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Due to an incorrect PAN number being used when reopening an assessment under Section 147 of the Income Tax Act of 1961, the Calcutta High Court ordered the production of pertinent data. Tribeni Barters Private Limited and Anr have filed a writ petition to challenge the impugned assessment order under Section 147 read with Section […]
A change to section 80 LA of the Income Tax Act, 1961 would have been reported by the Central Board of Direct Taxes (CBDT). The central government through the use of the powers granted by sub-section (1F) of section 197A read with clause (c) of sub-section (2) of section 80LA, of the Income-tax Act, 1961 […]
The addition holding that Section 43CA of the Income Tax Act 1961 would not be applicable to the sale agreement entered prior to 1.4.2014 would have been removed by the Kolkata Bench of Income Tax Appellate Tribunal (ITAT). The taxpayer, Regal Construction has the business of promoting/developing/constructing and sale of residential/commercial buildings. The Assessing Officer […]
The deadline to file an ITR for the assessment year 2023-24 (FY 2022-23) was July 31, 2023. Despite requests for an extension, the government has not extended the deadline for filing ITRs. This is the second time the administration has failed to extend the deadline. Last year’s ITR filing deadline was likewise not extended. The […]
According to a top government official, the income tax department has initiated an investigation into the claim that insurance businesses fraudulently claimed GST input tax credits. According to a senior government official, the department is attempting to prove that if these expenses are not legitimate, they must have avoided the income tax assessment. According to […]
The Income Tax Department, in its next drive, handing over a target of 50 cases per Assessing Officer for a survey or online TDS verification. It has 16 parameters that could be followed to pick up these cases. These criteria include cases of sick units or units with negative operating margins, cases indicating a negative […]
The Income Tax Appellate Tribunal (ITAT), the Chennai bench instructed to adjudicate on the basis of non-verification of further evidence by the Assessing Officer (AO). The assessee filed ITR (Income Tax Return) for the AY 2015-16 on 30/11/2015 showing NIL income and the loss of ₹.7,87,45,865/- in the current year. The AO observed that the […]
The Income Tax Appellate Tribunal (ITAT), the Mumbai Bench ruled that under Section 54 of the Income Tax Act, 1961, the claim of capital gain exemption on construction of a residential house completed within 3 years is approved and removed the penalty levied under Section 271(1)(c) of the Income Tax Act. Hemant Shridhar Phatak, the […]
Various long-term and short-term investment plans are been provided by the post office however one should learn that not all the investment schemes would be free from tax since some schemes where interest provided through the post office would levy tax and no deduction is available under section 80C of the Income-tax Act, 1961. Remember […]
