Income Tax Reassessment Show Cause Notices Issued In International Tax Charges Not Exempted To Follow Statutory Faceless Procedure: Telangana High Court
The Telangana High Court ruled that the Income Tax reassessment show cause notices issued in international tax charges are not exempted to follow statutory...
Order Passed In appeal U/S 35(2) Of Revenue Code Is Revisable Under Section 210: Allahabad High Court
The Allahabad High Court ruled that the order passed in appeal u/s 35(2) of Revenue Code is revisable under Section 210.
The court stated that...
Nature Of Social Welfare Expenditure Can’t Be Altered Merely For Having Its Presence In Settlement Memorandum: Bombay High Court
The Bombay High Court has held that merely because such expenditure finds a place in the Memorandum of Settlement, the nature and character of...
Interest Earned And Dividend Income From Co-Operative Societies/Banks To Be Taken Into Account While Granting Income Tax Deduction: ITAT
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench has held that interest earned and dividend income from these Co-operative Societies/Banks should be taken into...
Reassessment Notice To Be Issued By FAO And Not JAO: Bombay High Court
The Bombay High Court held that reassessment notice under Section 148 of the Income Act and it is only the Faceless Assessing Officer (FAO)...
Income Tax Addition Can Be Made Only On Proper Proof Of Bogus Purchases: Bombay High Court
The Bombay High Court has ruled that the income tax addition could be made only on the basis of proper proof of bogus purchases.
The...
No Income Earned On Funds Remitted In India Used For Subscription In Securities, Delhi High Court Quashes Reassessment Order
The Delhi High Court has quashed the reassessment order on the grounds that no income was earned on funds remitted in India used for...
Once Principal Grounds Of Reassessment Dropped, No Further Income Tax Additions Can Be Made: Delhi High Court
The Delhi High Court reiterated that once the principal grounds on which reassessment was proposed are dropped, no further income tax additions can be...
Delhi High Court Upholds ITAT’s Order Allowing Customs-Duty Adjustment On Import Of Watches
The Delhi High Court while dismissing the appeal of the income tax department upheld the order passed by the Income Tax Appellate Tribunal (ITAT)...
AO Can’t Interfere In The Method Selected For The Valuation Of Shares: Bangalore ITAT
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench ruled that the AO cannot interfere in the method selected for the valuation of the shares.
The...
LIFE Trust Stopping Coal Based Indian Thermal Power Plants And Coal Mine Projects Causing Irreparable Loss To India: ITAT Refuses To Stay Section 12A...
Author: Khushi J Prajapati
The ITAT has held the cancellation of the trust's registration under section 12A ruling that trust activities deviated from its stated...
ITAT Allows Loss On Account Of Error Trading Transaction To Morgan Stanley
In a major relief to Morgan Stanley India Company Ltd., the Income Tax Appellate Tribunal (ITAT), Mumbai Bench allowed loss on account of error...
ACJM Erred in Interpreting SC’s Order Granting Interim Anticipatory Bail to Accused under PMLA and Income Tax Act: Supreme Court
The Supreme Court held the Investigation Officer and the ACJM for gross derision to the order passed by the Court granting interim protection to...
Finance Bill 2024 At Enactment Stage: Know Key Points
Recently, Lok Sabha approved the Finance Bill 2024 by making significant amendments. The Finance (No. 2) Bill, 2024 was presented by the Union Finance...
Amendment To Finance Bill 2024: Scope Of UDI Extended To Include Incorrect Claim Of Exemption For Search Assessments
The Finance (No. 2) Bill, 2024 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 23 July 20241. While moving the Bill...
Amendment To Finance Bill 2024: Ambiguity On Applicability Of Erstwhile Reassessment Procedure
The Finance (No. 2) Bill, 2024 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 23 July 20241. While moving the Bill...
Amendment To Finance Bill 2024: Employer To Consider Entire Amount Of The TDS/TCS While Computing Taxes On Salary Income
The Finance (No. 2) Bill, 2024 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 23 July 20241. While moving the Bill...
Finance Bill, 2024 Passed By Lok Sabha: No Benefit Of Foreign Exchange Fluctuation For Non-Resident Taxpayers On Sale Of Unlisted Shares And Securities
The Finance (No. 2) Bill, 2024 was presented by the Union Finance Minister, Nirmala Sitharaman on 23 July 2024. While moving the Bill for...
Indexation Benefit Restored For Limited Purpose Of Computing Long Term Capital Gains Tax: Know The Details
The Finance (No. 2) Bill, 2024 was presented by the Union Finance Minister, Nirmala Sitharaman on 23 July 2024. While moving the Bill for...
SETTLEMENT CONSIDERATION TO EX-EMPLOYEE FOR RELINQUISHING RIGHTS TO EQUITY SHARES BE TAXED UNDER CAPITAL GAINS: DELHI HIGH COURT
Author: Khushi J Prajapati
The Delhi High Court ruled that the settlement consideration received by the assessee for relinquishing rights to sweat equity shares should...
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