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The Telangana High Court noted that notice issued u/s 148 of the Income Tax Act, 1961 without following the modified procedure under Finance Act 2021 is not valid and set aside the reassessment notice. The applicant cited that the reassessment process in the furtherance of the Finance Act, 2021, stood altered but the respondents have […]
The Kerala High Court has dismissed the writ petition contesting the assessment order and notice of demand based on the fact that they were issued in violation of the principles of natural justice. The bench of Justice Murali Purushothaman has noticed that when the applicant/taxpayer is at fault, as they did not update or revise […]
By March 2025 the income tax department is designated to finalize the reassessment of 170,000 notices, concentrating on the undisclosed income from the past assessment years. Between March 2021 and March 2024, such notices were being issued targeting the differences in declarations of income. Reassessments Scene The reopening of nearly 600,000 matters has been initiated […]
The income tax deduction is allowable on expenditures incurred on warranty claims, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Kul Bharat (Judicial Member) and M. Balaganesh (Accountant Member) has laid on the Supreme Court’s decision in the matter of Rotork Controls India (P) Ltd., where it was carried that […]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) asked the AO to permit Tax Deducted at Source ( TDS ) credit to transferees, despite when the certificates are in the name of the amalgamated or demerged company. Concerning non-granting of TDS to the tune of Rs. 8,13, 81,645, the taxpayer has […]
The Kerala High Court in a case ruled that the advantages of Income tax, 1961 deduction u/s 80(P) were refused because of not furnishing the ITR on the said time. The applicant Muvattupuzha Agricultural Co-Operative Bank Ltd., has furnished the writ petition contesting the assessment order under section 148A(d) of the Income Tax Act and […]
The Income Tax Appellate Tribunal ( ITAT ) of the New Delhi bench for a case ruled that the assessment or reassessment in an investigation concerned with the matter could not be passed without proper approval of the competent authority and quashed it. It was noted that the approval allotted u/s 15D of the Income […]
In the matter of Pilani Industrial Corporation Limited Vs ACIT, heard by the Income Tax Appellate Tribunal (ITAT) Delhi, the issue is of cash deposits at the time of the demonetization period. The petitioner, Pilani Industrial Corporation Limited, argued against the assessment order of the Assessing Officer (AO) for the treatment of cash deposits amounting […]
The Income Tax Assessment Order, remarking that no order can be passed in the name of a non-existent entity has been quashed by the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ). The issue at hand was whether the assessment made in the name of a company that did not exist at […]
