Mere Use Of Expression ‘Yes, I Am Satisfied’ By PCIT Not A Valid Approval Under Section 151 Of Income Tax Act: Delhi High Court
The Delhi High Court has held that mere use of the expression ‘yes, i am satisfied’ by the Principal Commissioner of Income Tax (PCIT)...
AO Can’t Consider Claim Of Time Barred Income Tax Revised Return: Supreme Court
The Supreme Court has held that the assessing officer (AO) had no jurisdiction to consider the claim made by the assessee in the revised...
Supreme Court Remands Back Matter To AO To Determine Purpose For Which Short Term FD Accounts Were Opened, Nature Of Income
The Supreme Court has remanded the matter to AO to determine the purpose for which short term Fixed Deposit (FD) accounts were opened, and...
CBDT Increases Tax Refund Limit Jurisdiction For Condonation Of Delay In Filing ITR
Now it has become more easier to claim income tax refund in cases of filing of belated ITR. The Central Board of Direct Taxes...
TOLA Will Apply To Income Tax Act After 1 April 2021, Rules Supreme Court: Know Key Observations
The Supreme Court has held that the Taxation and Other Laws (Relaxation & Amendment of Certain Provisions) Act, 2020 (TOLA) will continue to apply...
BREAKING | Income Tax Dept’s Big Win | TOLA Applicable To Income Tax Act Beyond Specified Date, Rules Supreme Court
In a major relief to the Income Tax Department, the Supreme Court has ruled that Taxation and Other Laws (Relaxation & Amendment of Certain...
Direct Tax Vivad se Vishwas 2024: All You Need To Know
The Central Board of Direct Taxes (CBDT) in pursuance of the announcement in Union Budget 2024-25 by Union Minister for Finance and Corporate Affairs...
Mere Existence Of Chapel In Nuns’ Residence Can’t Make Building Itself Place Intended For “Public Worship”, Property Tax Applicable: Kerala High Court
The Kerala High Court while upholding the property tax liability held that mere existence of a chapel in nuns’ residence cannot make the building...
TDS Rate Changes Effective October 1, 2024
Section 194DA – TDS Rate Changes on Life Insurance Policy PayoutsSection 194A – TDS Rate Changes on Interest from Mutual Funds and Unit Trust...
Depreciation Can Only Be Set Off Against ‘Profits Or Gains’ And Not Against ‘Income From Any Other Sources’: Kerala High Court
BackgroundRelevant ProvisionsConclusionFAQsDepreciation Can Only Be Set Off Against what sources?The Kerala High Court has held that depreciation can only be set off against ‘profits...
Signing Of Assessment Order Is An Integral Part Of Order Generation In E-Assessment: ITAT
BackgroundSubmissions ConclusionWhat Is An Integral Part Of Order Generation In E-Assessment?The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the signing...
No Depreciation On Toll Roads Is Allowable: ITAT
BackgroundConclusion - Depreciation On Toll RoadsFAQsOn which assets depreciation is not allowed?Is depreciation on toll roads allowable as per Income Tax Act?Case Law on...
NFAC | Failure Of Assessee To Submit Documents Sought: Madras High Court Upholds Reassessment
BackgroundArgument By NFAC Income TaxConclusionFAQsWhat is the full form of NFAC Income Tax?Case DetailsThe Madras High Court while upholding the income tax reassessment held...
Technological Impediment Can’t Harass Assessee Year After Year, CBDT To Take Steps: Supreme Court
BackgroundConclusion - Technological Impediment Can’t Harass AssesseeFAQsCan Technological Impediment hasrass assessee under Income Tax Act?What directions Supreme Court gave to CBDT to remove Technological...
Tax audit due date extension notification: CBDT Extends 7 Days Time For Filing Of Audit Reports For AY 2024-25
Applicability Of Extension For Filing Audit Reports FAQsIs there any Tax audit due date extension notification?Circular DetailsThe Central Board of Direct Taxes (CBDT) issued Tax audit due date extension...
Credit Card Issued By Foreign Branches But Used In India; No Income Tax On Credit Card Fee: Delhi High Court
BackgroundConclusion - No Income Tax on Credit Card FeeFAQsIs Income Tax on Credit Card Fee payable?Case DetailsThe Delhi High Court has held that the...
DIRECT TAX WEEKLY FLASHBACK: 22 TO 28 SEPTEMBER 2024
Supreme Court - DIRECT TAX WEEKLY FLASHBACKDelhi High Court Bombay High Court - DIRECT TAX WEEKLY FLASHBACKKarnataka High Court Punjab & Haryana High CourtSupreme Court...
S. 264 Revisionary Power Bridges Vacuum To Remedy Bona Fide Mistake: Bombay High Court
Background Arguments - Section 264 Revisionary Power Conclusion FAQsWhat is section 264 under the Income Tax Act?Case DetailsThe Bombay High Court has held that...
Supreme Court’s Decision in Abhisar Buildwell Case Not Carte Blanche Enabling Dept. To Overcome Restrictions For Reopening Assessment: Delhi High Court
BackgroundConclusionFAQsCan Income Tax Dept. Quote Supreme Court’s Decision in Abhisar Buildwell Case to overcome restrictions for reopening assessment?What are the restrictions for reopening assessment?Case...
Delhi High Court Quashes Income Tax Reassessment Action On Ground Of Amalgamated Entity Having Never Been Placed On Notice
Background ConclusionFAQsCan income tax reassessment action taken against Amalgamated Entity?Is reassessment order sustainable without notice?Case DetailsThe Delhi High Court has quashed reassessment action initiated by the...
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