AO Can’t Reopen Income Tax Assessment If PCIT Decides In Favour Of Assessee: Delhi High Court
Background ArgumentsRelevant ProvisionsConclusionCase DetailsThe Delhi High Court had held that once the Principal Commissioner Of Income Tax (PCIT) has decided in favour of the...
DRP Ought To Waited Till Disposal Of Rectification Application Before Passing Final Assessment Order: Karnataka High Court
BackgroundConclusionCase DetailsThe Karnataka High Court has held that the Dispute Resolution Panel (DRP) ought to have waited till disposal of the rectification application before...
Income Tax Reassessment | Karnataka High Court Quashes S. 148A Notice Prescribing 6 Days To Show Cause
BackgroundConclusionFAQsUnder which provision income tax reassessment can be initiated?What is the limitation for replying to income tax reassessment notice?Case DetailsThe Karnataka High Court has...
Supreme Court Disposed Of 573 Direct Tax Cases Where Tax Effect Is Less Than Rs. 5 Crore
Direct TaxIndirect TaxesConclusionThe Supreme Court today disposed off 573 direct tax cases where the tax effect is less than ₹5 crore, in view of...
Income Tax | Educational Trust Utilising Earnings For Educational Advancement Can’t Be Denied Section 12AA Registration: Punjab & Haryana High Court
BackgroundConclusionFAQsWhat is Section 12AA registration?Can educational institution be denied Section 12AA registration?Case DetailsThe Punjab & Haryana High Court has held that educational trust utilising...
BREAKING | 291 Cases Filed By Income Tax Dept. Where Tax Effect Is Less Than 5 Crores Listed Before Supreme Court Today
Meaning of ‘Tax Effect’Low Tax Effect: Monetary Limits Set For Filing Appeals Today, 291 cases were filed by the income tax dept. where the tax...
Section 80-I Deduction Benefit Available Upon Conversion Of Proprietorship Concern To Private Limited Company: Punjab & Haryana High Court
The Punjab and Haryana High Court has held that deduction section 80-I under Income Tax Act benefit available upon conversion of proprietorship concern to...
‘Leave And Licence’ Or ‘Rental Agreement’ Doesn’t Change Colour Of Receipts; Delhi High Court Direct AO To Tax Rental Income Under ‘Income From House...
The Delhi High Court while upholding the ruling of the Income Tax Appellate Tribunal (ITAT) has directed the Assessing Officer (AO) to tax rental...
Direct Tax Weekly Flashback: 15 To 21 September 2024
Supreme Court Payment Received For Providing Access To Computer Software To Member Firms Not Taxable As ‘royalty’ : Supreme Court Dismisses Income Tax Dept. SLPCase...
Employee Or His Legal Heirs Can’t Be Held Liable For TDS Non-Deposit: Delhi High Court
The Delhi High Court has held that the employee or his legal heirs cannot be held liable for the non-deposit of TDS.The bench of...
TOLA Doesn’t Alter Structure For Income Tax Reassessment Approval; Delhi High Court Quashes Notices For 4 Years Old AY
The Delhi High Court has held that the Taxation and Other Laws (Relaxation & Amendment of Certain Provisions) Act, 2020 (TOLA) does not alter...
Bombay High Court Allows Income Tax Deduction To IDBI Bank On Bad And Doubtful Debts
The Bombay High Court has allowed income tax deduction to Industrial Development Bank of India (IDBI Bank) on bad and doubtful debts.The bench of...
Direct Tax Vivad Se Vishwas Scheme, 2024 To Be Effective From October 2024: CBDT
The Central Board of Direct Taxes (CBDT) has notified the Direct Tax Vivad Se Vishwas Scheme, 2024 which will be effective from 1 October,...
Income Tax Dept. Empowered To Seek Interim Custody Of Currency Notes Seized: Kerala High Court
The Kerala High Court has held that the income tax department is empowered to seek interim custody of currency notes seized.The bench of Justice...
PE Is An Independent Taxable Entity, Affirms Delhi High Court
The Delhi High Court has held that a Permanent Establishment (PE) is conceived to be an independent taxable entity and cannot possibly be doubted...
Madras High Court Condones Delay In Filing Appeal Subject To Depositing Of Rs. 1000 In Advocate Clerks Welfare Association
The Madras High Court has condoned the delay in filing appeal subject to depositing of Rs. 1000 in Advocate Clerks Welfare Association.The bench of...
Income Tax Chargeable On Trusteeship Relinquishment Compensation; Supreme Court Affirms
The Supreme Court while upholding the Kerala High Court ruling held that the income tax is chargeable on the compensation received for trusteeship relinquishment.The...
CBDT Notifies Enhancement of Monetary Limits For Filing Appeals By Income Tax Dept. Before ITAT, High Courts and Supreme Court
The Central Board of Direct Taxes (CBDT) has notified the enhancement of Monetary limits for filing of appeals by the Department before Income Tax...
Income Tax Addition Can’t Be Made On Mere Admission Of Assessee Without Any Corroborative Evidence: Rajasthan High Court
The Rajasthan High Court has held that income tax addition cannot be made on mere admission of assessee without any corroborative evidence.The division bench...
Kerala High Court Upholds Income Tax Disallowance On Revenue Expenditure Incurred By Broker On IPO
The Kerala High Court has upheld the income tax disallowance on revenue expenditure incurred by brokers on Initial Public Offer (IPO). The bench of Justice...
Category