Month: December 2024

Clipped from: https://database.taxsutra.com/articles/d271ed6f303e1b59d7025ff6df08a5/expert_article Background Re-assessment provisions under the Income Tax Act, 1961 (the Act) were significantly modified by the Finance Act 2021, effective from 1 April

Clipped from: https://www.metalegal.in/post/2024-amendments-to-income-tax-reassessment-procedures Introduction The reassessment provisions under the Income-tax Act, 1961 (‘IT Act’) have been a focal point of legislative reform and judicial scrutiny. The

Clipped from: https://www.taxscan.in/notices-for-appeal-sent-to-incorrect-email-id-itat-restores-matter-to-cita/468695/ The ITAT decided to restore the appeal for a fresh hearing, instructing the CIT(A) to issue notices to the correct email address By Sneha

Clipped from: https://taxguru.in/income-tax/initiation-proceedings-u-s-148-based-material-search-invalid-itat-delhi.html Sheel Trading Company Vs ACIT (ITAT Delhi) ITAT Delhi held that based on incriminating materials unearthed during the course of search, proceedings under

https://taxguru.in/income-tax/reopening-bad-in-law-ao-unaware-exact-nature-income-escaped-assessment.html Clipped from: https://taxguru.in/income-tax/reopening-bad-in-law-ao-unaware-exact-nature-income-escaped-assessment.html ITO Vs Magnetic Properties Exim Pvt. Ltd. (ITAT Mumbai) ITAT Mumbai held that in case of reopening of assessment AO needs to

Clipped from: https://taxguru.in/income-tax/adoption-section-50c-justified-difference-sale-consideration-sale-deed-stamp-adopted-officer.html Ranganath Ashok Meharwade Vs ITO (ITAT Bangalore) ITAT Bangalore held that once the sale consideration mentioned in the sale deed differs from the

Clipped from: https://taxguru.in/income-tax/disallowance-deduction-u-s-54f-due-delay-completion-construction-justifiable.html Kothari Sanjay Manilal Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that delay in the completion of construction of the house will not be

Clipped from: https://www.businesstoday.in/personal-finance/tax/story/income-tax-what-is-section-148a-notice-and-what-are-the-new-changes-brought-under-budget-2024-441068-2024-08-11 Section 148A of the Income Tax Act allows the Income Tax officers to initiate reassessment proceedings when they suspect that a taxpayer may

Clipped from: https://taxguru.in/income-tax/notice-issued-u-s148-period-years-ay-2015-16-barred-limitation-itat-mumbai.html?form=MG0AV3 ACIT Vs Manish Financial (ITAT Mumbai) ITAT Mumbai held that validity of notice issued under section 148 of the Income Tax Act for

Clipped from: https://www.scconline.com/blog/post/2024/05/15/decoding-tax-dynamics-unravelling-legal-complexities-in-income-tax-reassessment-notices-under-section-148-it-act-post-finance-act-2021/#fn16 Introduction The landscape of the Income Tax Act of 19611 underwent a substantial transformation with the implementation of the Finance Act, 2021 (FA)2, bringing about significant revisions

Clipped from: https://taxguru.in/income-tax/indexation-benefit-admissible-respect-assets-held-foreign-countries-itat-mumbai.html DCIT Vs Aarav Fragrances and Flavors Pvt. Ltd. (ITAT Mumbai) ITAT Mumbai held that benefit of cost inflation index admissible as per second

Clipped from: https://taxguru.in/income-tax/denial-capital-gain-exemption-u-s-54f-property-registered-sale-deed-makaan-justified-brick-kiln-construction.html Himanshu Garg VS ACIT (Delhi High Court) Conclusion: Tribunal was justified in declining capital gain exemption under Section 54F  with respect to a property

Clipped from: https://taxguru.in/income-tax/citafailed-examine-validity-jurisdiction-u-s-148-matter-remanded-itat-delhi.html Trinity Touch Pvt Ltd Vs ACIT (ITAT Delhi) ITAT Delhi remanded the matter back to CIT(A) since CIT(A) failed to examined the validity

Clipped from: https://taxguru.in/income-tax/fair-market-area-allotted-occupancy-certificated-accepted-itat-bangalore.html ITO Vs Govindappa Jayaram Doddiah (HUF) (ITAT Bangalore) ITAT Bangalore held that CIT(A) rightly accepted the fair market value on the area allotted