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Calcutta HC sets aside Transfer of Income Tax Jurisdiction to another state without Opportunity of Hearing [Read Order]

Manu Sharma

A Division Bench of the Calcutta High Court has recently quashed the transfer of jurisdiction from the Assistant Commissioner of Income Tax / Deputy...

Special Audit u/s 142(2A) of Income Tax Act 1961 can be conducted by Relying on Earlier Notice or A...

House Loan paid by Company Allotted to Directors for Residential Purpose Eligible for Income Tax...

Failure to Update Income Tax Portal cannot cause any Prejudice to Assessee: Bombay HC Quashes...

Delhi HC directs Income Tax Dept to Reconsider Taxability of Blackstone’s Investment in Agile...

Rental Income is Inseparably connected with Business of Cargo Handling Services: ITAT Allows Income Tax Deduction u/s. 80IA [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal ( ITAT ), Bangalore bench has held that the rental income which is inseparably connected with the business of cargo handling services shall...

Re-Assessment After 4 Years Merely based on 'Change of Opinion' is Time-Barred and Invalid: Rajasthan HC [Read Order]

The Rajasthan High Court has held that the re-assessment passed after 4 years merely based on a change of opinion without any tangible material would be time-barred under the provisions of section...

Restaurant Business Eligible to Declare Income Tax on Presumptive Basis: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the restaurant is an “eligible business” to attract section 44AD of the Income Tax Act, 1961 on a presumptive basis. The...

Budget 2023: Existing Income Tax Regimes and Expected Changes

After the 48th GST Council Meeting was held on 17th December, 2022, the next set of big changes to the tax-verse is anticipated in the Union Budget 2023. The Union Finance Minister, Nirmala Sitaraman...

Direct Tax Collections at Rs. 14.71 lakh crore 24.58%,Higher than Corresponding Period of Last Year: Income Tax Dept

The income tax department has stated that the provisional figures of Direct Tax collections up to 10th January, 2023 continue to register steady growth. Direct Tax collections up to...

Know All Income Tax Due Dates for 2023: CBDT Releases E-Calender

Now, you can know all the important income tax due dates in a fingertip, as the Central Board of Direct Taxes ( CBDT ) has released the e-calender for the year 2023 mentioning all the important...

“Reasonable and Effective Opportunities” should be given to Taxpayers during Income Tax Proceedings: ITAT [Read Order]

While relying on the landmark judgment of the Apex Court in the case of Maneka Gandhi v. Union of India, the Income Tax Appellate Tribunal (ITAT), Pune bench has held that the assessee should be...

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