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A new feature has been launched by the Income Tax Department on its e-filing portal to allow rectification requests to the AO for incorrectly filed ITRs. This option enables taxpayers to submit rectification applications for assessment orders issued by the AO under Section 154 of the Income Tax Act, 1961, directly to their Assessing Officer […]
The Surat Bench of Income Tax Appellate Tribunal (ITAT) carried out that the cash deposits made in the demonetization of business income could not be regarded as unexplained cash deposits. Even after that, the tribunal maintained that 20% of the additions were not true as the taxpayer could not verify the source. The taxpayer Yogesh […]
The Delhi High Court in a ruling struck down reassessment proceedings u/s 148 of the Income Tax Act, 1961, citing procedural lapses and the absence of valid grounds. Subash Chander Dabas the applicant proceeded to the High Court against a reassessment order passed via the Assistant Commissioner of Income Tax for the 2012-13 assessment years(AY) […]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench set aside reassessment proceedings, citing inconsistencies between the grounds for reopening and the subsequent additions. Bhawani Castings P. Ltd., the appellant, submitted its income tax return for the Assessment Year (AY) 2018-19 on 28.09.2018, stating a loss of ₹12,52,594. The AO issued a notice following Section 148A(b) […]
As per Kerala High Court, it mentioned that the notice against a dead person is not true and the participation of the statutory heirs of the deceased in the proceedings doesn’t make it legal. The Division Bench of Justices A.K. Jayasankaran Nambiar and K.V. Jayakumar noted that “the consent of the parties cannot confer jurisdiction […]
The Bombay High Court in development has asked the Central Board of Direct Taxes ( CBDT to extend the due date to file the Income tax returns to January 15, 2025, following a Public Interest Litigation ( PIL ) filed via The Chamber of Tax Consultants. A division bench Chief Justice Devendra Kumar Upadhyaya and […]
As per the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT), it said that Section 271B penalty of the Income Tax Act, 1961 is applicable merely when the accounts are not audited as mandated u/s 44AB not just for the late submission of the audit report. The taxpayer Vardhabhai Jethabhai Patel, is an individual […]
The assessment for Assessment Year(AY) 2009-10 has been set aside by the Delhi Bench of Income Tax Appellate Tribunal (ITAT) as of the jurisdictional error u/s 153C of the Income Tax Act,1961. The petitioner/taxpayer Kamal Sharma, has contested the plea against the order on 27.02.2023 passed by the Commissioner of Income Tax(Appeals)[CIT(A)] for the AY […]
As per the Delhi High Court, a Final Assessment order passed via the Income Tax Authorities u/s 143 of the Income Tax Act, 1961 is not sustainable, if it is passed in ignorance of pending objections before the Dispute Resolution Panel. A division bench of Acting Chief Justice Vibhu Bakhru and Justice Tushar Rao Gedela […]
