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What is CBDT Rule 132? Central Board of Direct Taxes (CBDT) has made Rule 132, which comes into force from October 1, 2022. It deals with the application for re-computation of income under Section 155(18). CBDT has also shown Form 69 that can be used to apply for re-computation of income. Tax experts mentioned that […]
Against the dead person, the Bombay High Court ruled that a reassessment notice is not valid until the legal representatives submit to the jurisdiction of the Assessing Officer without lifting any protest. The division bench of Justice Dhiraj Singh Thakur and Justice Valmiki Sa Menezes, the legal representatives do not give their right for the […]
The taxpayer has filed the appeal towards the Income Tax Appellate Tribunal ( ITAT ), Visakhapatnam Bench, which ruled that the satisfaction is to be recorded by the Assessing Officer (AO), prior to the issue of a notice under section 153C of the Income Tax Act, 1961. The aforesaid observation was made by the tribunal […]
A Division Bench of the Delhi High Court ruled a notice which has been filed under Section 148 of the Income Tax Act, 1961 would be provided to an unrelated email address that does not include the proper service of notice. The impugned notice would have been made and provided to dispatch via electronic mail […]
The Central Board Of Direct Taxes (CBDT), ITA –II division, Dept. of Revenue, Ministry Of Finance, New Delhi, furnished a provision to clarify that when the return has been filed in answer to the notice u/s 142(1) of the Act, in which the same notice was provided because of the data specified in NMS Cycle/ […]
There are more than 7.9 million MSMEs in India dated 27th March 2022, as per the Ministry of Micro, Small, and Medium Enterprises. Nearly 30% of the country’s manufacturing production comes from MSMEs. In the 2022 Statista report, there are nearly 110 million Indians who worked in MSMEs in the financial year 2016. As compared […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the amended return furnished is not amounting to the non-filing of the return and the refusal of a lower tax rate under section 115BAA of the Income Tax Act,1961 is not correct. The taxpayer, M/s.Ujjivan Small Finance Bank Limited is a small finance […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench headed via Mr Challa Nagendra Prasad, Judicial Member has discarded the imposition of penalty under section 271(1)(c) without citing a specific charge in the notice issued under section 274. The petitioner, Mr Atul Kumar Bansal has furnished a petition with respect to the confirmation of the imposition […]
The Pune bench of the Income Tax Appellate Tribunal (ITAT), the interest on income tax cannot be permissible as a deduction under section 40(a)(ii) of the Income Tax Act, 1961. The taxpayer, Rajendra Sukhdev Mirgane, is a Builder and Contractor who filed the income return showing a total income of Rs 2.18 cr. At that […]
