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… […]
Amount received by illegal occupant is tax free?
Amount received by illegal occupant is tax free? Recently, ITAT Mumbai in the case of Mohammed Fakhre Alam Shaikh -against an order passed by CIT(A)-52, Mumbai, for AY 2016-17, has held that compensation for Nuisance is Non-Taxable Capital Receipt. Let us have a Short Overview of the case: The assessee challenged the addition of… […]
No Addition u/s 153A without incriminating material found during search – Statements of third parties not sufficient: ITAT Delhi
No Addition u/s 153A without incriminating material found during search – Statements of third parties not sufficient: ITAT Delhi Gulshan Investment Pvt. Ltd & others Vs JCIT (ITA No.3872/Del/2024) Facts: 1. The core dispute involves additions made by the AO u/s 153A of the Income Tax Act, following a search & seizure operation u/s… […]
Tax Payment Postponed, ₹30 Lakh Earned — All Thanks to a Smartly Timed Sale
Tax Payment Postponed, ₹30 Lakh Earned — All Thanks to a Smartly Timed Sale Query 1: When Your Agricultural Land Is Urban – No exemption: I have a query with regard to capital gain taxation on sale of an urban agricultural land situated within the city limit. The detail of the same is as under:… […]
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 dismissed… […]
Re-assessment is valid if the AO independently verifies information and forms a reasoned belief of income escaping assessment.
Re-assessment is valid if the AO independently verifies information and forms a reasoned belief of income escaping assessment. In a significant ruling, the Delhi High Court in the case of Ganesh Ganga Insvestments Pvt Ltd [TS-292-HC-2025(DEL)] upheld the validity of reassessment proceedings initiated by the Income Tax Department against the assessee, emphasizing that the… […]
Assessment order passed on a non-existent entity due to amalgamation is invalid considering the applicability of Section 170(2) of the Income Tax Act
Assessment order passed on a non-existent entity due to amalgamation is invalid considering the applicability of Section 170(2) of the Income Tax Act ITAT Delhi in the case of Erstwhile United Bank of India (Now Punjab National Bank) v. DCIT, Circle-19(1), Delhi, ITA No. 2711/DEL/2024, Date of Decision: 26 March 2025 has held that… […]
Non filing of MSME-1 by Companies may attract penalty up to Rs. 3 Lakh
Non filing of MSME-1 by Companies may attract penalty up to Rs. 3 Lakh For all companies in India dealing with Micro and Small Enterprise (registered under the MSME Act, 2006) suppliers, it’s crucial to remember the Form MSME-1 requirement introduced by the Ministry of Corporate Affairs (MCA). Purpose of introducing MSME-1: This form… […]
Courts, Sub-Registrars must report if they come across cash transactions over Rs. 2 Lakhs to Income Tax Department: Supreme Court
Courts, Sub-Registrars must report if they come across cash transactions over Rs. 2 Lakhs to Income Tax Department: Supreme Court The Correspondence, RBANMS Educational Institution vs. B. Gunashekar & Another, Civil Appeal No. 5200 of 2025 Facts: 1. The case stemmed from a civil suit filed by B. Gunashekar and another against RBANMS Educational… […]
No notice u/s 143(2) issued by the AO – ITAT Quashed Assessment as Jurisdiction
No notice u/s 143(2) issued by the AO – ITAT Quashed Assessment as Jurisdiction Kolkata ITAT held that “……..Therefore, in our opinion, the issuance of notice u/s 143(2) of the Act was mandatory for the ld. AO to assume jurisdiction under the Act and framed the assessment accordingly. It was also pertinent to state… […]
