section 148 of the Income Tax Act 1961

Issuance of Notice - Reassessment Beyond - limitation - Calcutta - HC - TAXSCAN

Issuance of Notice and Initiation of Reassessment Beyond Six Years is Barred by limitation: Calcutta HC [Read Order]

May 12, 2023

AO - Reasons - Bank - Statements - and - Supporting - Documents - Reopening - Assessment - Bombay - HC - TAXSCAN

Onus is on AO to provide Reasons to Disbelieve Bank Statements and Supporting Documents for Reopening Assessment: Bombay HC [Read Order]

May 6, 2023

Co - owner - Showing - Different - Capital - Gains - Amount - Reopen - Assessment - Gujarat - HC -TAXSCAN

Co-owner Showing Different Capital Gains Amount not a Ground to Reopen Assessment: Gujarat HC [Read Order]

April 27, 2023

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Cessation of Liabilty - Income Tax Act - Income Tax - Income for Addition - ITAT sets aside Addition - taxscan

Cessation of Liabilty u/s 41(1) of Income Tax Act cannot be treated as Income for Addition : ITAT sets aside Addition[Read Order]

June 10, 2023

The Delhi bench of Income Tax Appellate Tribunal ( ITAT) held that cessation of liability under Section 41(1) of Income Tax Act,1961 cannot be treated as an income for addition. Raunika Fashion Pvt. Ltd, the appellant assessee e-filed its return of income declaring total income at ‘Nil’ and claimed loss of an amount for the […]

Penalty - IT Act - Concealment of Income or Filing of Inaccurate Particulars of Income - Concealment of Income - Income - Filing of Inaccurate Particulars of Income - Particulars of Income - ITAT - Taxscan

Penalty imposed u/s 271(1)(c) of IT Act without proving either Concealment of Income or Filing of Inaccurate Particulars of Income: ITAT quashes Order [Read Order]

June 10, 2023

The Dehradun bench of the Income Tax Appellate Tribunal ( ITAT) held that the penalty imposed under section 271(1)(c ) of the Income Tax Act,1961 without proving either concealment of income or filing of inaccurate particulars of income is invalid. Saraswati Dynamics Pvt. Ltd, the appellant assessee filed the appeal against the order passed by […]

ITAT upholds denial of Registration - Income Tax Act on Absence of proving Genuineness of Charitable Activity - TAXSCAN

ITAT upholds denial of Registration filed u/s 12AB of Income Tax Act on Absence of proving Genuineness of Charitable Activity [Read Order]

June 10, 2023

The Pune bench of Income Tax Appellate Tribunal (ITAT) has recently upheld that denial of registration filed under Section 12AB of Income Tax Act 1961 in absence of proving genuineness of charitable activity. The Section 12AB of Income Tax Act deals with registration of charitable trust.if the trust is not registered as per section 12AB […]

The difference in non-delivery derivative Transactions be taken for determining Turnover - non-delivery derivative Transactions - Transactions - Turnover - Tax Audit - IT Act - ITAT deletes Penalty - ITAT - Penalty - Taxscan

The difference in non-delivery derivative Transactions be taken for determining Turnover for Tax Audit u/s 44AB of IT Act: ITAT deletes Penalty u/s 271B

June 10, 2023

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty under Section 271B of the Income Tax Act, 1961 holding that the difference in non-delivery derivative transactions should be taken for determining turnover for the purpose of tax audit under Section 44AB of the Income Tax Act. The assessee Parag Jain who […]

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Cessation of Liabilty u/s 41(1) of Income Tax Act cannot be treated as Income for Addition : ITAT sets aside Addition[Read Order]

June 10, 2023

Penalty imposed u/s 271(1)(c) of IT Act without proving either Concealment of Income or Filing of Inaccurate Particulars of Income: ITAT quashes Order [Read Order]

June 10, 2023

ITAT upholds denial of Registration filed u/s 12AB of Income Tax Act on Absence of proving Genuineness of Charitable Activity [Read Order]

June 10, 2023

The difference in non-delivery derivative Transactions be taken for determining Turnover for Tax Audit u/s 44AB of IT Act: ITAT deletes Penalty u/s 271B

June 10, 2023

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