to establish any insufficiency in the explanation provided. A writ petition was filed challenging a notice issued under Section 148 of the Income Tax Act, 1961. Additionally, Koa Investment Limited, the petitioner/assessee, contested the Assessing Officer’s decision that […]
The Surat bench of the Income Tax Appellate Tribunal (ITAT) ruled that the revision order, raised by the Principal Commissioner of Income Tax (PCIT) on matters beyond the limited scrutiny, couldn’t be justified. Consequently, the tribunal invalidated the revision order. Preetiben Chhatrasingh Chauhan, the taxpayer, generated income from various sources, including house property, business, agriculture, […]
Without owning flats for at least three years the long-term capital gain could not be claimed, the Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. PCIT is been justified in invoking the provisions of Section 263 of the IT (Income Tax) Act. as the taxpayer without holding the 7 flats for three years from […]
