Clipped from: https://www.business-standard.com/multimedia/video-gallery/general/not-filed-itr-yet-face-penalty-or-even-jail-term-143846.htm BS Web Team Last Updated at March 28, 2022 15:25 IST Not filed ITR yet? Face penalty or even jail term The deadline for
Category: Income Tax
Partnership Firm not liable to Explain Source of Capital Introduced by Partners: ITAT
Clipped from: https://www.taxscan.in/partnership-firm-not-liable-to-explain-source-of-capital-introduced-by-partners-itat/164223/ Top Stories By Rasheela Basheer – On March 27, 2022 12:00 pm The Delhi bench of the ITAT, on Friday held that the partnership firm would
Deduction claimed for cess, surcharge to be treated as ‘under-reported’ income – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/deduction-claimed-for-cess-surcharge-to-be-treated-as-under-reported-income/article65257159.ece Tax words on white texture background | Photo Credit: shylendrahoode The Finance Ministry has proposed that deduction claimed for cess and surcharge under
FinMin proposes changes to Finance Bill for crypto assets’ taxation | Business Standard News
Clipped from: https://www.business-standard.com/article/finance/finmin-proposes-changes-in-crypto-assets-taxation-122032401328_1.html FM Sitharaman is expected to move an amendment clarifying that no tax deduction or set off would be available in place of mining
Assessing Officer doesn’t have Jurisdiction to Travel Beyond Issues found during Scrutiny Assessment: ITAT quashes Revisional Order [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/assessing-officer-doesnt-have-jurisdiction-to-travel-beyond-issues-found-during-scrutiny-assessment-itat-quashes-revisional-order/162718/ Clipped from: https://www.taxscan.in/assessing-officer-doesnt-have-jurisdiction-to-travel-beyond-issues-found-during-scrutiny-assessment-itat-quashes-revisional-order/162718/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Scrutiny%20Assessment Top Stories By Rasheela Basheer – On March 22, 2022 2:07 pm The ITAT, Kolkata bench has recently held that the Commissioner, while invoking
Pr. Commissioner does not conduct Independent Inquiry before invoking Revisional Jurisdiction: ITAT quashes Order–TAXSCAN
Clipped from: https://www.taxscan.in/pr-commissioner-does-not-conduct-independent-inquiry-before-invoking-revisional-jurisdiction-itat-quashes-order/163893/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Pr.%20Commissioner Top Stories By Rasheela Basheer – On March 25, 2022 12:51 pm The Chandigarh bench of the ITAT, while quashing a revisional order under section 263
Re-Assessment is Invalid when Assessee disclosed All Material facts to complete Assessment: ITAT–TAXSCAN
Clipped from: https://www.taxscan.in/re-assessment-is-invalid-when-assessee-disclosed-all-material-facts-to-complete-assessment-itat/163927/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Re-Assessment Top Stories By Rasheela Basheer – On March 25, 2022 1:26 pm The Chennai bench of the ITAT has deleted a re-assessment passed under section 147
Failure to consider Objections of Assessee: Calcutta HC quashes Revision Order-TAXSCAN
Clipped from: https://www.taxscan.in/failure-to-consider-objections-of-assessee-calcutta-hc-quashes-revision-order/163529/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Calcutta%20HC Top Stories By Rasheela Basheer – On March 24, 2022 6:30 am While quashing an order for revision under section 263 of the Income Tax Act,
Penalty cannot be solely based on Addition without proving Concealment: ITAT–TAXSCAN
Clipped from: https://www.taxscan.in/penalty-cannot-be-solely-based-on-addition-without-proving-concealment-itat/162729/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Penalty Top Stories By Rasheela Basheer – On March 22, 2022 2:34 pm The Income Tax Appellate Tribunal, Jaipur bench has held that the penalty under section
No Addition on Income when the Assessee has Fully Explained and Substantiated Sources with the Documentary Evidences: ITAT–TAXSCAN
Clipped from: https://www.taxscan.in/no-addition-on-income-when-the-assessee-has-fully-explained-and-substantiated-sources-with-the-documentary-evidences-itat/162901/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Documentary%20Evidence Top Stories By Jwala K.P – On March 22, 2022 3:33 pm The Indore Bench of The Income Tax Appellate Tribunal ( ITAT ) has held that no
Dept failed to consider Reply to Income Tax Notice: Delhi High Court quashes Penalty
Clipped from: https://www.taxscan.in/dept-failed-to-consider-reply-to-income-tax-notice-delhi-high-court-quashes-penalty/163210/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Income%20Tax%20Notice Top Stories By Taxscan Team – On March 23, 2022 6:30 am The Delhi High Court has ruled that a penalty order passed by the income-tax authority under
Expenses towards Gifts purchased for Sales Promotion allowable as Income Tax Deduction Even If List of Recipients are not provided: ITAT–TAXSCAN
lipped from: https://www.taxscan.in/expenses-towards-gifts-purchased-for-sales-promotion-allowable-as-income-tax-deduction-even-if-list-of-recipients-are-not-provided-itat/163215/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=gift Top Stories By Rasheela Basheer – On March 23, 2022 7:20 am The Ahmedabad bench of the ITAT has held that the expenses towards gifts purchased
How to calculate income tax liability under new tax regime for FY 2021-22 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-calculate-income-tax-liability-under-new-tax-regime/articleshow/90052370.cms Synopsis As individuals are required to choose between old and new tax regimes, it is important to know how to calculate the income
Income Tax Practitioner misled Assessee in making False Refund: ITAT deletes Penalty against Assessee [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/income-tax-practitioner-misled-assessee-in-making-false-refund-itat-deletes-penalty-against-assessee/162053/ Clipped from: https://www.taxscan.in/income-tax-practitioner-misled-assessee-in-making-false-refund-itat-deletes-penalty-against-assessee/162053/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Income%20Tax%20Practitioner Top Stories By Rasheela Basheer – On March 18, 2022 6:16 pm The Income Tax Appellate Tribunal (ITAT) Chennai bench has deleted penalty under
Mere Digital Signing on Re-Assessment Notice won’t be Valid: Allahabad High Court–TAXSCAN
Clipped from: https://www.taxscan.in/mere-digital-signing-on-re-assessment-notice-wont-be-valid-allahabad-high-court/162133/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Digital%20Signing Top Stories By Rasheela Basheer – On March 18, 2022 8:10 pm A division bench of the Allahabad High Court has held that mere digitally signing
Taxation of Income from House Property–TAXSCAN
Clipped from: https://taxguru.in/income-tax/indiscriminate-income-tax-notices-allowing-reasonable-time.html?utm_source=feedburner&utm_medium=email In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry and CBDT that suitable
How to respond to a notice for reassessment of income u/s 148A of I-T Act | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/how-to-respond-to-a-notice-for-reassessment-of-income-u-s-148a-of-i-t-act-122031800579_1.html Check the Relied Upon Documents, or RUDs, on the basis of which the assessing officer has started the reassessment proceedings Photo: Shutterstock The Income Tax Department
Period of Limitation for GST Appeal suspended from 15.3.2020 to 14.3.2020: Allahabad HC directs Appellate Authority to re-consider Appeal
Clipped from: https://www.taxscan.in/period-of-limitation-for-gst-appeal-suspended-from-15-3-2020-to-14-3-2020-allahabad-hc-directs-appellate-authority-to-re-consider-appeal/161707/ Top Stories By Rasheela Basheer – On March 17, 2022 7:04 pm The Allahabad High Court has held that while considering the fact that the period
Grievances of Assessee was not Addressed: Calcutta High Court quashes Income Tax Assessment–TAXSCAN
Clipped from: https://www.taxscan.in/grievances-of-assessee-was-not-addressed-calcutta-high-court-quashes-income-tax-assessment/161145/ Top Stories By Rasheela Basheer – On March 16, 2022 7:02 am The Calcutta High Court has quashed an Income Tax assessment order for the reason
Addl. Commissioner is not ‘Proper Officer’ for Re-Opening of Assessment after 4 Years: ITAT–TAXSCAN
Clipped from: https://www.taxscan.in/addl-commissioner-is-not-proper-officer-for-re-opening-of-assessment-after-4-years-itat/161474/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Proper%20Officer Top Stories By Rasheela Basheer – On March 17, 2022 10:56 am The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the Addl. Commissioner
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