Clipped from: https://cleartax.in/s/cost-inflation-index#what Prices of goods increase over time, resulting in a fall in the purchasing power (quantity of goods that one unit of money can
Category: Income Tax
👍👍👍👍👍👍👍Shifting of Base Year from 1981 to 2001 for Capital Gains Tax Computation
lipped from: https://cleartax.in/s/capital-gains-calculation-base-year-shift Any person who is selling real estate, shares, or jewellery that is owned by him/her, needs to pay income tax on gains. Such
1-👍👍👍👍👍👍👍Kerala HC Sets Aside Section 148 Order & Notice, Directs Fresh Order After Considering Petitioner’s Reply & Hearing
Clipped from: https://taxguru.in/income-tax/kerala-hc-sets-section-148-order-notice-directs-fresh-order-petitioners-reply-hearing.html Fathima Abu Vs PCIT (Kerala High Court) In the case of Fathima Abu Vs PCIT, the Kerala High Court set aside the order passed
1-👍👍👍👍👍👍👍Assessee missed notices due to litigation at DRT: ITAT Remands case to CIT(A)
Clipped from: https://taxguru.in/income-tax/assessee-missed-notices-due-litigation-drt-itat-remands-case-cita.html Saiganapath Hotel Pvt. Ltd. Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT) Bangalore has remitted the appeal filed by Saiganapath Hotel
1-👍👍👍👍👍👍👍ITAT Grants Assessee One More Opportunity Despite Negligence in Responding
Clipped from: https://taxguru.in/income-tax/itat-grants-assessee-opportunity-negligence-responding.html Namtech Electronic Devices Ltd Vs ITO (ITAT Bangalore) In Namtech Electronic Devices Ltd Vs ITO (ITAT Bangalore), the Income Tax Appellate Tribunal (ITAT) addressed
👍👍👍👍👍👍👍Kerala HC Directs Reinstatement of Appeal, Grants Assessee One Week to Cure Defects
Clipped from: https://taxguru.in/income-tax/kerala-hc-directs-reinstatement-appeal-grants-assessee-week-cure-defects.html Arun Vijayan Pillai Vijai Vs Income Tax Officer Income Tax Department (Kerala High Court) In the case of Arun Vijayan Pillai Vijai Vs Income
👍👍👍👍👍👍👍Delhi HC: Income Tax Reassessment Must be on Concrete Evidence and No Speculation
Clipped from: https://www.taxscan.in/reassessment-under-income-tax-must-be-on-concrete-evidence-and-not-speculation-delhi-hc/471734/ In a recent judgment, the Delhi High Court struck down reassessment proceedings under Section 148 of the Income Tax Act, 1961 stating that
👍Identification of Tax Evaders: Taxpayers alert! Govt conducts surveys to identify evaders – Money News | The Financial Express
lipped from: https://www.financialexpress.com/money/identification-of-tax-evaders-taxpayers-alert-govt-conducts-surveys-to-identify-evaders-3700109/ The government has been actively conducting surveys under Section 133A of the Income-tax Act to identify tax evaders while improving taxpayer services and
👍CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS
https://www.thehindu.com/business/Economy/cbdt-launches-campaign-to-intimate-taxpayers-on-mismatch-in-itr-filed-and-ais/article68997390.ece This campaign also targets individuals who have taxable income or significant high-value transactions reported in their AIS but have not filed ITRs for the
👍👍👍👍👍👍👍Capital Gain Exemption under section 54F on Investment in Multiple Units
https://taxguru.in/income-tax/capital-gain-exemption-section-54f-investment-multiple-units.html The Capital Gain Tax provisions under the Income Tax Act are not very comprehensive, often leaving taxpayers uncertain about their application. The lack of
👍👍👍👍👍👍👍Reasons disclosed to assessee for reassessment u/s. 148 cannot be improved subsequently: Delhi HC
https://taxguru.in/income-tax/reasons-disclosed-assessee-reassessment-u-s-148-improved-subsequently-delhi-hc.html Subhash Chander Dabas Vs ACIT (Delhi High Court) Delhi High Court held that validity of reassessment under section 148 of the Income Tax Act
1👍👍👍👍👍👍👍Application of Section 147 of Income Tax Act by AO having Tangible Material in Possession indicating Escapement of Income Chargeable to Tax is Valid: ITAT
lipped from: https://www.taxscan.in/application-of-section-147-of-income-tax-act-by-ao-having-tangible-material-in-possession-indicating-escapement-of-income-chargeable-to-tax-is-valid-itat/322680/ The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the application of Section 147 of the Income Tax Act 1961, by an
1👍👍👍👍👍👍👍No Assessment Order shall be passed u/s 153C of Income Tax Act when Seized documents did not establish any correlation with that Assessment Year :ITAT
Clipped from: https://www.taxscan.in/no-assessment-order-shall-be-passed-u-s-153c-of-income-tax-act-when-seized-documents-did-not-establish-any-correlation-with-that-assessment-year-itat/322122/ The Income Tax Appellate Tribunal (ITAT) Delhi bench held that no assessment order should be passed under Section 153C of the Income Tax Act, 1961 when seized
1👍👍👍👍👍👍👍Reopening of Assessment. u/s 147 of Income Tax Act not Valid in Absence of an Allegation Failure to Disclose Material Fact: Delhi HC
Clipped from: https://www.taxscan.in/reopening-of-assessment-u-s-147-of-income-tax-act-not-valid-in-absence-of-an-allegation-failure-to-disclose-material-fact-delhi-hc/302460/ The Delhi High Court has held that reopening of assessment under section 147 of the Income Tax Act, 1961 is not valid in
1👍👍👍👍👍👍👍ITAT Remands CIT(A)’s Addition Matter for Ignoring NRI’s 50% Property Ownership Claim
lipped from: https://www.taxscan.in/cita-makes-addition-without-considering-nris-only-50-ownership-claim-in-property-itat-remands-matter-for-proper-hearing/469648/ Considering CIT(A) made an addition ignoring the assessee’s 50% property ownership, the ITAT remanded the matter for fresh consideration By Kavi Priya – On December 23,
1👍👍👍👍👍👍👍Assessee not expected to keep E-Portal of Income Tax Dept Open all time to have Knowledge of what is being Done: Punjab and Haryana HC
Clipped from: https://www.taxscan.in/assessee-not-expected-to-keep-e-portal-of-income-tax-dept-open-all-time-to-have-knowledge-of-what-is-being-done-punjab-and-haryana-hc-read-order/390764/ Individual or an Assessee not expected to keep e-portal of Income Tax Dept open all time to have knowledge of what is being
👍👍👍👍👍👍👍Annual Tax Cases Digest 2024: Supreme Court and High Court
Clipped from: https://www.taxscan.in/annual-digest-supreme-court-and-high-court-cases-on-taxation-part-16/468447/ This annual round-up analytically summarizes the key Direct and Indirect Tax Judgments of the Supreme Court and all High Courts of India reported
1👍👍👍👍👍👍👍Income Tax tribunal paves way for double deduction claims – The Hindu BusinessLine
https://www.thehindubusinessline.com/business-laws/income-tax-tribunal-paves-way-for-double-deduction-claims/article68557951.ece Income Tax Appellate Tribunal allows simultaneous deduction claims under Section 54 and 54F in Ramdas Sitaram Patil vs ACIT case In Ramdas Sitaram Patil vs
1👍👍👍👍👍👍👍The Reassessment Maze – Budget 2024 Proposals
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
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