Recovery of Tax Stayed Upon Deposit of 20% ; Reassessment Proceedings Challenged Issue: Whether the recovery of tax under reassessment proceedings can be stayed, and under what conditions, when the assessee challenges the validity of the reassessment notices and the assessment procedure. Facts: The assessee filed multiple writ petitions challenging reassessment notices for various assessment… Read More »
Faceless Reassessment : NaFAC’s jurisdiction starts from issuing notice under Section 142(1) or 143(2). Key Issues and Decisions: I. Jurisdiction of NaFAC in Faceless Reassessment: Issue: Whether the National Faceless Assessment Centre (NaFAC) has jurisdiction in reassessment cases from the initial stage of issuing notices under Section 148. Decision: The court held that NaFAC’s jurisdiction… Read More »
Section 194N TDS on Cash Withdrawal New rules for FY 2025-26 Section 194N TDS on Cash Withdrawal covering its provisions with examples: Section 194N: TDS on Cash Withdrawals Section 194N of the Income Tax Act addresses the Tax Deducted at Source (TDS) on cash withdrawals exceeding specified limits. This section aims to discourage large cash… Read More »