Clipped from: https://taxguru.in/income-tax/reopening-assessment-new-tangible-material-unsustainable-law.html Tahnee Heights CHS Ltd. Vs ITO (Bombay High Court) Bombay High Court held that assessment order was passed after post considering the submission
Category: Income Tax Cases
👍👍👍Addition based on mere statement without independent finding is unsustainable
Clipped from: https://taxguru.in/income-tax/addition-based-mere-statement-without-independent-finding-unsustainable-law.html Ganesh Ginning Factory Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that addition on the basis of statement of director without independent finding given
👍👍👍Reopening of assessment on the basis of change of opinion is untenable
Clipped from: https://taxguru.in/income-tax/reopening-assessment-basis-change-opinion-untenable.html Bharat Amratlal Shah Vs ITO (Bombay High Court) Bombay High Court held that reopening of assessment on the basis of change of opinion
👍👍👍Exemption u/s 54F available towards purchase of residential property one year before the sale of capital asset
Clipped from: https://taxguru.in/income-tax/exemption-u-s-54f-available-towards-purchase-residential-property-one-year-before-sale-capital-asset.html Akshay Janak Shah Vs CIT (ITAT Mumbai) ITAT Mumbai held that purchase of residential property within specified period of one year before the
Reopening of assessment unsustainable in absence of any failure on part of assessee
lipped from: https://taxguru.in/income-tax/reopening-assessment-unsustainable-absence-failure-part-assessee.html Mumbai Postal Employees Co-operative Credit Society Ltd Vs ITO (Bombay High Court) Bombay High Court held that failure on the part of assessee
Not intentional or mala fide delay in filing of an appeal is condonable
Clipped from: https://taxguru.in/income-tax/intentional-mala-fide-delay-filing-appeal-condonable.html Punjab State Warehousing Vs ITO (ITAT Amritsar) ITAT Amritsar held that appellant being a government undertaking is required to take necessary permission for
🙏🙏Personal Hearing to be granted only after receipt of reply and where contemplation of adverse decision against petitioner: Madras HC
Clipped from: https://www.taxscan.in/personal-hearing-to-be-granted-only-after-receipt-of-reply-and-where-contemplation-of-adverse-decision-against-petitioner-madras-hc-read-order/254939/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Personal%20Hearing%20to%20be%20granted%20only%20after%20receipt%20of%20reply%20and%20where%20contemplation%20of%20adverse%20decision%20against%20petitioner:%20Madras%20HC Top Stories In a recent decision the Madras High Court observed that personal hearing to be granted only after receipt of reply and
Mere change of opinion does not provide jurisdiction for re-opening of assessment
Clipped from: https://taxguru.in/income-tax/mere-change-opinion-does-provide-jurisdiction-re-opening-assessment.html Survival Technologies Pvt. Ltd. Vs DCIT (Bombay High Court) The Hon’ble Bombay High Court in Survival Technologies Pvt. Ltd. v. the Deputy Commissioner of
TDS credit denial merely because the same is in the name of deceased person unsustainable
Clipped from: https://taxguru.in/income-tax/denial-tds-credit-merely-name-deceased-person-unsustainable.html Sh. Varinder Pal Vs ITO (ITAT Amritsar) ITAT Amritsar held that as income of the deceased person offered to tax, credit of TDS
👍Difference in Date of Dispatch and Date Assessment Order: Madras HC quashes Assessment Order
Read More: https://www.taxscan.in/difference-in-date-of-dispatch-and-date-assessment-order-madras-hc-quashes-assessment-order-read-order/257115/ Clipped from: https://www.taxscan.in/difference-in-date-of-dispatch-and-date-assessment-order-madras-hc-quashes-assessment-order-read-order/257115/ Top Stories The Madras High Court quashed assessment order as there was difference in date of dispatch and date assessment order.
Addition of Deemed Rent cannot be made in respect of a Non-Habitable Residential Flat: ITAT
Clipped from: https://www.taxscan.in/addition-of-deemed-rent-cannot-be-made-in-respect-of-a-non-habitable-residential-flat-itat-read-order/254874/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Addition%20of%20Deemed%20Rent%20cannot%20be%20made%20in%20respect%20of%20a%20Non-Habitable%20Residential%20Flat:%20ITAT Top Stories The Income Tax Appellate Tribunal ( ITAT ), Kolkata Bench, has recently, in an appeal filed before it, held that addition of deemed rent
👍Non-Compliance of Notice and Non-Submission of Details: ITAT Refuses to Condone Delay of 927 Days in filing of Appeal
Clipped from: https://www.taxscan.in/non-compliance-of-notice-and-non-submission-of-details-itat-refuses-to-condone-delay-of-927-days-in-filing-of-appeal-read-order/255189/ Top Stories The Income Tax Appellate Tribunal ( ITAT ), Kolkata Bench, has recently, in an appeal filed before it, refused to condone the delay of
👍Non-Response to Notice due to Negligence of Chartered Accountant/ Income Tax Practitioner: Madras HC directs Re-Adjudication
Clipped from: https://www.taxscan.in/non-response-to-notice-due-to-negligence-of-chartered-accountant-income-tax-practitioner-madras-hc-directs-re-adjudication/254749/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Non-Response%20to%20Notice%20due%20to%20Negligence%20of%20Chartered%20Accountant/%20Income%20Tax%20Practitioner:%20Madras%20HC%20directs%20Re-Adjudication Top Stories By Aparna. M – On February 17, 2023 11:30 am – 2 mins read The Madras High court has recently directed to the Income tax
🙏Failure to give the opportunity to Assessee Invalidates the Assessment Order: Madras HC
Clipped from: https://www.taxscan.in/failure-to-give-the-opportunity-to-assessee-invalidates-the-assessment-order-madras-hc-read-order/254813/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Failure%20to%20give%20the%20opportunity%20to%20Assessee%20Invalidates%20the%20Assessment%20Order:%20Madras%20HC Top Stories In a recent Judgement, the Madras High Court ( HC ) held that failure to allow the assessee invalidates the assessment
👍👍Bringing Evidence on What Basis Income has Escaped and Re-opening of Assessment is Required is Procedural Requirement to Invoke S. 147/148: ITAT
Clipped from: https://www.taxscan.in/bringing-evidence-on-what-basis-income-has-escaped-and-re-opening-of-assessment-is-required-is-procedural-requirement-to-invoke-s-147-148-itat-read-order/249732/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Bringing%20Evidence%20on%20What%20Basis%20Income%20has%20Escaped%20and%20Re-opening%20of%20Assessment%20is%20Required%20is%20Procedural%20Requirement%20to%20Invoke%20S.%20147/148:%20ITAT Top Stories The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, held that bringing evidence on what basis income
Downfall in Gross Profit Ratio cannot be Sole basis for Addition: ITAT
Read More: https://www.taxscan.in/downfall-in-gross-profit-ratio-cannot-be-sole-basis-for-addition-itat/247807/ Clipped from: https://www.taxscan.in/downfall-in-gross-profit-ratio-cannot-be-sole-basis-for-addition-itat/247807/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Downfall%20in%20Gross%20Profit%20Ratio%20cannot%20be%20Sole%20basis%20for%20Addition:%20ITAT Top Stories The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) in a recent ruling has held that the downfall in Gross Profit Ratio could
Violation of natural justice in Administrative Body cannot be cured by natural justice at the Appellate Stage: Rajasthan HC
Read More: https://www.taxscan.in/violation-of-natural-justice-in-administrative-body-cannot-be-cured-by-natural-justice-at-the-appellate-stage-rajasthan-hc-read-order/247698/ Clipped from: https://www.taxscan.in/violation-of-natural-justice-in-administrative-body-cannot-be-cured-by-natural-justice-at-the-appellate-stage-rajasthan-hc-read-order/247698/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Violation%20of%20natural%20justice%20in%20Administrative%20Body%20cannot%20be%20cured%20by%20natural%20justice%20at%20the%20Appellate%20Stage:%20Rajasthan%20HC Top Stories A Division Bench of the Rajasthan High Court recently set aside the orders passed against the assessee, both in
👍Builder’s Fault might cost you Additional Capital Gains Tax Liability u/s 54 IT Act: Here’s What You Need to Know
Read More: https://www.taxscan.in/builders-fault-might-cost-you-additional-capital-gains-tax-liability-u-s-54-it-act-heres-what-you-need-to-know/247623/ Clipped from: https://www.taxscan.in/builders-fault-might-cost-you-additional-capital-gains-tax-liability-u-s-54-it-act-heres-what-you-need-to-know/247623/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Builder%E2%80%99s%20Fault%20might%20cost%20you%20Additional%20Capital%20Gains%20Tax%20Liability%20u/s%2054%20IT%20Act:%20Here%E2%80%99s%20What%20You%20Need%20to%20Know Income Tax Section 54 of the Income Tax Act allows for an exemption on long-term capital gains tax for individuals and
Loss from Sale of Shares and Mutual Funds on which STT paid can’t be set off against LTCG arising out as per S.70(3): ITAT
Read More: https://www.taxscan.in/loss-from-sale-of-shares-and-mutual-funds-on-which-stt-paid-cant-be-set-off-against-ltcg-arising-out-as-per-s-703-itat-read-order/247446/ Clipped from: https://www.taxscan.in/loss-from-sale-of-shares-and-mutual-funds-on-which-stt-paid-cant-be-set-off-against-ltcg-arising-out-as-per-s-703-itat-read-order/247446/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Loss%20from%20Sale%20of%20Shares%20and%20Mutual%20Funds%20on%20which%20STT%20paid%20can%27t%20be%20set%20off%20against%20LTCG%20arising%20out%20as%20per%20S.70(3):%20ITAT Top Stories In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that Loss from the sale
Housing Loan and Interest Paid thereon for Construction of Rented House Eligible for Deduction u/s 2(24)(b) of Income Tax Act: ITAT
Clipped from: https://www.taxscan.in/housing-loan-and-interest-paid-thereon-for-construction-of-rented-house-eligible-for-deduction-u-s-224b-of-income-tax-act-itat-read-order/247466/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Housing%20Loan%20and%20Interest%20Paid Top Stories Income Tax Appellate Tribunal (ITAT) Kolkata Bench ruled that the housing loan and interest paid for construction of the rented house is eligible for
