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The assessment order is been quashed by the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) since no addition was incurred based on the reason to believe recorded by the Assessing Officer ( AO ) for reopening the assessment u/s 148 of the Income Tax Act, 1961. CIT(A) based on the points […]
A reassessment order against a housewife when the alleged investment was made by her husband has been quashed by the Bombay High Court. The bench of Justice K. R. Shriram and Justice Neela Gokhale has noted that “We also have to notice that, surprisingly, the Principal Chief Commissioner of Income Tax has also accorded sanction […]
The Income Tax Department in a relief for taxpayers awaiting their income tax refunds, has disclosed a deadline of April 30 for the approval of pending refunds. The same measure arrived amidst a flurry of activity within the department, with exceeding than 46,000 Income tax returns furnished within the first 5 days of the AY […]
The judgment in Golden Mandir Retail Pvt. Ltd. Vs Asst. Commissioner (ST) (FAC) by the Madras High Court related to an assessment order on 29.12.2023, focusing on Discrepancy Nos.1, 2, 10, and 11. The applicant is engaged in textiles and Hyundai Motor Vehicles business and challenged the levying of taxes, penalties, and interest established on […]
The Kerala High Court ruled that the land in question was utilized for agricultural purposes, which yielded agricultural income, which in turn was exempt from income tax u/s 10(1) of the IT (Income Tax) Act. No material produced by the petitioner is there that suggests that the loan amount claimed during the assessment year in […]
Under the Income Tax Act, 1961 the Kerala High Court asked to stay proceedings till the passing of the final order of appeal. Under the Income Tax Act, the applicant already filed an appeal against the revision order. The petitioner’s assessment, Pallathukadavil Ibrahimkutty Abdul Kabeer was completed for the year 2018-19 by order on 15.03.2021. […]
Madras High Court in a significant ruling, observed that the order passed referring to Section 144(C)(1) of the Income Tax Act, 1961 is to be construed only as a draft assessment order. The petitioner’s case is that the petitioner filed an income return dated 09.03.2022 and subsequently filed revised returns dated 31.03.2022. Since variation in […]
The tax benefits cannot be refused to the taxpayer because of an error made by the builder in assigning the apartment, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Rahul Chaudhary (Judicial Member) and Om Prakash Kant (Accountant Member) noted that the petitioner cannot be penalized for the mistake executed […]
The assessment order is been quashed by the Madras High Court which said that the applicant claimed a lower amount as ITC compared to the amount shown in the auto-populated GSTR 2A return. The ITC has wrongly claimed the ITC, which specifies the non-application of mind. Concerning the interest liability for the late filing of […]
