Whether “leaving India for the purpose of employment” includes person who left India for search of Employment?
Whether “leaving India for the purpose of employment” includes person who left India for search of Employment? Meaning of Explanation 1(a) to Section 6(1) “leaving India for the purpose of employment” is always a matter of interpretation for taxpayers leaving India in search of Job Abroad. The Hon’ble Tribunal has held that where the… […]
Bombay HC quashed Assessment order u/s 143(3) for not allowing the personal hearing in spite of specific request by assessee:
Bombay HC quashed Assessment order u/s 143(3) for not allowing the personal hearing in spite of specific request by assessee: Recently, Bombay HC in the case of Vimal Trading (Firm) vs National Faceless Assessment Centre. (Bombay HC) Writ Petition No. 12317 Of 2022- Order Dated 27-2-2025 AY 2020-21, has quashed Assessment order u/s 143(3)… […]
Delhi HC on Section 153C: Statutory scheme does not mandate or envisage the discovery of a connect or interrelationship between the searched and the non-searched entity
Delhi HC on Section 153C: Statutory scheme does not mandate or envisage the discovery of a connect or interrelationship between the searched and the non-searched entity Delhi HC in a recent judgment while dismissing the writ petitions filed by the assessee has held that the submission on behalf of the assessee that action under… […]
Invalid notice leads to an invalid Assessment even if the correct AO passes the assessment order.
Invalid notice leads to an invalid Assessment even if the correct AO passes the assessment order. The Kolkata Tribunal in a recent decision has held that for an assessment order to be valid, a notice under Section 143(2) must be issued by the correct Assessing Officer. Suppose an Assessing Officer who does not have jurisdiction over the assessee, issues… […]
Condonation of inordinate delay -Not without sufficient Cause: ITAT
Condonation of inordinate delay -Not without sufficient Cause: ITAT Here is an interesting case before ITAT Hyderabad in Papaiah Pulipati vs. ITO (ITA Nos. 1243 & 1200/Hyd/2024, Dated 24.02.2025) wherein the delay condonation was rejected. Let us have a Short Overview of the case: The assessee, Papaiah Pulipati, filed appeals before the Commissioner of Income… […]
Harvesting the Loss as a Tool of Tax Planning
Harvesting the Loss as a Tool of Tax Planning The Indian stock market has been experiencing a downturn, leading to negative portfolios for many investors. Tax harvesting can help mitigate some of these losses. Its a great strategy to optimize tax liabilities, especially during market volatility. Here’s a simplified explanation of tax harvesting: 1…. […]
Reopening can be done based on audit opinion even if query was raised during assessment proceedings: Bombay HC
Reopening can be done based on audit opinion even if query was raised during assessment proceedings: Bombay HC Bombay High Court in the case of Sanjay Patel WP 31458/2024 has held that reopening can be done based on audit opinion even if query was raised during assessment proceedings. Let us have a Short Overview of the… […]
For invoking section 41(1), there must be an allowance or deduction claimed by the assessee in the past concerning a trading liability, which is subsequently remitted or ceased.
For invoking section 41(1), there must be an allowance or deduction claimed by the assessee in the past concerning a trading liability, which is subsequently remitted or ceased. In the case of Income Tax Officer Ward-2(1), Nagpur v. N. Kumar Housing and Infrastructure Pvt. Ltd., ITA No. 481/Nag/2024, dated February 25, 2025, the Income… […]
Neither Section 41(1) nor Section 68 applied to the lease deposits and booking Advances: ITAT
Neither Section 41(1) nor Section 68 applied to the lease deposits and booking Advances: ITAT The ITAT upheld the Commissioner of Income Tax (Appeals)’s decision to delete the addition of ₹5.20 crore, concluding that neither Section 41(1) nor Section 68 applied to the lease deposits and booking advances in question. While considering the case, ITAT… […]
Income Tax Department cannot indefinitely keep the properties attached: Delhi HC
Income Tax Department cannot indefinitely keep the properties attached: Delhi HC Fasttrack Tieup Pvt. Ltd. Versus UOI Case No.: W.P.(C) 15237/2023 and CM APPLs.60975/2023, 17044/2024 Facts: 1. Summit Aviation Pvt. Ltd. had availed financial assistance from Punjab National Bank (PNB) in 2008 for purchasing helicopters. 2. A hypothecation agreement was executed on 12.05.2008, wherein three… […]
