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The Income Tax Department has commenced taking actions against unidentified /nameless property and black money.
CBDT (Central Board of Direct Taxes) Chairman Sushil Chandra said that the IT department has proposed an extra investigation to stop the outlay of money towards the fraud repay claims which are based on the corrupt investments as shown in the tax return forms.
The Delhi ITAT has removed the AO addition in the absence of any related proof, which was only based on the assumption and not on any material recovered in the investigation. ITAT mentioned that the taxpayer/employee undertaking overtime after the finish of working hours may be counted as a breach of banking rules, however, it […]
The income tax assessment order has been quashed by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) as of the absence of higher authority approval u/s 151 of the Income Tax Act, 1961 for the reopening beyond three years. The taxpayer Sunil Harischandra Keni, filed a return claiming an income of Rs. 16,42,210 for […]
It was ruled by ITAT Jaipur that provisions of 68 or such are not been applied on the transaction sale recorded in the books of accounts as the sale transactions are part of the income which is credited in the statement of profit & loss account. Case Facts AO in the assessment proceedings noted that […]
The Jammu and Kashmir and Ladakh High Court in a case has cited that the notice to a taxpayer offering the levying of the penalty u/s 271(1)(c) of the Income Tax Act, 1961 should cite the reason for levying the penalty. It was carried that it is required to be quoted whether the taxpayer is […]
It was carried that the Income Tax Appellate Tribunal (ITAT) carried the provisions of section 80P of the Income Tax Act, confirming its role in boosting the growth of cooperative societies. The ruling was created in the appeal related to the AY 2015-16 in which the Principal Commissioner of Income Tax (PCIT) had modified an […]
A relief has been granted by the Delhi High Court before Satwant Singh Sanghera, a pilot formerly employed with the now-collapsed Kingfisher Airlines, against a tax demand of over Rs 11 lakh. It was claimed by Singh that he had duly furnished his ITR for the said assessment years and the company had deducted TDS […]
The number of income taxpayers in India surpasses 10 crore, showing an influential expansion in the tax base as per the updated time series data from the Central Board of Direct Taxes (CBDT). It exhibits a 98% rise over the past 10 years with the number of taxpayers rising from 5.26 crore at the finish […]
