Reopening cannot be based on incorrect or non-existent facts: ITAT Hyderabad
Reopening cannot be based on incorrect or non-existent facts: ITAT Hyderabad The Indian Income Tax Act, 1961 provides a mechanism for the reopening of completed assessments under Section 147, where the Assessing Officer (AO) has “reason to believe” that any income chargeable to tax has escaped assessment. However, this power is not unbridled and… […]
ITAT Delhi allowed the commission paid to shareholder-directors under section 36(1)(ii)
ITAT Delhi allowed the commission paid to shareholder-directors under section 36(1)(ii) The Revenue filed an appeal before the Hon’ble Income Tax Appellate Tribunal (ITAT), New Delhi, against the order of the Ld. Commissioner of Income Tax (Appeals) [CIT(A)], challenging the allowability of commission paid by the assessee-company to its Directors. The commission was paid… […]
Failure of a 3rd party in not responding to the summons would not lead to draw an adverse inference before AO
Failure of a 3rd party in not responding to the summons would not lead to draw an adverse inference before AO ITAT Delhi recently has quashes Addition of Rs. 14.15 Cr on Alleged Grey Market Sales (on Declared Sales of Rs. 177 Cr) and Rs. 2.79 Cr on Bogus Purchases,as Revenue Fails to Substantiate… […]
Just Uploading on Portal is not equivalent to Service of Notice – Madras HC
Just Uploading on Portal is not equivalent to Service of Notice – Madras HC In a significant relief to numerous taxpayers under GST, the Madras High Court has once again stood as a guardian of justice – striking down ex parte GST assessment orders passed without proper notice or opportunity of hearing. The Hon’ble… […]
Just Uploading on Portal is not equivalent to Service of Notice – Madras HC
Just Uploading on Portal is not equivalent to Service of Notice – Madras HC In a significant relief to numerous taxpayers under GST, the Madras High Court has once again stood as a guardian of justice – striking down ex parte GST assessment orders passed without proper notice or opportunity of hearing. The Hon’ble… […]
Instructions to ease out GST Registration issued – Officers instructed to adhere to the guidelines
Instructions to ease out GST Registration issued – Officers instructed to adhere to the guidelines Tired of inconsistent document verification and unnecessary queries by GST officers at the time of GST Registration? The government has issued instructions which aim at streamlining the GST registration process, prevention of fraudulent registrations & nsuring genuine applications are… […]
Can a tax authority levy tax on an amount declared as an income by the assessee, even if that amount isn’t legally taxable?
Can a tax authority levy tax on an amount declared as an income by the assessee, even if that amount isn’t legally taxable? An issue before Hon’ble Pune ITAT was whether a tax authority levy tax on an amount declared as an income by the assessee, even if that amount isn’t legally taxable? The… […]
Pune ITAT allows the taxation of profit Element in Unrecorded Sales – Held that admission isn’t Always Final
Pune ITAT allows the taxation of profit Element in Unrecorded Sales – Held that admission isn’t Always Final The Pune ITAT, in Ashwin Rajendra Bade vs. ACIT [ITA No. 1892/PUN/2024], has reaffirmed a foundational principle-tax must be levied as per law, not merely on the basis of an assessee’s prior admission. This ruling brings… […]
Instructions to ease out GST Registration issued – Officers instructed to adhere to the guidelines
Instructions to ease out GST Registration issued – Officers instructed to adhere to the guidelines Tired of inconsistent document verification and unnecessary queries by GST officers at the time of GST Registration? The government has issued instructions which aim at streamlining the GST registration process, prevention of fraudulent registrations & nsuring genuine applications are… […]
Foundational requirement for processing a return under Section 143(1) is that such return must be valid as per the Act
Foundational requirement for processing a return under Section 143(1) is that such return must be valid as per the Act Bangalore Tribunal: Mysore District Judicial Employee Credit Co-operative Society Limited (ITA No 1271/Bang/2024) has held that the the intimation issued by CPC was without jurisdiction and void ab initio. Let us have a Short… […]
