Powerd By SAG INFOTECH
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Section 273B of the IT act gives that there will be no penalty imposed on the individual or the taxpayers if it is towards section 271D of the IT Act if he proves that there is a genuine reason for the failure. To the council, the taxpayer said that the two of the neighbors of […]
Under Section 153C the Madras High Court rules that the examination is on the grounds of related documents or evidence found through the search. The taxpayer is the owner of S.R.Trust which is the enrolled trust who does charity. Under section 132 a search was done in November 2014 with respect to the managing trustee […]
It was mentioned by the Delhi HC that the wrong citing of the name of the taxpayer in the notice issued to it for the default in deduction of tax at source is just a clerical error. Therefore a division bench of Justices Yashwant Varma and Ravinder Dudeja carried that Show Cause Notice (SCN) along […]
The Chennai Bench of Income Tax Appellate Tribunal(ITAT) supported the ruling of the Commissioner of Income Tax (Appeals) concerning accounting manipulation and tax evasion due to insufficient evidence. An appeal for Assessment Year (AY) 2015-16 has been furnished by the revenue appellant against the CIT(A) order on March 5, 2024, related to the assessment incurred […]
The Delhi High Court, the deduction u/s 80-IA(7) of the Income Tax Act cannot be denied for the mere failure of the taxpayer to digitally file an audit report. It was noted by the bench of Justice Yashwant Varma and Justice Ravinder Dudeja that the audit report was duly provided to the AO and was […]
It was ruled by The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) that no reopening can take place after the expiry of four years from the end of the relevant assessment year unless any income levied to tax has escaped assessment for the reasons of the failure on the taxpayers part to reveal truly […]
The penalty u/s 271(1) (c) of the Income Tax Act, 1961 is deleted by the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) concluding there was no providing of incorrect particulars of income or a deliberate attempt to conceal the income. The present appeal has emerged on the fact that the assessee- […]
While accepting that the income discovered to be belonging to the taxpayer’s wife in scrutiny assessment was duly offered to tax, the Rajkot ITAT condemned the I-T Department from taking the opposite opinion and taxing it in the hands of the assessee according to the foundation that his wife was not functioning any business. The […]
On discovering that the need of application of mind is not in the instant case, the Delhi ITAT ruled that the reassessment incurred in section 143(3) read with section 147 of the Income Tax Act, 1961, is poor in law and therefore, the re-assessment order is suppressed. ITAT said that no independent application of mind […]
