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The re-assessment without the issuance of notice under Section 143(2) of the Income Tax Act 1961 was void, Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. Gonuguntla Nirmala Devi, an individual taxpayer, submitted her tax return for the 2012-13 assessment year on March 30, 2014, disclosing her income. The tax authorities initially processed her […]
At the time of furnishing the essential clarifications for the assessments that are conducted under the Income Tax Act 1961, the Patna High Court said that these assessments should not be arbitrary and must laid on the material proof found at the time of investigation. The division bench of Chief Justice K Vinod Chandran and […]
The Income Tax Appellate Tribunal (ITAT), the Mumbai bench has argued the Income Tax Scrutiny Assessment under section 143(3) on account of this issuance of a manual assessment directive lacking a Documentation Identification Number (DIN). The assessee, Teleperformance Global Services Pvt. Ltd. was in the business of offering IT-enabled services. The return of income was […]
An Introduction of Section 44B The taxpayer is an NRI and has the business of furnishing the services provides by the plant and machinery on hire for the mineral oils extraction. A Short Summary of Section 44BB (1) Irrespective of the opposite held in sections 28 to 41 and sections 43 and 43A, for the […]
The Income Tax Appellate Tribunal (ITAT), Varanasi bench, Vijay Pal Rao, Judicial Member, and Ramit Kochar, Accountant Member rule that charitable entities under Section 2(15) of Income Tax Act are eligible for exemption under Section of the Income Tax. The taxpayer, M/s. Varanasi Development Authority, furnish an income return on 30.09.2011, declaring a total income […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT), ruled that a domestic transaction through an affiliated party does not a described domestic transaction under section 92BA. The petitioner, Giraffe Developers Pvt Ltd has a construction business. While in the investigation assessment, the assessing officer assessed the total income of Rs NIL post to set […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that Section 147 is not an option to Section 263 and suppresses assessment order u/s 147 with no jurisdiction. The petitioner, M/s. Plaza Cable Industries Ltd. furnished its ITR showing a loss of Rs.7,06,97,714 and the assessment was chosen for the investigation. Beneath section 143(3) […]
The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench passed a ruling that the deduction as per section 80IA(4) that is granted in the first year could not be denied in the subsequent years until and unless there is a change in the original/initial terms and conditions. The assessee company, K. Raheja IT Park, which is […]
Towards the taxpayer’s case the assessing officer who posses valid jurisdiction will record reasons u/s 148(2) for reassessment proceedings unless the issue of notice u/s 148 is not valid. Beneath section 148 of the act reopening notice invalid if the officer who has given the notice varied from the officer who had recorded the causes […]
