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An income tax assessment cannot be reopened u/s 148 of the Income Tax Act without new material evidence and quashed the reassessment proceedings initiated for the Assessment Year 2015-16, Delhi HC held. The reassessment has been contended by the applicant on the basis that it was limited to time under the First Proviso to Section […]
It cited under the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) that the deduction under section 80P cannot be claimed in Income Tax Return (ITR) filing beyond the due date stipulated u/s 139(1) of the Income Tax Act. Dared Seva Sahkari Mandali Ltd. (Assessee) deposited cash of Rs. 5,31,61,730 and a time deposit […]
The Supreme Court in a case denied giving the retrospective operation to the amended Section 80DD of the Income Tax Act, 1961 (“IT Act”) which furnished an option to the subscriber the Jeevan Adhar Policy (“Policy”) upon reaching the age of 60 years to halt the deposit made under the policy and utilize of the […]
Discovering that legal norms have been applied effectively via the Tribunal in valuing the proof and there has been no substantial question that emerges for consideration, the Madhya Pradesh High Court authorized the measure of the Tribunal in removing the additions made u/s 68. Under section 68 of the Income tax Act where any sum […]
The Punjab & Haryana High Court has set aside the hefty penalty of Rs.128 Crores levied on the Land Acquisition Officer (LAO) for failing to deduct Tax Deduction At Source (TDS) on the interest on the surged compensation disbursed under the Land Acquisition Act. It was remarked by the court that the officer followed the […]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) in a case stated that routine support services are not to be categorized under “Fee for Technical Services” (FTS) under the India-UK Double Taxation Avoidance Agreement (DTAA), and therefore are not accountable to taxation in India. Nord Anglia Education Ltd, the assessee/appellant is an […]
An order passed under Section 144 of the Income Tax Act, 1961 (ITA), noting that income tax notices were not sent to the actual address of the assessee has been set aside by the Ahmedabad “A” Bench of Income Tax Appellate Tribunal (ITAT). A notice on 08.03.2018 under section 142(1) of ITA was issued to […]
The applications for condonation of delay should have been regarded without being too hyper-technical and in a judicious manner, ruled by the Kerala High Court. It was noted by the bench of Justice Gopinath P. that the delay in audit report filing in Form-10B can be 30 days, as the law merely needs that the […]
In its recent decision, the Calcutta High Court upheld a ruling by the Income Tax Appellate Tribunal (Tribunal) allowing an assessee to seek registration under section 80G(5)(iii) of the Income Tax Act, 1961 after the initiation of the activity. The revenue department filed a petition under Section 260A of the Income Tax Act, 1961, disputing […]
