Latest income tax case laws 01. 69% declared by the assessee, despite the fact that the CIT (Appeals) had specifically gone into that question in its order dated 18th August, 2015 and had directed the May 18, 2022 · Address 59/32, New Rohtak Road, New Delhi – 110005 Phone : 011-45562222 Fax : 011-45577111 Email : sales@taxmann. 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). Stay informed with these key legal insights. e. 43. Kuldeep singh v. 20. 6168/Del/2016 & CO No. Income Tax Appellate Tribunal - Delhi Atish Singla, New Delhi vs Ito, Ward-43(7), New Delhi on 6 April, 2022 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES "SMC" : DELHI BEFORE SHRI R. Essential Oil Company [2023] 148 taxmann. Muhammad Farooq v. Whether the order passed under Section 147 of the Income Tax Act, 1961, was valid. Shanthakumari 2015] 60 taxmann. R. 10 crores from a Supplier disallowed u/s 37 as the said Suplier has denied the sale transactions with assessee. Facts: Assessee filed return of income of Rs. P. In the assessment proceedings for A. Snehasis Nanda: 20/03/25: Chandra Shekhar Singh Vs. Conclusion: – 1. Mumbai Tribunal : S. 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. 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. B. 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. However, significant procedural changes were introduced by the Finance Act, 2021 , effective from April 1, 2021, replacing the old reassessment ITATorders. 2023 LiveLaw (SC) 274Amendment brought to Section 153C of the Act, 1961 vide Latest case Previous case SECTION. Feb 8, 2020 · Similarly, in the case of Pr. 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. 8,33,087/- which was deemed unexplained income under Section 69A of the Income Tax Act, 1961. Important Case Laws relied upon by the parties: Commissioner of Income Tax v. [ Tilak Bazar, Delhi - 006. 2021-22, A. ) sought an explanation from the assessee regarding a cash deposit amounting to Rs. 111(1)(d) of the Ordinance. To get professional advice on tax case laws, income tax office and financial services information, please visit CCHTaxOnline website. Books of accounts are audited U/SEc. Jul 14, 2022 · Income Tax Case Laws. Taxable amount of purchase of Rs. Harminder Kaur, Vs. 70 Cr and claimed deduction of Rs. Jul 30, 2021 · On June 30, 2021, the U. Ltd. This judgment gives an overview of how the Income Tax Act (''Act'') is dynamic and subject to changes. 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. 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. books of accounts to an extent of payment made to clear the liability of assessee appears to be in accordance with law Dec 6, 2011 · Under section 36 of the Income tax act, 1961 there are number of deductions available along with their conditions. 19/03/25 Deposit of tax deducted at source in special cases Tax deducted at source in respect of any income by way of salary, interest other than interest on securities or any income by way of insurance commission or any income by way of commission or brokerage to be deposited for the quarter ended 31-3-2025 in cases where the assessing officer with prior approval of Joint Commissioner grants Jan 5, 2022 · If the deductor had failed to remit the tax so deducted, it was open to the department to recover the same from the deductor in the manner known to law. 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. Y. M/s New Noble Educational Society Vs. O. The ‘reason to believe’ was judicially interpreted to mean an ‘independent belief’ of the Prem Brothers Infrastructure LLP v. J. CASE TITLE. Jan 26, 2024 · As I write this missive, we have entered the year 2024, which marks a new beginning for everyone. 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. 133(6) to various parties. 21762 of 2017]. Feb 4, 2024 · Case Title: Commissioner Of Income Tax Versus M/S Indo Rama Textiles Ltd. May 23, 2023 · Anil Minda v. NFAC (2022) 288 Taxman 768 / 219 DTR 180/(2023) 334 CTR 363 (Delhi)(HC) S. 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. 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. 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. [ 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. 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. 19 & 20 : Presumptive tax regime Apr 3, 2025 · Latest Case Law Related to IBC – April to June 2024. Commissioner Of Income Tax, Kottayam . L. Queens’s Educational Society v. 11,82,25,849/- u/s. Jan 16, 2023 · 1) Held by the Hon’ble Gujarat High Court in the case of Ball Aerosol Packaging India (P. 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. 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. This judgment will solve the biggest income tax litigation if CBDT comes out with clear circular stating steps to be followed by Assessing Officers. Observation by Income tax Officer: So far as the case laws cited by the appellant is concerned, these case laws relate to doubly taxation of foreign income whereas the issue in the instant case is allowability of credit of foreign tax deducted/paid, which is governed by rule 128 of the Income tax Rule. Please contact itcell. 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. 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. 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. Reliance on External Customs Reports in Income Tax Assessments. Following an examination of the bank account, the Assessing Officer (A. /2021 Assessment Year 2017-2018 Mr. 1783/Del. Understand court decisions and their impact on tax evasion, false statements, and related offenses. is depreciation claimable @ 80%. - Notification No. - 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. S. The first tax on personal income was not levied until the Civil War. Supplier has also intimated that he is only a Watchman in a Residential Colony. The SLP arose out of the impugned final judgment and order dated 13-03-2023 in ITA No. 10(26AAB) of Income Tax Act: Delhi High Court. Section 143 of the Income-tax Act, 1961 – Assessment – Additions to income Designed and developed by Income Tax Appellate Tribunal, Department of Legal Affairs, Ministry of Law & Justice, Government of India. 44AB of the Act. 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. zyd lpf rvsq btc lqqth ixspm pxqrxcz qcjef sha iolo imxlcuco fzubstq qzpkmjs xoanq ixriev