No revision u/s 263 if assessment order is neither erroneous nor prejudicial to the interest of revenue
No revision u/s 263 if assessment order is neither erroneous nor prejudicial to the interest of revenue The case detail is as under: Case Citation: Panache Dealtrade Pvt. Limited vs. Principal Commissioner of Income Tax (Central), Kolkata Case No.: ITA No. 977/KOL/2024 Date of Decision: November 18, 2024 Court: ITAT Kolkata Let us have… […]
If a deceased person has been brought on record as legal heir then mentioning the PAN of the deceased person in the ‘Order’ will render the Order nullity.
If a deceased person has been brought on record as legal heir then mentioning the PAN of the deceased person in the ‘Order’ will render the Order nullity. The Hon’ble Delhi Tribunal in the case of Veena Rani [Legal Heir] v PCIT has rendered an interesting verdict regarding the mentinoning of the PAN of… […]
CBDT’s Circular granting the relief if there is a delay in filing of Form 10-IC or Form 10-ID to avail concessional tax regime (CTR) under Sections 115BAA and 115BAB
CBDT’s Circular granting the relief if there is a delay in filing of Form 10-IC or Form 10-ID to avail concessional tax regime (CTR) under Sections 115BAA and 115BAB CBDT has issued Circular No. 17/2024 which is a Crucial Update for India Tax Compliance. This circular grants relief if there is a delay in… […]
Whether assessments could be conducted against a merged entity/ non existent entity in light of the Religare case?
Whether assessments could be conducted against a merged entity/ non existent entity in light of the Religare case? Introduction: In the sphere of corporate restructuring, the interplay of tax law and corporate identity takes center stage. The recent Delhi High Court (Delhi HC) ruling in Religare Securities Limited v. Income Tax Officer (WP (C) 14061/2021)… […]
If a deceased person has been brought on record as legal heir then mentioning the PAN of the deceased person in the ‘Order’ will render the Order nullity.
If a deceased person has been brought on record as legal heir then mentioning the PAN of the deceased person in the ‘Order’ will render the Order nullity. The Hon’ble Delhi Tribunal in the case of Veena Rani [Legal Heir] v PCIT has rendered an interesting verdict regarding the mentinoning of the PAN of… […]
If conditions for reopening of the assessment under Section 153C is not satisfied, recourse to Section 147 is not precluded: Delhi HC
If conditions for reopening of the assessment under Section 153C is not satisfied, recourse to Section 147 is not precluded: Delhi HC Hon’ble Delhi HC holds that in the event the conditions for reopening of the assessment under Section 153C of the Act are not satisfied, recourse to Section 147 of the Act based… […]
Can ITC be availed on advances paid for goods or services?
Can ITC be availed on advances paid for goods or services? Here is an interesting case — L&T ITHI Consortium v/s UOI [2024-VIL-1219-BOM] – wherein petitioner being an unincorporated consortium of two entities was formed for the sole purpose of construction of a bridge. The consortium was issued with receipt vouchers from its constituents… […]
Joint Development Agreement under the spotlight of the Income Tax Department
Joint Development Agreement under the spotlight of the Income Tax Department In a significant move, the Central Board of Direct Taxes (CBDT) has directed investigation units across the country to gather and scrutinize data on JDAs from the financial years 2020-21, 2021-22, and 2022-23. This initiative targets cases where landowners received completion certificates (CCs)… […]
Penalty proceeding of a company in old Name – Minor errors in notices or proceedings do not invalidate the proceeding: Delhi HC
Penalty proceeding of a company in old Name – Minor errors in notices or proceedings do not invalidate the proceeding: Delhi HC Delhi High Court in the case of Adma Solutions Pvt. Ltd. (ITA 272/2019) has held that Minor errors in notices or proceedings do not invalidate the proceeding. It was dealing with the… […]
Invocation of section 263 is not justifiable if the same is the result of difference of opinion: ITAT Ahmedabad
Invocation of section 263 is not justifiable if the same is the result of difference of opinion: ITAT Ahmedabad ITAT Ahmedabad has rendered another interesting judgement on Section 147 r.w.s 144B, 263 of the Income Tax Act, 1961. It observed that the PCIT has overlooked all the evidence and has expressed a different view… […]
