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A detailed guide for tax professionals and departmental officers is been proposed by the recently updated Handbook on Judicial Matters, prepared by the Office of the Principal Commissioner of Income Tax (Judicial). The book specifies the process to file the appeals in distinct judicial fora, including the Income Tax Appellate Tribunal (ITAT), High Court, and […]
It was mentioned by the Gujarat High Court that there cannot be any income escapement from the taxpayer if there is no unexplained amount in the bank statement on record. The Bench of Justice Bhargav D. Karia and Mauna M. Bhatt noted that “the reason given by the Assessing Officer for alleged escapement of Rs.3,25,00,000/- […]
The reassessment of the assessee has been quashed by the Delhi Bench of Income Tax Appellate Tribunal ( ITAT ), which held that an assessment u/s 147 of the I-T Act,1961 cannot be reopened based on mere modification of opinion. Bhartiya Samruddhi Investments and Consulting Services Limited, the appellant-assessee, asserted ₹91,47,928 as ‘sundry advances/assets written […]
The Cuttack Bench of Income Tax Appellate Tribunal(ITAT) carried the decision of the Commissioner of Income Tax(Appeals) to remove the Rs.3,08,11,278 penalty imposed u/s 271(1)(c) for the Assessment Year 2014-15 since the underlying quantum addition no more existed. An appeal has been filed by the revenue against the CIT(A), order on 25.6.2024, which removes the […]
The centre in relief to the employers simplified the limitations to the companies for depositing the Tax Deducted at Source (TDS) on salaries of the employee. Starting from October 1, 2024, the employers will have additional time to deduct Tax Deducted at Source (TDS) from their employees’ salaries. An additional time is been provided to […]
CBDT Circular No. 09/2024-Income Tax Dated: 17/09/2024: Enhancement of Monetary limits for filing of appeals by the Department before ITAT, High Courts, and SLPs/appeals before Supreme Court. Introduction of CBDT Circular No. 9/2024 A series of circulars have been issued by the Central Board of Direct Taxes (CBDT) on distinct occasions that are binding on […]
The Delhi High Court in a judgment ruled that the income tax department could not refuse the refund claim of the assessee as the Tax Deducted at Source TDS is not shown in Form 26AS. The order of the department has been quashed by the court rejecting the application of the assessee to file an […]
The Madras High Court quashed the income tax addition as a wrongful deduction u/s 194-IB rather than Section 194C of the Income Tax Act, 1961. Three additions have been offered by the respondents to the income shown, however, the additions were dismissed without enough reasoning. The assessment proceedings started following the applicant’s ITR filing for […]
Discovering that the loans were nothing, however, the accommodation entries along with the repayment are indeed nothing only the return of accommodation entries, the Mumbai ITAT ruled that the money has been drawn in getting the unsecured loan is nothing but the unaccounted money of the taxpayer and is to be added under section 68. […]
