Option once exercised by filing of Form 10IC, it remains valid for subsequent assessment years: No need to file it every year: ITAT Delhi
Option once exercised by filing of Form 10IC, it remains valid for subsequent assessment years: No need to file it every year: ITAT Delhi ITAT Delhi in the case of Indo British Garments Pvt. Ltd. v. DCIT (ITA No 2400/Del/2024) was concerned with the denial of benefits under section 115BAA. The primary issue was… […]
Validity of notice issued U/s 148A(b) to deceased person and subsequent notices to the Legal heir
Validity of notice issued U/s 148A(b) to deceased person and subsequent notices to the Legal heir Case Details: Supreme Court – Ghanyashyam Anil Dhanani v. The Income Tax Officer Ward 17(1)(1), Mumbai & Anr. (SLP 28039 of 2023): Validity of initial notice: The appellant challenged the validity of the initial notice dated May 24, 2022,… […]
Issuance of notice by the wrong officer will invalidate the assessment proceeding
Issuance of notice by the wrong officer will invalidate the assessment proceeding There are various cases wherein the notice is issued by the ITO whereas the jurisdiction was with the ACIT or DCIT. The question arises whether Issuance of notice by the wrong officer will invalidate the assessment proceeding or it is curable? In… […]
Without any evidence to doubt the genuineness, the resultant capital loss cannot be disallowed: ITAT Mumbai
Without any evidence to doubt the genuineness, the resultant capital loss cannot be disallowed: ITAT Mumbai If the assessee arranges her affairs within the legal framework and through legitimate means to reduce its tax liability, the Assessing Officer cannot prevent her from doing so. When there is no evidence on record to doubt the… […]
Actual turnover of Kaccha Aarahtias (commission agents) is the commission charged and not the total sale proceeds on behalf of their principals: TDS credit allowed by ITAT Visakhapatnam
Actual turnover of Kaccha Aarahtias (commission agents) is the commission charged and not the total sale proceeds on behalf of their principals: TDS credit allowed by ITAT Visakhapatnam The Visakhapatnam bench of the ITAT recently delivered a landmark judgment in favor of the assessee, Subba Reddy Maraeddy, a commission agent operating under the name… […]
Audit Memo do not fall within the ambit of the term “information” as provided in Explanation 1 to Section 148 of the Act w.r.t Finance Act 2021
Audit Memo do not fall within the ambit of the term “information” as provided in Explanation 1 to Section 148 of the Act w.r.t Finance Act 2021 Case Specifically related to Finance Act 2021. Can AO reopen the case on the basis of Information received from Internal Audit memo? Whether the internal audit memo can… […]
Penalty cannot be imposed on disallowance of 80P claim which is highly debatable
Penalty cannot be imposed on disallowance of 80P claim which is highly debatable The copy of the Appellate is as under: The post Penalty cannot be imposed on disallowance of 80P claim which is highly debatable appeared first on The Tax Talk.
Newly notified Section 16(5) opens the door for revisiting denied ITC claims for specific periods – Kerala HC Ruling
Newly notified Section 16(5) opens the door for revisiting denied ITC claims for specific periods – Kerala HC Ruling Kerala High Court’s Significant Direction on Input Tax Credit (ITC) which can be considered as a landmark Ruling. The Kerala High Court has issued a noteworthy direction in a case involving the denial of Input… […]
Since Appellant acted in a bona fide manner and made necessary adjustments by the end of the financial year, there is no liability of interest under section 201(1A): ITAT Mumbai
Since Appellant acted in a bona fide manner and made necessary adjustments by the end of the financial year, there is no liability of interest under section 201(1A): ITAT Mumbai Mumbai Tribunal in the case of GE Shipping ITA 2771/Mum/2024 has held that since Appellant acted in a bona fide manner and made necessary… […]
Penny stock addition deleted by ITAT Mumbai as no role has been attributed and/or established qua rigging of the shares
Penny stock addition deleted by ITAT Mumbai as no role has been attributed and/or established qua rigging of the shares Recently, Hon’ble Mumbai ITAT in case of Shri Mahaveer Kanwarlal Ranka in ITA No.224/M/2024 dated 29.11.2024 has deleted the LTCG Addition on penny stock by observing that no role of Assessee has been attributed… […]
