ITAT Delhi Sets Aside Reassessment over Missing Section 143(2) Notice
ITAT Delhi Sets Aside Reassessment over Missing Section 143(2) Notice Recently, ITAT Delhi Sets Aside Reassessment Over Missing Section 143(2) Notice by holding that Procedural Lapse is fatal Even Without Objection During Assessment proceeding by the Assessee. Let us have a Short Overview of the case: In the case of Shri Raj Kumar vs…. […]
Remuneration and interest of a partner from partnership firm not covered U/s 44AD: Madras HC
Remuneration and interest of a partner from partnership firm not covered U/s 44AD: Madras HC Remuneration and interest received by an individual partner from a partnership firm can not be subjected to the presumptive taxation Under Section 44AD. This is held recently by the Madras High Court. The copy of the judgment is as… […]
An incorrect assumption of facts makes the entire reopening process legally untenable: ITAT Deharaudun
An incorrect assumption of facts makes the entire reopening process legally untenable: ITAT Deharaudun ITAT Dehradun in the case of Regalia Jewels Pvt. Ltd. vs. DCIT/ACIT, Central Circle, Dehradun [ITA No. 23/DDN/2024 | Assessment Year: 2015–16 | Order dated: 09.04.2025 | ITAT Dehradun Bench (SMC)],was concerned with the issue of Bogus Purchase. In this… […]
A Short overview of the laws related to ITC under GST
A Short overview of the laws related to ITC under GST 1. Input Tax Credit Under GST ITC is a key feature of the Goods and Services Tax system that allows businesses to offset the tax paid on inputs, input services, and capital goods against their output tax liability. 2. Eligibility for Claiming ITC To… […]
ITAT directed CIT (E) for giving Permanent Registration as procedural non-compliance with state law doesn’t automatically imply non-genuineness of charitable activity.
ITAT directed CIT (E) for giving Permanent Registration as procedural non-compliance with state law doesn’t automatically imply non-genuineness of charitable activity. There are various cases in the recent years where the permanent registration application of the charitable trust is rejected for the reason that the trust has accepted the loans without permission from charity commissioner… […]
Costlier Watch, Home Theatre, Sunglasses, etc now liable for TCS
Costlier Watch, Home Theatre, Sunglasses, etc now liable for TCS CBDT notifies the following goods of the value exceeding 10 lakh rupees for collection of TCS. TCS Rate: 1%, Effective Date: 22/04/2025 Any seller receiving over ₹10 lakh for the following goods must collect 1% TCS from the buyer at the time of payment…. […]
Power under section 245(2) to withhold refunds: An Overview
Power under section 245(2) to withhold refunds: An Overview Introduction: Introduced by the Finance Act, 2023, this sub section specifically empowers the Principal Commissioner or Commissioner to withhold the refund (fully or partly) in cases where: Assessment/reassessment proceedings are pending, and Granting the refund is likely to adversely affect the revenue. Key Features of… […]
GST not includible in Gross Receipts for Income Computation U/S 44BB: ITAT Mumbai
GST not includible in Gross Receipts for Income Computation U/S 44BB: ITAT Mumbai Oceaneering International GMBH Vs DCIT (International Taxation) (ITAT Mumbai) (te 2 ITA no. 4670/MUM/2023) Facts: 1. The assessee, a non-resident company registered in Switzerland, is engaged in the business of providing equipment and service for use in oil and gas drilling… […]
Form 10AB with condonation option now available on e-filing portal
Form 10AB with condonation option now available on e-filing portal 1. Introduction: The Income Tax Department has enabled the filing of Form 10AB condonation requests on the e-filing portal. 2. Finance Act 2024: This update follows the amendments introduced in the Finance Act (No. 2), 2024, and pertains specifically to Section 12A(1)(ac) of the Income Tax Act. 3. Background:… […]
Reason to believe for Reassessment: AO must exercise discretion independently and not under the dictates of other authorities.
Reason to believe for Reassessment: AO must exercise discretion independently and not under the dictates of other authorities. Bombay High Court: Agfa India Pvt. Ltd. (ITA No 1857/ 2018) The High Court upheld the ITAT’s decision, noting that the AO had acted under the directions of superior officers without independent application of mind, and… […]
