Revision Order under Section 263 Upheld Based on Audit Objections Summary in Key Points: Issue: Whether the Principal Commissioner of Income-tax (PCIT) was justified in invoking revisional jurisdiction under Section 263 of the Income-tax Act, 1961, and setting aside the assessment order based on audit objections. Facts: The assessee’s assessment was completed, but later, audit… Read More »
Condonation of Short Delay in Filing Appeals before ITAT Summary in Key Points: Issue 1 (Condonation of Delay): Whether the delay in filing appeals before the Income Tax Appellate Tribunal (ITAT) can be condoned for the assessment years 2018-19, 2019-20, and 2020-21. Issue 2 (Validity of Reassessment): Whether the reassessment proceedings and orders passed for… Read More »
Reopening of Assessment for Cash Deposits – SLP Dismissed as the assessee intends to go back to the High Court to point out a factual error in the High Court’s judgment. Summary in Key Points: Issue: Whether a Special Leave Petition (SLP) challenging the High Court’s order upholding the reopening of an assessment should be… Read More »
Addition under Section 69A Deleted for Cash Found During Search, Considering Cumulative Circumstances and Family Savings Summary in Key Points: Issue: Whether the addition made by the Assessing Officer (AO) under Section 69A of the Income-tax Act, 1961 for unexplained cash found during a search is justified when the assessee provides an explanation for the… Read More »
Reopening of Assessment for Cash Deposits During Demonetization – Notice Quashed for Lack of Tangible Material Summary in Key Points: Issue: Whether the Assessing Officer (AO) was justified in reopening the assessment under Section 147 of the Income-tax Act, 1961, based on information about cash deposits made during demonetization, when the assessee had provided an… Read More »
7 IMPORTANT INCOME TAX CASE LAWS 28.01.2025 Sr No Case Law Title Brief Summary Citation Relevant Act 1 DCIT v. Rajoo Engineers Ltd. Section 56(2)(vii)(c) not applicable to amalgamation. Click here Section 56 Income Tax Act, 1961 2 Narsimha Trading Co. v. Income-tax Officer Reopening of Assessment for Cash Deposits During Demonetization – Notice Quashed… Read More »
Clarifications regarding applicability of GST on certain services Circular No. 245/02/2025-GST Circular No. 245/02/2025-GST F. No. CBIC-190354/2/2025-TO(TRU-II)-CBEC Government of India Ministry of Finance Department of Revenue (Tax Research Unit) North Block, New Delhi Dated the1 28th of January, 2025 To, The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners/ Commissioners of Central Tax (All) / The… Read More »
Circular No. 244/01/2025-GST F. No. CBIC-190354/2/2025-TO(TRU-II)-CBEC Government of India Ministry of Finance Department of Revenue (Tax Research Unit) North Block, New Delhi Dated the 28th of January, 2025 To, The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners/ Commissioners of Central Tax (All) / The Principal Director Generals/ Director Generals (All) Madam/Sir, Subject: Regularizing payment of… Read More »
11 IMPORTANT INCOME TAX CASE LAWS 27.01.2025 Sr No Case Law Title Brief Summary Citation Relevant Act 1 Patna Bakhtiyarpur Tollway Ltd. v. ACIT Assessee denied depreciation as it was not the owner of the asset. Disallowance of Depreciation on Toll Road Constructed on NHAI Land Click here Section 32 Income Tax Act, 1961 2… Read More »
Revision Order for Penalty under Section 270A Set Aside for Lack of Intimation under Section 143(1)(a) Summary in Key Points: Issue: Whether the Principal Commissioner of Income-tax (PCIT) can revise an order and direct the Assessing Officer (AO) to invoke penalty provisions under Section 270A(9)(e) of the Income-tax Act, 1961, when there has been no… Read More »