Latest income tax case laws. Taxable amount of purchase of Rs.

Latest income tax case laws. Citation : 2024 LiveLaw (SC) 55.

Latest income tax case laws 2, during the personal hearing, directed the Petitioner to submit the proper authorization of the authorized signatory, which, in fact, was Dec 30, 2023 · Top 5 Income Tax Rulings of February 2025 Advisory on taxation for startups, AIFs and IFSCs Recent 5 Income Tax Judgments: International Taxation & Capital Gain & other issues Tax planning strategies: Insights from India’s Finance Act 2023 Trust Taxation: Recent Case Laws and Advisory Insights View More Published Posts. Commissioner of Income Tax v. Supreme Court concluded its 2020-2021 term, with two final decisions announced on July 1, 2021. Jul 14, 2022 · Income Tax Case Laws. About half of federal revenue comes from individual income taxes, while less than 10 percent comes from corporate income taxes. Crypto's New Tax Era: What The Income Tax Bill, 2025 Means for Cryptos and Digital Assets most reliable online source for research on Compute Income Tax IT Rates - Ready Reckoner; Income Tax Case Laws. ), the Hon'ble jurisdictional High Court has held that the basic principle is the same in law relating to income-tax as well as in civil law, namely, if there is no challenge to the transaction represented by the entries, then it is 24 ITA No. This case focus on validity of income tax assessment made solely based totally on external customs reports, inclusive of those from the Directorate of Revenue Intelligence (DRI), without carrying out impartial investigations. M. 50,000/- to Rs. This decision affects 90,000 notices of reassessment issued during the pandemic when both old and new laws overlapped, causing widespread disputes and legal actions. CIT Oct 3, 2024 · The Supreme Court has ruled in favor of the tax department, stating that after April 1, 2021, the Income Tax Act must be read with its new provisions. 2656/Del. Latest Income Tax Judgements. Receipts and Accruals Tax Court Cases; Case Law; CSARS v Cape Consumers (Pty) Ltd (1999 (4) SA 1213) (61 SATC 91) CIR v Datakor Engineering (Pty) Ltd [1998] (60 SATC 503) Apr 9, 2024 · Case Title: M/S Mangalam Publications, Kottayam V. DATE ISSUED Section 111 and Section 111D Income Tax Act 1967, Section 11 Civil Law Act 1956. M/s New Noble Educational Society Vs. Supplier has not been cross examined by the Assessee. All Acts & Rules; Chapter V - Finance Act, 1994; All Mar 20, 2020 · Understanding Allowability of Business Expenditure under section 37 of the Income Tax Act, 1961 with latest case laws. The Hon’ble Karnataka High Court in the case of CIT v. Following an examination of the bank account, the Assessing Officer (A. 1185/Del. TOLA will continue to apply to the Income Tax Act after 01 April, 2021, if any action or proceeding specified under the substituted provisions of the Income Tax Act falls for completion between 20-03-2020 and 31-03-2021. JAIN, JUDICIAL MEMBER ITA NO. 4 days ago · Tax Guru is a reliable source for latest Income Tax, GST & Company Law Related Information, providing Solution to CA, CS, CMA, Advocate, MBA & Taxpayers May 5, 2023 · J. 10 crores from a Supplier disallowed u/s 37 as the said Suplier has denied the sale transactions with assessee. While deciding the question as to whether reopening of a concluded Oct 31, 2022 · Assistant Commissioner of Income Tax (Exemptions) v. Mar 17, 2021 · Karan Khurana , Delhi vs Ito, Ward- 48(2), New Delhi on 17 March, 2021 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES "C" : DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI B. 37. Relief to Adani Power: SC dismisses SLP filed by Income Tax Dept ASSISTANT COMMISSIONER OF INCOME TAX vs ADANI POWER MAHARASHTRA LIMITED– 2023 TAXSCAN (SC) 334 Oct 3, 2024 · The Supreme Court has delivered its verdict in the case of Union of India and Ors vs Rajeev Bansal regarding income tax reassessments under Section 148. 1 under section 270 AA (4) of the Income Tax Act, 1961 rejecting the application filed by the Petitioner seeking immunity from imposition of penalty under section 270A of the Act for the Assessment Year 2018-19. Jun 1, 2022 · Looking at the situation, a relaxation act was enacted by the Legislature. 12 Cr under Section 35(2AB) for R&D facility which was subjected to assessment wherein the said claim was allowed, PCIT initiated proceedings under Income Tax | Case Laws. 44AB of the Act. PANDA, ACCOUNTANT MEMBER ITA. Minto Road, New Delhi Jan 13, 2025 · new income tax notices to property buyers; new rules for income tax refund ay 2025-26; new change in gstr 3b & gstr 1 from april 2025 1; advisory on table-12 of gstr-1 or gstr-1a; advisory on reporting values in table 3. 56 : Income from other sources-Re development-Alternative accommodation of New flat of bigger size allotted from the builder in extinguishment of the old flat as per the redevelopment agreement -Cannot be assessed under section 56(2)(x) of the Act-A the most the said transaction may attract capital gains in which case the The Supreme Court condoned delay in special leave petition ( SLP ) filed by Income Tax Department in the matter regarding a challenge on disallowance under Section 14A of the Income Tax Act, 1961 to be restricted to exempt income earned. Sep 23, 2024 · The case is of penalty under Section 270A of the Income Tax Act1961 for underreporting of income due to indexed development expenditure having been disallowed by the assessees. - Notification No. 04. 120. Ahmedabad Urban Development Authority [Civil Appeal No. Deputy Commissioner of Income Tax: 20/03/25: M/s. V Assistant Commissioner of Income-tax, The Assessing Officer was not justified in reopening of the Re-assessment Proceedings u/s 148 as it stood prior to the Finance Act, 2021 w. Mansukh Dyeing and Dec 29, 2022 · Accordingly, after 01 April, 2021, the Income Tax Act has to be read along with the substituted provisions. Taxable amount of purchase of Rs. and is there any necessity to show whether this system started before 30. Our Clear Library provides all the necessary direct and indirect tax-related data. Law: Income-Tax Act: Section(s): Section 2(24) , 36(1)(va), 43B of Income-tax Act,1961 : Counsel(s Bogus Purchase and Bogus Creditor Assessment on Assessee made u/s 143(3) for the Asst Year 2021-22. S. The OIR now made a decisive shift in the proceedings. Section 37 of the Income tax Act, 1961 is a residuary section for allowability of business expenditure and the same is given below: “37. VEERABHADRAPPA, HON'BLE PRESIDENT AND SHRI A. Swamy v. K. Facts of the Case: Oct 4, 2024 · Union of India & Ors. 16. Facts: Assessee filed return of income of Rs. 270A : Penalty for under-Reporting and misreporting of income-Immunity from imposition-Furnished all details of transactions-Disallowance cannot be considered misreporting-In absence of details as to which limb of section 270A was attracted and how ingredient of sub-section (9) of Brief facts of the case are that, the assessee-company, engaged in the business of infrastructure development & leasing out of commercial spaces, e-filed its return of income, declaring a total income of Rs. Sep 9, 2024 · 4. Sep 30, 2024 · He further relied on relevant case laws on this issue in particular Duraiswamy Kumaraswamy v. /2021 Assessment Year 2017-2018 Mr. Oct 14, 2022 · This judgement thus sets at rest, the entire controversy ,though it will now lead to several cases of revision, reassessment as probably there will be notices u/s 148 /263 in respect of already concluded assessments. Harminder Kaur, Vs. Deal News; Bombay High Court Slaps ₹25K Costs On Industrialist Dec 14, 2024 · The reassessment process under the Income Tax Act allows tax authorities to reopen past assessments if income has escaped assessment. 182 Sale of Goods Act (III of 1930), Ss. /its officials for violating notice issued by the Income Tax Vaibhav Goel Vs. Apr 8, 2022 · High Court of Delhi was dealing with the petition filed challenging the impugned order dated 9 th March, 2022 passed by Respondent No. May 9, 2022 · 4. Hon. Mar 1, 2025 · Get Latest News, Breaking News about Income Tax Act. During this term, some important tax decisions were handed down. Section 80-IA of the Income-tax Act, 1961 – Deductions – Profits and gains from infrastructure undertaking III. Vs Rajeev Bansal (Supreme Court of India) In Union of India & Ors. Section 145, read with section 37(1), of the Income-tax Act, 1961 – Method of accounting – Rejection of accounts IV. Search Income Tax, Direct Tax, Case Laws, Judgment, Acts, Rules, Articles, Queries, Forms, IT Returns, Section, Statutes , Circular, Press Release, Notifications Know more about Direct Tax case laws here. GST Realtime GST news and analysis of rulings from various authorities like NAA, AARs, High Courts, Supreme Court, etc along with detailed coverage of GST council meetings. Introduction: – Various High Courts had quashed reassessment notices issued u/s 148 of the act, on the ground that the same are bad in law in view of the new reassessment procedure, against such orders the Revenue had preferred an appeal before The Hon. 70 Cr and claimed deduction of Rs. CASE TITLE. To reduce unnecessary litigation Income Tax Department can get rid of unfit cases which are not at all fit case for proceeding u/s 148 by passing speaking order u/s 148A(d). Commissioner Of Income Tax, Kottayam . the income chargeable to tax (under the head “income from business”) could be properly calculated. 6168/Del/2016 & CO No. [ 1996 (12) TMI Dec 30, 2022 · Section 45(4) of Income Tax Act applicable to cases of subsisting partners of a partnership transferring the assets in favour of a retiring partner. Palaniammal Palaniappan Vs Income Tax Officer (Madras High Court), Case No WP No. Vs. - 30/2025 - Income Tax Exemption of specified income under Section 10(46A) of the Income-tax Act, 1961, to Prayagraj Mela Pradhikaran, Prayagraj - Notification No In general, any American with a gross income over $10,000 ($25,000 for married couples filing jointly) must file a federal income tax return. Books of accounts are audited U/SEc. . Harminder Kaur,, New Delhi vs Ito,, New Delhi on 10 February, 2021 IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: 'C' NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI O. Income Tax Case Laws; Supreme Court; High Court; Advance Ruling Authority AAR; Tribunal - ITAT; Case Laws - Section Wise; Landmark Cases; Case Laws - Section Wise ; Chapter V - Finance Act, 1994; Service Tax - Acts & Rules. Jan 4, 2024 · Fee Earned By APMC For Regulating Poultry Market, Exempt Under S. The term “income” has the widest possible connotation within the four corners of the Income tax Ordinance 2001; dividend in specie received by the taxpayer-appellants falls within the scope of the term “income” 17. CBDT (2008) 10 SCC 509. Some of the income tax latest case laws and latest income tax judgements in India delivered by the Indian judiciary of Tribunal in this year 2019 are compiled and curated by our team as follows. Traditionally, these proceedings were governed by Section 148 . 01. TC Case No 11641 : Additional tax is a penalty of an administrative nature which cannot be equated with a fine imposed by a criminal court: sections 75(1)(a) and 76(1)(a) of the Income Tax Act, 1962 (11641) [2006] ZATC 6; 70 SATC 68 (4 December 2006) May 2006 Dec 28, 2024 · In this case, a bench comprising Justices BR Gavai and KV Viswanathan quashed a criminal case registered against HDFC Bank Ltd. Ramesh Patodia 14-10-2022 . Jan 2, 2025 · This Tax Alert summarizes a ruling of the Supreme Court (SC) in the case of Jupiter Capital Pvt. Income tax officer [Amritsar-Trib] Reopening of assessment u/s 147 - Disallowance of CSR amount u/s 37(2) -reason to believe or suspect - tangible material to reopen - amount being 50% of the aggregate donation was deducted and claimed u/s 80G - as decide by HC [2024 (3) TMI 665 - BOMBAY HIGH COURT] notice of reopening assessment does not by any measure disclose any material leave aside any information leading to formation of Oct 25, 2023 · Issue: Whether Revenue can challenge before the high court that only form 3CM was submitted and form 3CL was not submitted during the assessment proceedings. zgkuw gpaa rfkqxmn qoajo lcbl sjxsg xaavlo irpvv sswu necaj jezibsi qzdi xbejr wim yldbx