Clipped from: https://www.businesstoday.in/latest/corporate/story/rs-1-crore-is-just-not-enough-km-birla-spills-hard-truths-about-starting-a-business-458195-2024-12-22 Birla’s advice to budding entrepreneurs was straightforward: “Do what you love doing, keep the passion alive, and build a great team. A strong
‘A national tragedy…’: Former CEA Arvind Subramanian slams GST moves amid popcorn tax fury – BusinessToday
lipped from: https://www.businesstoday.in/personal-finance/tax/story/a-national-tragedy-former-cea-arvind-subramanian-slams-gst-moves-amid-popcorn-tax-fury-458182-2024-12-22 Under the revised framework, pre-packaged salted popcorn attracts a 12% GST, while caramelized variants move to the 18% slab. Subramanian pointed to such
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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
आवश्यक 👍👍👍👍👍👍👍2024 Amendments to Income-tax Reassessment Procedures.
Clipped from: https://www.metalegal.in/post/2024-amendments-to-income-tax-reassessment-procedures Introduction The reassessment provisions under the Income-tax Act, 1961 (‘IT Act’) have been a focal point of legislative reform and judicial scrutiny. The
1👍👍👍👍👍👍👍ITAT Restores Matter to CIT(A) Over Incorrect Email Notices
Clipped from: https://www.taxscan.in/notices-for-appeal-sent-to-incorrect-email-id-itat-restores-matter-to-cita/468695/ The ITAT decided to restore the appeal for a fresh hearing, instructing the CIT(A) to issue notices to the correct email address By Sneha
1👍👍👍👍👍👍👍Reopening bad-in-law since AO unaware about exact nature of income which escaped assessment
Clipped from: https://taxguru.in/income-tax/reopening-bad-in-law-ao-unaware-exact-nature-income-escaped-assessment.html ITO Vs Magnetic Properties Exim Pvt. Ltd. (ITAT Mumbai) ITAT Mumbai held that in case of reopening of assessment AO needs to have
1👍👍👍👍👍👍👍Initiation of proceedings u/s. 148 based on material found during search invalid: ITAT Delhi
Clipped from: https://taxguru.in/income-tax/initiation-proceedings-u-s-148-based-material-search-invalid-itat-delhi.html Sheel Trading Company Vs ACIT (ITAT Delhi) ITAT Delhi held that based on incriminating materials unearthed during the course of search, proceedings under
1👍👍👍👍👍👍👍Reopening bad-in-law since AO unaware about exact nature of income which escaped assessment
https://taxguru.in/income-tax/reopening-bad-in-law-ao-unaware-exact-nature-income-escaped-assessment.html Clipped from: https://taxguru.in/income-tax/reopening-bad-in-law-ao-unaware-exact-nature-income-escaped-assessment.html ITO Vs Magnetic Properties Exim Pvt. Ltd. (ITAT Mumbai) ITAT Mumbai held that in case of reopening of assessment AO needs to
1👍👍👍👍👍👍👍Adoption of section 50C justified on difference in sale consideration in sale deed and stamp value adopted by officer
Clipped from: https://taxguru.in/income-tax/adoption-section-50c-justified-difference-sale-consideration-sale-deed-stamp-adopted-officer.html Ranganath Ashok Meharwade Vs ITO (ITAT Bangalore) ITAT Bangalore held that once the sale consideration mentioned in the sale deed differs from the
1👍👍👍👍👍👍👍Disallowance of deduction u/s. 54F merely due to delay in completion of construction not justifiable
Clipped from: https://taxguru.in/income-tax/disallowance-deduction-u-s-54f-due-delay-completion-construction-justifiable.html Kothari Sanjay Manilal Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that delay in the completion of construction of the house will not be
1👍👍👍👍👍👍👍Income Tax: What is Section 148A notice and what are the new changes brought under Budget 2024? – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/income-tax-what-is-section-148a-notice-and-what-are-the-new-changes-brought-under-budget-2024-441068-2024-08-11 Section 148A of the Income Tax Act allows the Income Tax officers to initiate reassessment proceedings when they suspect that a taxpayer may
1👍👍👍👍👍No more reopening, re-assessment of old ITR beyond 3 years if escaped income is below Rs 50 lakh – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/no-more-reopening-re-assessment-of-old-itr-beyond-3-years-if-escaped-income-is-below-rs-50-lakh/articleshow/111955977.cms Synopsis Re-Assessment of Old ITR: Budget 2024 has brought significant relief as tax authorities are no longer allowed to reopen old income tax
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?form=MG0AV3 ACIT Vs Manish Financial (ITAT Mumbai) ITAT Mumbai held that validity of notice issued under section 148 of the Income Tax Act for
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