Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The Jaipur Bench of Income Tax Appellate Tribunal (ITAT) permitted an appeal filed by a retired State Bank of India employee, carrying that the revised Rs 25 lakh exemption limit for leave encashment u/s 10(10AA) of the Income Tax Act,1961, applied retrospectively as notified by the Central Board of Direct Taxes (CBDT). The taxpayer, Chandra […]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) validated the deletion of an addition of ₹2,16,27,822 made u/s 69A of the Income Tax Act, 1961, due to a mismatch between the commission and other income reported in the books and the figures specified in Form 26AS. The taxpayer, Samarth Lifestyle Retailing Pvt. Ltd., […]
The Madras High Court ruled that under the new income tax regime, approval from a higher authority, like the Principal Chief Commissioner of Income Tax or the Principal Director General, is obligatory to issue a notice u/s 148 of the Income Tax Act after the lapse of a three-year limitation period. Justice C. Saravanan mentioned […]
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the refusal of exemption u/s 11 and 12 of the Income Tax Act on the basis of late filing Form 10B was unexplained, as the report was available with the CPC before passing the order. Seva Bharathi, the taxpayer, a trust registered u/s […]
The Mumbai ITAT restored the case to the AO, holding that denying the Section 10(25)(ii) exemption solely because the assessee used the wrong ITR form was only a procedural lapse. The taxpayer, Tata International Limited Provident Fund, whose income was waived u/s Section 10(25)(ii) of the Act, had filed its income return in Form ITR-7 […]
The Hyderabad Bench of the Income Tax Appellate Tribunal recently cancelled certain tax reassessment actions that had been started for several past years, specifically from 2014 to 2019. These actions were based on specific sections of the Income Tax Act, which deals with how taxes are assessed and reassessed by the government. In simple terms, […]
The bench of the Income Tax Appellate Tribunal, Chennai, held that any reassessment notice issued by a Jurisdictional Assessing Officer (AO) after the introduction of the faceless regime is not valid in law. The Tribunal, emphasising the binding nature of the CBDT’s e-Assessment of Income Scheme, 2022, held that the issuance of notices u/s 148 […]
The deduction under Section 80P cannot be denied for belated ITR filing, the Nagpur bench of Income Tax Appellate Tribunal (ITAT) ruled and directed the AO to examine the claim and determine the tax liability. The taxpayer Somalwar Academy Education Societies Employees Co-op. Credit Society Mar submitted its income return for the assessment year under […]
The eligibility criteria for appointment of senior practitioners at the Income Tax Appellate Tribunal (ITAT) must be timely, where their experience could be applicable effectively and not at the very end of their careers, CJI BR Gavai stated. The CJI emphasised that the appointment process at the ITAT needs to be clear. CJI cited- “Eligibility […]
