HC Order Quashing Section 148 Reopening Upheld; SLP Dismissed: SC
ACIT Vs Adani Power Rajasthan Limited (Supreme Court of India) The proceedings originated from a notice dated 21 March 2021 issued under Section 148 of the Income Tax Act, 1961…
Liquor Trader Gets Relief as ITAT Reduces GP Rate to 3.13% & Deletes Separate Expense Disallowance
Navjeet Singh Bhatia Vs ITO (ITAT Raipur) Liquor Trader Gets Relief: ITAT Cuts GP Rate from 4% to 3.13%, Deletes Separate Expense Disallowance The Raipur ITAT granted substantial relief to…
Capital Gains, Business Income or a Special Regime?
Navraj Singh Cryptocurrency started in India as a “regulatory grey zone,” but taxation has made one thing unambiguous: the State will tax it—aggressively—whether you treat it as an investment, a…
ITAT Declines to Exercise Discretion
Muni Reddy Santosh Reddy Vs ITO (ITAT Bangalore) ITAT Bangalore Refuses to Condone Inordinate Delay; Appeals Dismissed for Non-Prosecution Despite Multiple Opportunities The Bangalore ‘B’ Bench of the ITAT, in…
ITAT Pune Restores Cash Deposit Case to AO
Sonu Goma Bhangale Vs ITO (ITAT Pune) Assessee, an individual, did not file return for AY 2010-11. Based on cash deposits of Rs.42,64,155/- in Godavari Laxmi Co-op Bank, notice u/s…
CA Association Requests Income Tax Deadline Extensions from FM
The Chartered Accountants Association of Jalandhar has submitted a representation to the Honorable Finance Minister, requesting extensions for several key tax compliance deadlines. The request is based on two primary…
Section 234B Interest Cannot Extend Beyond Self-assessment Tax Payment
Vimal Sureshbhai Mishra Vs Central Processing Unit (ITAT Ahmedabad) Brief Facts The assessee filed an updated return of income under section 139(8A) on 03.04.2023, declaring total income of ₹20,47,420. On…
Income Tax Refund cannot be denied for Minor Return Error: Gujarat HC
Ujala Dyeing And Printing Mills Private Limited Vs DCIT (Gujarat High Court) The Gujarat High Court addressed a case where Ujala Dyeing And Printing Mills Private Limited inadvertently made an…
Taxation System In India: Structure and Key Components
Taxes in India are levied by the Central Government and the State Governments by virtue of powers conferred to them from the Constitution of India. Some minor taxes are also levied by the local authorities such…
No disallowance u/s. 40(a)(ia) as reimbursement of expense considered as receipts and tax paid thereof
Crisil Limited Vs ACIT (ITAT Mumbai) ITAT Mumbai held that disallowance under section 40(a)(ia) of the Income Tax Act unjustified when reimbursement of expenses is considered as receipts in total…