October 17, 2021

Where Problems Meet Solutions

Tag : #income-tax

Income Tax Latest

CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment

Taxcharcha
by Taxcharcha047
Central Board of Direct Taxes (CBDT) has issued the clarification regarding carry forward of losses in case of changes in shareholding due to strategic disinvestment....
GST Latest

Anyalysis of Recommendations of 43rd GST Council Meeting

Taxcharcha
by Taxcharcha0162
Amnesty scheme to provide relief to taxpayers regarding late fee for pending returns For furnishing the Form GSTR 3b for the period July 2017 to...
Income Tax Latest Recent Case Laws

Mentioning of wrong section and wrong facts in the reasons recorded for reopening of the assessment u/s 148 made the reassessment liable to be quashed – ITAT Delhi

Taxcharcha
by Taxcharcha0228
Maheshwari Roller Flour Mills Pvt. Ltd. vs. ITO ITA No. 4257/Del/2019 Pronounced on 17.12.2020 In the recent judgment by the Hon’ble ITAT Delhi, it was...
Income Tax Recent Case Laws

Where the Petitioner fails to acknowledge the complete details during the search procedure of “Primary Persons”, the same can be the basis for “reason to suspect” for issuance of new WOA for carrying on the Search on Petitioner – Delhi High Court

Taxcharcha
by Taxcharcha0126
Shilpa Chowdhary vs. Principal Director of Income Tax (Investigation) W.P.(C) 5207/2020 & CM Appl 18787/2020 dated 07.12.2020 In short In a recent judgment by the...
Income Tax Latest

Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today

Taxcharcha
by Taxcharcha0124
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and...
Income Tax Latest Recent Case Laws

the provisions of Sec.2(22)(e) were not applicable since the payment was mere reimbursement of expenditure by M/s PHL – ITAT Mumbai

Taxcharcha
by Taxcharcha0112
The provisions of Sec.2(22)(e) were not applicable since the payment was mere reimbursement of expenditure by M/s PHL. However, Ld. CIT(A) proceeded on wrong footing...
Income Tax Latest Recent Case Laws

Service of notice upon a dead person under section 142(1) would not authorise him to assume jurisdiction to pass assessment order on the Legal Representatives – ITAT Ahemdabad

Taxcharcha
by Taxcharcha0383
It is found that before service of notice under section 142(1), assessee had already expired. His legal heirs did not file return for this assessment...
Income Tax Income Tax Latest Recent Case Laws

Where the assessee provided all the confirmation of the creditors at the CIT(A) level, the orders of the lower authorities set aside and send back for reconsideration – ITAT Delhi

Taxcharcha
by Taxcharcha0400
During the assessment proceedings, the Assessee fails to provide confirmation of 04 creditors and the AO added the whole amount of creditors to its income....
Income Tax Latest Recent Case Laws

Where assessment is framed without reference to any incriminating document or material found during search, the assessment is academic in nature- ITAT Delhi

Taxcharcha
by Taxcharcha0130
Where the CIT(A) decided the appeal that that no assessment could be framed under section 153A because no incriminating document was found during the course...
Income Tax Income Tax Latest Recent Case Laws

Where the assesse has made the FDR out of borrowed funds, the interest on such FDRs cannot be added back by invoking the provisions of section 57(iii) of the Income Tax Act, 1961 – ITAT Delhi

Taxcharcha
by Taxcharcha0123
Crux : Where the assesse has made the FDR out of borrowed funds, the interest on such FDRs cannot be added back by invoking the...
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