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
Global crude oil prices continued their downward descent on Monday with Brent prices ruling at $63.23 per barrel in early afternoon (India time), a decline of over 3% [2] effect of escalating trade war and bearish sentiments — News source– BusinessLine
Pressure mounts on Govt for petrol, diesel price cut with Brent in free-fal
*******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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