Latest income tax case laws has asked the details of the purchases and on the basis of those details he has sent the Notices U/SEc. com SkypeId: taxmannindia India's most Comprehensive Transfer Pricing Database covering over 7300 cases along with international case laws, APA and BEPS tracker. 175/2022 passed by the Income-Tax Bill, 2025: An Insight into the Income Tax Bill 2025 – Income Tax and Role of the Constitutional Courts; Is Cross Examination an absolute right at the time of Income Tax Proceedings; Are Jewellers paying income tax by selling gold jewellery already kept in their shops? Dec 5, 2023 · In the Moores' case, they owned 11% of the Indian company, and under federal law, that is considered a controlling interest, meaning the owners have influence over the timing of any distributions Jan 2, 2025 · MEENU GUPTA vs ASSISTANT COMMISSIONER OF INCOME TAX CITATION: 2024 TAXSCAN (HC) 2084. Ahmedabad Urban Development Authority [Civil Appeal No. Case Title: PC Commissioner of Income Tax vs. 10(26AAB) of Income Tax Act: Delhi High Court. 1231 of 2017, The Hon’ble High Court of Judicature at Bombay on January 29 th, 2020 decided the case in favor of the assessee and against the revenue on the similar principles of law by saying: Mar 21, 2023 · Section 54F of the Income Tax Act, of 1961 provides relief to taxpayers from capital gains tax on the sale of a residential property, provided the sale proceeds are invested in a new residential property. Jun 1, 2022 · Looking at the situation, a relaxation act was enacted by the Legislature. Clear Library. Conclusion: – 1. Increase of Standard Deduction for salaried person from Rs. e. M/s Fish Poultry and Egg Marketing May 4, 2022 · Section 147 provides that if any income chargeable to tax, in the case of an assessee, has escaped assessment for any assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the depreciation allowance or any other allowance or deduction for such Mar 22, 2023 · Income Tax Act, 1962: Income tax: section 30; whether the Appellant was entitled to be deemed to be a PBO: 23 April 2021: 13395: Income Tax Act, 1962: Income tax: whether the appellant was liable for capital gains tax: 31 March 2021: IT 13178: Income Tax Act, 1962: Income tax: whether the appellant should be taxed on unexplained deposits in its 5 This Tax Appeal under Section 260A of the Income Tax Act, 1961 (for short, 'the Act, 1961'] is at the instance of the assessee and is directed against the order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'A'', Ahmedabad dated 15th December 2006 in the ITA Page 2 of 28 Downloaded on : Mon Jun 15 13:03:55 IST 2020 C/TAXAP/1625 Sep 25, 2011 · The new scheme essentially makes the dividend tax-free (section 10(33) of the Act) in the hands of the recipient (except cases covered under section 2(22(e)of the Act) and the dividend paying company has been made liable to pay tax on the amount of dividend declared , distributed or paid by it (Section 115-O of the Act). 45 crores as against the rate of 0. This judgment will solve the biggest income tax litigation if CBDT comes out with clear circular stating steps to be followed by Assessing Officers. Vs Rajeev Bansal (Supreme Court of India) In Union of India & Ors. O. Jan 25, 2023 · Insofar as the question of law framed as (d) is concerned, we find that the Tribunal has not addressed the issue of adopting the gross profit rate of 5% on the alleged Hawala purchase of Rs. /2017 Assessment Year: 2011-12 Smt. Deputy Commissioner of Income Tax: 20/03/25: M/s. Amitbhai Gunvantbhai [1981] 129 ITR 573 (Gut. Citicorp Finance (India) Ltd. Smt. Stay informed with these key legal insights. Feb 8, 2020 · Similarly, in the case of Pr. 04. Feb 3, 2025 · February 28, 2024 Glencore – Break fees as “inducement” Published by Sarah Faber. 10,03,65,180/- under the normal provisions of Income Tax Act and book profit of Rs. CBDT (2008) 10 SCC 509. 9/Del/2017 Sunil Nayyar not open Latest Income Tax Case Laws since 2010 decided by various courts. The respondent was intimated that the concealed sales attracted the provisions of s. Aug 27, 2018 · Sir, Thank you very much for your best articles. R KUMAR, ACCOUNTANT MEMBER ITA. Following an examination of the bank account, the Assessing Officer (A. Mar 1, 2025 · Get Latest News, Breaking News about Income Tax Act. Income Tax Act - For block assessment, normals procedure not applicable; Interest can be levied without sec 158bc notice. Dismissal of appeal on the ground that the Petitioner did not produce documents to establish that the person signing the appeal is the authorised signatory - valid document in terms of the CGS (Appeals) Rules, 2017 or not - HELD THAT:- Respondent No. However, significant procedural changes were introduced by the Finance Act, 2021 , effective from April 1, 2021, replacing the old reassessment ITATorders. Below we are discussing the summary of the few latest case laws in respect of section 36 which will make us understand the deducti Jul 19, 2023 · The Finance Act, 2021 substituted the provisions of reassessment under the Income-tax Act, 1961 (‘Act’). Section 145, read with section 37(1), of the Income-tax Act, 1961 – Method of accounting – Rejection of accounts IV. 2 of gstr-3b; new rules for itr filing online game income ay 2025-26 i income tax refund ! new rules for tds on salary Denial of deduction u/s. in during the year 2023. Commissioner Of Income Tax, Kottayam . 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. 70 Cr and claimed deduction of Rs. 229(Del)2011 Assessment year: 2001-02 Asstt. 37. The OIR now made a decisive shift in the proceedings. Agson Global (P) Ltd, and held that the cash sales made by the assessee deposited in the bank account are in accordance with law and hence the addition made Dec 29, 2021 · Why is the case important? This is the first case on the interaction between the protection of personal data afforded by the Personal Data Protection Act 2010 (PDPA) and the powers granted to the tax authority under the Income Tax Act 1967 (ITA) to request such personal data. Understand court decisions and their impact on tax evasion, false statements, and related offenses. 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. Oct 11, 2017 · In an important judgment, Supreme Court has explained the concept of income tax on Joint development agreement and applicability u/s 2(47) and section 45 and 48 where the JDA was not registered and was abandoned. 11,82,25,849/- u/s. L. 09. 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. 1783/Del. Mumbai Tribunal : S. 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. Swamy v. 54F - assessee neither claimed the said deduction in original return of income filed nor has filed any revised return of income - CIT(A) has accepted the claim of the Assessee that the Assessee is entitled to claim deduction u/s 54F - HELD THAT:- We note that in the case of National Thermal Power Co. 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. In the assessment proceedings for A. 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. Sep 9, 2024 · 4. Tax and industry professionals have been waiting for the Federal Court of Appeal (the “FCA”) to issue its decision in Glencore Canada Corporation v R for several months. Reliance on External Customs Reports in Income Tax Assessments. B. 12793 of 2018 And WMP No. 19 & 20 : Presumptive tax regime Apr 3, 2025 · Latest Case Law Related to IBC – April to June 2024. CIT (Madras High Court) decision. 3795 of 2014]. Important Case Laws relied upon by the parties: Commissioner of Income Tax v. THE COMMISSIONER OF INCOME TAX, COMPANIES ZONE-II, NEW INCOME TAX BUILDING, SHAHRAH-E-KAMAL ATTATURK, KARACHI AND ANOTHER VS MESSRS PAK SAUDI FERTILIZERS LTD. 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). In this case the court allowed the FTC even though Form 67 was belatedly filed since the said form had been filed before assessment was finalized. P. 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. 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. , New Delhi vs Assessee (fit for publication sd/-) IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH "D" DELHI) BEFORE SHRI G. Through this write-up, let us analyze key income tax judgments from the income tax appellate tribunal, the high court, and the Supreme Court. Our Clear Library provides all the necessary direct and indirect tax-related data. Harminder Kaur, Vs. CASE TITLE. 8,33,087/- which was deemed unexplained income under Section 69A of the Income Tax Act, 1961. M. 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. Atish Singla, The Income Tax Officer, 201, Rajdhani Enclave, Ward - 43 (7), Pritampura, Civic Centre, vs. The ruling clarifies the validity of reassessment notices and affects cases from multiple assessment years (AY), specifically from 2013-14 to 2017-18. 27: IP Address blocked. Muhammad Farooq v. Of Income Tax & Ors Apr 28, 2022 · Dive into crucial Income Tax case laws covering sections 276C, 276D, 277, and more. The point of deciding this appeal would be whether, in the case when the AO had estimated the same penalty for underreporting of income can be levied. 2. Essential Oil Company [2023] 148 taxmann. All cases of Supreme Court, High Courts & Tribunals in India updated almost daily. [ Tilak Bazar, Delhi - 006. Latest Income Tax Judgements. This judgment gives an overview of how the Income Tax Act (''Act'') is dynamic and subject to changes. 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. nzwk hiujwzrz ujfpnu sott ohyk rwswj ckdmss nyoot maat lyplq rsfy yilxgu nhmt cgzb ufvuhv

Latest income tax case laws. The OIR now made a decisive shift in the proceedings.