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A division bench of the Gujarat high court has refused the assessment order mentioned beneath section 144B of the income tax act, 1961 on the basis of the notice was not being furnished as well as the draft assessment. The taxpayer, M/s Symphony Ltd has to vide the letters on 30.05.2021 and 01.07.2021 corresponding fetched […]
A division bench of the Delhi high court reused the income tax notice and the assessment order on the basis of the personal hearing was not granted to the taxpayer. In the confrontation with the high court, the taxpayer as a single person challenged the assessment order on the date 07.06.2021 provided beneath section 143(3) […]
Beneath section 54F of the Income Tax Act the Income Tax Appellate Tribunal (ITAT), Jaipur permits for deduction in respect of residential house property purchases in the name of wife. The taxpayer Dharamvir Singh has the income generated from the house property, capital gain, and interest. He furnishes the return of income showing the total […]
The income tax Appellate Tribunal (ITAT) stated that the AO is taking the rental income via commercial properties as the income beneath the head ‘House Property’ rather than the Income from Business. The taxpayer is the owner of Discovery Estates Pvt. Ltd. which owned the construction businesses of the commercial complex and also earning the […]
In response to several representations received by The Central Board of Direct Taxes (CBDT) for seeking clarification on the ‘search case’ mentioned in the Vivad Se Vishwas Act 2020, CBDT has examined the aforesaid provision and issued proper clarifications on the same. As per CBDT, search case includes within its purview either assessment or reassessment […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) permitted the claim of Long Term Capital Gains (LTCG) exemption u/s 54 of the Income Tax Act,1961 on the sale of an old flat, as the possession of the new flat was received within the specified period. The taxpayer, Payal Kishore Kulchandani, submitted her return reporting […]
Circular No. 07/2025 has been issued by the Central Board of Direct Taxes (CBDT) that grants relief to the taxpayers whose income tax returns were filed late, though accepted under the condonation of the delay provisions. The same has emerged when issues were raised for the non-processing of these returns, which results in delayed refunds. […]
The Gujarat High Court in a ruling held that a future amendment disallowing depreciation on goodwill, which will come into force on April 1, 2021, could not be used as a basis to reopen the assessment for the fiscal year 2017-18. The taxpayer GTPL Hathway Limited, has furnished its income tax return for the AY […]
As per the Delhi High Court, a Final Assessment order passed via the Income Tax Authorities u/s 143 of the Income Tax Act, 1961 is not sustainable, if it is passed in ignorance of pending objections before the Dispute Resolution Panel. A division bench of Acting Chief Justice Vibhu Bakhru and Justice Tushar Rao Gedela […]
