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Directing to the decision of CIT vs. ABG Heavy Industries Ltd. (2010) 322 ITR 323, the Pune ITAT repeated that an enterprise can claim deduction under section 80IA if it develops, operates, and maintains the infrastructure facility, subject to the beginning of operation & maintenance of the infrastructure facility after April 01, 1995. The Bench […]
The Karnataka High Court in a ruling quashes the blocking of Input tax credit (ITC) via the tax authorities by not furnishing a proper hearing or establishing effective reasons. The applicants’ Input Tax Credit (ITC) was blocked through the impugned order at Annexure – A on 09.07.2024, via invoking Rule 86A of the Central Goods […]
There shall be a systematic verification of high-risk refund claims in income tax returns for the AY 2024-25 (financial year ending March 31, 2024), following a standard operating procedure (SOP). the purpose is to find out if the wrong refund claim has been incurred in an organized way or via a single person. As per […]
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 reassessment of the assessee has been quashed by the Delhi Bench of Income Tax Appellate Tribunal ( ITAT ), which held that an assessment u/s 147 of the I-T Act,1961 cannot be reopened based on mere modification of opinion. Bhartiya Samruddhi Investments and Consulting Services Limited, the appellant-assessee, asserted ₹91,47,928 as ‘sundry advances/assets written […]
The Madhya Pradesh High Court has stated that the non-operation of the Income Tax Department’s TRACES Portal cannot justify refusing an assessee the benefits provided under the Income Tax Act of 1961. A division bench of Justices Vivek Rusia and Anuradha Shukla carried that an assessee’ TDS refund cannot be rejected only on the ground […]
The Income Tax Appellate Tribunal (ITAT) of Delhi in a decision, quashed a reassessment notice issued u/s 148 of the Income Tax Act, 1961 (ITA) to the assessee/ appellant, Natraj Products Pvt. Ltd. for the AY 2010-11, mentioning mechanical approval granted by the Principal Commissioner of Income Tax (PCIT). The reassessment was on the grounds […]
The Chhattisgarh High Court carried an ex-parte assessment u/s 144 of the Income Tax Act, 1961, against a taxpayer who failed to take part in assessment proceedings or describe the cash deposit source of ₹11,44,070 in his bank account. The bench Justices Sanjay K Agrawal and Amitendra Kishore Prasad remarked that under sections 68 and […]
The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) asked the Assessing Officer ( AO ) to allow the Foreign Tax Credit ( FTC ) as Form 67 was filed on the extended due date along with the Income Tax Return (ITR). Towards the matter, the taxpayer Anita Sandhu, had furnished the […]
