Category: Income Tax
*******Amendment in Section 143(1) of Income Tax Act, 1961
Clipped from: https://taxguru.in/income-tax/amendment-section-143-1-income-tax-1961.html Summary: The Indian government has introduced amendments to Section 143(1) of the Income Tax Act, 1961, as part of its efforts to combat tax
*****Delhi HC Quashes Faceless Tax Assessment for Denying Personal Hearing
Clipped from: https://taxguru.in/income-tax/delhi-hc-quashes-faceless-tax-assessment-denying-personal-hearing.html Sanjay Aggarwal Vs National Faceless Assessment Centre (Delhi High Court) Delhi High Court has set aside an assessment order issued by the National
*******Tax Loss Harvesting in FY 2025-26: A Smart Way to Reduce Your Tax Liability
Clipped from: https://taxguru.in/income-tax/tax-loss-harvesting-fy-2025-26-a-smart-reduce-tax-liability.html Tax loss harvesting is a tax planning strategy that allows taxpayers, especially investors, to lower their capital gains tax liability by selling securities at a loss.
Income Tax starts issuing notices where income has escaped assessment [2] with particular reference to bogus bills issued [ and consequently false ITC availed] Courtesy Business Standard
With due respect to BS — with effect from 1.4.2021 — as per substituted section 149– limitation period is 3 years in normal cases and
*******Section 151A: JAO Lacks Jurisdiction to Issue Section 148 Income Tax Notices
Clipped from: https://taxguru.in/income-tax/issuance-notice-u-s-148-jurisdictional-assessing-officer-jurisdiction-invalid.html Sharda Devi Chhajer Vs ITO (Rajasthan High Court) Rajasthan High Court held that, in terms of section 151A of the Income Tax Act,
*******Delhi HC Quashes Faceless Assessment for Lack of SCN cum Draft Order
Clipped from: https://taxguru.in/income-tax/delhi-hc-quashes-faceless-assessment-lack-scn-cum-draft-assessment-order.html Akashganga Infraventures India Limited Vs National Faceless Assessment Centre (Delhi High Court) In the case of Akashganga Infraventures India Limited vs. National Faceless Assessment
*******Faceless Assessment Invalid if Draft Order not served Before Finalization: Gujarat HC
Clipped from: https://taxguru.in/income-tax/faceless-assessment-invalid-draft-order-served-finalization-gujarat-hc.html Kottex Industries Private Limited Vs National Faceless Assessment Centre (Gujarat High Court) In Kottex Industries Private Limited vs. National Faceless Assessment Centre, the Gujarat
*******Bombay HC Quashes Reassessment Citing Change of Opinion, No Failure to Disclose
Clipped from: https://www.taxscan.in/bombay-hc-quashes-income-tax-reassessment-over-change-of-opinion-and-no-failure-to-disclose-facts/504935/ The High Court of Bombay, quashed an income tax reassessment proceedings initiated against the assessee for Assessment Year(AY) 2014–15, holding that the reopening was
*******No Tax on Redevelopment Flats u/s 56(2)(x) of Income Tax Act: ITAT
Clipped from: https://www.taxscan.in/no-tax-on-redevelopment-flats-u-s-x-of-income-tax-act-itat/504748/?utm_source=signinbutton&utm_medium=txn&utm_campaign=checkoutsigninbtn Receiving a new flat in place of an old one is a case of ‘extinguishment’ of property rights rather than an income-generating transaction
*******Addition under Faceless Assessment Scheme without issuance of notice not sustainable
Clipped from: https://taxguru.in/income-tax/addition-faceless-assessment-scheme-issuance-notice-sustainable.html Saurabh Rohitbhai Modi HUF Vs Addl/Joint/DY./ACIT/ITO National Faceless Assessment Centre or His Successor & Anr. (Gujarat High Court) Gujarat High Court held that addition without
*******Time period for Issue of section 148 notice wef 1.4.2021
Clipped from: https://taxguru.in/income-tax/time-period-issue-section-148-notice-wef-1-4-2021.html?utm_source=perplexity Time period for issuance of notice under section 148 under new regime wef 1.4.2021. As per substituted section 149 wef 1.4.2021 As per
*******Mere Change of Opinion Can’t Justify Reopening of an Assessment: ITAT
Clipped from: https://www.taxscan.in/reassessment-u-s-147-on-mere-change-of-opinion-invalid-itat/504240/ In a recent judgement, the Raipur bench of the Income Tax Appellate Tribunal (ITAT) held that reassessment cannot be done based on a mere change
Over 26,000 Income Tax Appeals Filed Electronically via ITAT E-Filing Portal: PIB
Clipped from: https://www.taxscan.in/over-26000-income-tax-appeals-filed-electronically-via-itat-e-filing-portal-pib/504287/ This Information was given by the Arjun Ram Meghwal in a written reply to a question in the Rajya Sabha By Franklin Joshva – On April
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