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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 […]
The Government of Delhi issued notification No. 34/2023-State Tax, F. 3 (14)/Fin. (Exp-I)/2023-24/DS-I/916 on 25.10.2023, providing Goods and Services Tax (GST) registration exemption for vendors who operate through e-commerce platforms for intrastate supplies. The Lieutenant Governor of the National Capital Territory of Delhi, under Section 23(2) of the Delhi Goods and Services Tax Act, 2017 […]
The Delhi High Court recently delivered a significant judgment, declaring that an addition made under section 153C of the Income Tax Act is invalid if there is no incriminating material to support it. The appellant, the revenue authority, challenged the common order passed by the Income Tax Appellate Tribunal on 07.12.2017. The Tribunal had rejected […]
The Kerala High Court has made it clear that there should be no imposition of penalties or interest for filing income tax returns on time. The current writ petition, filed under Article 226 of the Constitution of India, challenges the order for the Assessment Year 2018-19 issued by the Tribunal. This order assessed a late […]
The Central Board of Direct Taxes (CBDT) has recently issued a notification regarding the condonation of delay under Section 119(2)(b) of the Income Tax Act, 1961, specifically related to the filing of Form No. 10-IC for the Assessment Year 2021-22. Form 10-IC comes into play when a Domestic Company chooses to avail the benefit of […]
The Central Board of Direct Taxes (CBDT) has extended the deadline for submitting the recently introduced Form 56F, which pertains to the accountant’s report for the assessment year 2023-24, until December 31, 2023. In order to prevent genuine hardship, the Board has taken into account the challenges faced by taxpayers and other stakeholders in meeting […]
