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
Category: Income Tax
1👍👍👍👍👍👍👍Fair market value on area allotted under occupancy certificated accepted: ITAT Bangalore
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
👍👍👍👍👍No assessment or re-assessment can be made on a dead person: Madras HC
Clipped from: https://taxguru.in/income-tax/assessment-re-assessment-dead-person-madras-hc.html Sampath Kumar Srikala Vs CIT (Madras High Court) Madras High Court held that it is settled law that no assessment or reassessment can
2👍👍👍👍👍👍👍Notice issued u/s. 148 after period of six years for AY 2015-16 is barred by limitation: ITAT Mumbai
Clipped from: https://taxguru.in/income-tax/notice-issued-u-s148-period-years-ay-2015-16-barred-limitation-itat-mumbai.html ACIT Vs Manish Financial (ITAT Mumbai) ITAT Mumbai held that validity of notice issued under section 148 of the Income Tax Act for
👍👍👍👍👍👍👍ITAT Jodhpur: Crypto Gains Taxed as LTCG, Allows Section 54F deduction
lipped from: https://taxguru.in/income-tax/itat-jodhpur-crypto-gains-taxed-ltcg-allows-section-54f-deduction.html Raunaq Prakash Jain Vs ITO (ITAT Jodhpur) In the case of Raunaq Prakash Jain vs. ITO, the ITAT Jodhpur addressed the taxation of cryptocurrency
1👍👍👍👍👍👍👍Exemption u/s. 54F admissible in respect of only one residential property: Delhi HC
Clipped from: https://taxguru.in/income-tax/exemption-u-s-54f-admissible-respect-residential-property-delhi-hc.html Kamla Ajmera Vs PCIT (Delhi High Court) Delhi High Court held that in case of investment in two residential properties, exemption under section
👍Only 6.68% of population filed income tax return in FY24: Govt tells House | Finance News – Business Standard
Clipped from: https://www.business-standard.com/finance/news/only-6-68-of-population-filed-income-tax-return-in-fy24-govt-tells-house-124121700768_1.html He further said total number of individuals reporting zero taxable income in their ITRs is 4.90 crore in Assessment Year 2023-24, up from
ITAT Rules Cash Gifts from Father and Father-in-Law Are Not Taxable
Clipped from: https://www.taxscan.in/cash-gift-from-father-and-father-in-law-not-taxable-under-income-tax-act-itat/466868/ The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that cash gifts from a father and father-in-law are not taxable under the
👌👌👌Madras HC quashes Income Tax Order Citing Non-compliance due to Karta of HUF died, Notices Sent to Outdated Address
Clipped from: https://www.taxscan.in/non-compliance-due-to-karta-of-huf-died-notices-sent-to-outdated-address-madras-hc-quashes-order-directs-reconsideration/466171/ In a recent ruling, the Madras High Court quashed an income tax order against a Hindu Undivided Family (HUF) citing non-compliance due to the death
👌👌👌👌👌👌👌Punjab & Haryana HC sets aside order Income Tax SCN issued without following procedure u/s 144 B
Clipped from: https://www.taxscan.in/income-tax-scn-issued-without-following-procedure-u-s-144-b-punjab-haryana-hc-sets-aside-order/466206/ The bench set aside the notice issued by the Jurisdictional Assessing Officer under Section 148 of the Income Tax Act and all consequential
Are you exempted from advance tax? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/multimedia/video/are-you-exempted-from-advance-tax/article68981461.ece Updated – December 13, 2024 at 04:52 PM. By Renil S VargheseArun K ShanmugamRowan BarnettAmitha Rajkumar Are you exempted from advance tax? 0 of
👌👌👌ITAT Restores Assessment to AO for Fresh Consideration of Additional Evidence
Clipped from: https://taxguru.in/income-tax/itat-restores-assessment-ao-fresh-consideration-additional-evidence.html Simmi Madan Vs ITO (ITAT Delhi) In the case of Simmi Madan v. ITO (ITAT Delhi), the Income Tax Appellate Tribunal (ITAT) addressed an appeal
👌👌👌Here’s 9 Income Tax relief to Cooperative societies including Cash Transactions u/s 269T
Clipped from: https://www.taxscan.in/9-income-tax-relief-to-cooperative-societies-including-cash-transactions-u-s-269t-minister-amit-shahs-rajya-sabha-reply/466082/ The income tax reliefs provided to the cooperatives was listed by the Minister of Cooperation Amit Shah in his written reply before the
👌👌👌ITAT imposes Fine on Illiterate Assesse
Clipped from: https://www.taxscan.in/illiterate-assessee-running-mobile-shop-fails-to-comply-with-income-tax-notice-itat-imposes-fine-read-order/466009/ Illiterate Assessee Running Mobile Shop fails to Comply with Income Tax Notice: ITAT imposes Fine [Read Order] The assessee filed an appeal late,
👌👌👌Advance tax payment: What happens if you fail to pay tax on December 15 (Sunday)? – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/advance-tax-payment-what-happens-if-you-fail-to-pay-tax-on-december-15-sunday-can-you-pay-the-tax-on-dec-16-monday-456996-2024-12-11 To be compliant with tax regulations, individuals and businesses with a tax liability of Rs 10,000 or more in a financial year are
👌👌👌👌👌👌👌Delhi HC Rules Reassessment Based on Insight Portal Information Must Be u/s 147/148, Not Section 153C
Clipped from: https://www.taxscan.in/reassessment-based-on-insight-portal-information-must-be-u-s-147-148-not-section-153c-delhi-hc-read-order/462724/ In a recent ruling, the Delhi High Court ruled that reassessment was initiated based on insight portal information so it must be under
👌👌👌👌👌👌👌Reassessment u/s 147 After Issuance of Intimation u/s 143(1) – An Analysis of Conflicting Decisions – Taxmann
These would be cases where the return is accepted without scrutiny and no formal assessment is made.9 A perusal of the provisions clearly shows that
👌👌👌👌👌👌👌Income Tax on Gifts from Relatives and Friends in India
Clipped from: https://www.taxscan.in/qna-can-i-claim-income-tax-benefits-on-selling-gifted-jewellery-key-questions-on-gift-taxation-in-india-answered/463841/ A: Gifts from relatives are exempted from Tax in India. It is defined under section 56(2)(x) of the Income Tax Act. Gifts from
👌👌👌👌👌👌👌Analysis of Section 45(5A) of Income Tax Act, 1961
Clipped from: https://taxguru.in/income-tax/analysis-section-455a-income-tax-act-1961.html SPECIAL PROVISIONS FOR COMPUTATION OF CAPITAL GAINS IN CASE OF JOINT DEVELOPMENT AGREEMENT [Section 45(5A)] Sub-section (5A) was inserted in section 45 with
FinMin reviews Income Tax Act! Tax certainty, simplified tax-filing process, better taxpayer services must be top reform agenda – Survey – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/finmin-reviews-income-tax-act-survey-calls-for-tax-certainty-simplified-tax-filing-improved-taxpayer-services-3684059/?ref=money_hp As the finance ministry reviews the Income Tax Act, a Deloitte India survey shows that 94% of industry leaders prioritise simplifying tax laws,
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