Income Tax

Blog, News, Income Tax

October 31, 2022

Sec. 143(1) adjustment is to be made even if tax is deducted on entire ‘sum’ appearing in Form 26AS: ITAT

Case Details: Swati Dyaneshwar Husukale … Continue reading “Sec. 143(1) adjustment is to be made even if tax is deducted on entire ‘sum’ appearing in Form 26AS: ITAT”

Blog, News, Income Tax

October 29, 2022

Govt. should bring a mechanism to collect tax dues on sale of securitized assets by banks: ITAT

Case Details: Abbasbhai A. Upletawala … Continue reading “Govt. should bring a mechanism to collect tax dues on sale of securitized assets by banks: ITAT”

News, Blog, Income Tax

October 28, 2022

Monetary limit fixed for assessment to be done by ACIT won’t preclude jurisdictional AO to initiate reassessment: HC

Case Details: Shivaaditiya Jems And … Continue reading “Monetary limit fixed for assessment to be done by ACIT won’t preclude jurisdictional AO to initiate reassessment: HC”

Blog, News, Income Tax

October 28, 2022

CBDT extends due date of furnishing ITR for AY 2022-23

Circular no 20/2022, dated 26-10-2022 … Continue reading “CBDT extends due date of furnishing ITR for AY 2022-23”

Blog, News, Income Tax

October 27, 2022

ITAT rejects assessee’s story of getting credit from fabric sellers of unknown location

Case Details: ITO v. Solid … Continue reading “ITAT rejects assessee’s story of getting credit from fabric sellers of unknown location”

Blog, News, Income Tax

October 22, 2022

Apex Court interprets definition of ‘Charitable Purpose’ used in Sec. 2(15) for tax exemption

Case Details: ACIT(exemption) v. Ahmedabad … Continue reading “Apex Court interprets definition of ‘Charitable Purpose’ used in Sec. 2(15) for tax exemption”

Blog, News, Income Tax

October 21, 2022

‘Solely’ in Sec. 10(23C)(vi) means exclusively; Profit-oriented institutions can’t claim exemption: SC

Case Details: New Noble Educational … Continue reading “‘Solely’ in Sec. 10(23C)(vi) means exclusively; Profit-oriented institutions can’t claim exemption: SC”

Blog, News, Income Tax

October 21, 2022

[Opinion] Taxation of buyback of foreign instruments: Still awaiting clarity?

Rohith K Rangan – [2022] … Continue reading “[Opinion] Taxation of buyback of foreign instruments: Still awaiting clarity?”

Blog, News, Income Tax

October 20, 2022

[Opinion] TDS Grounded, Air India Flies Away

Meenakshi Subramaniam – [2022] 143 … Continue reading “[Opinion] TDS Grounded, Air India Flies Away”

Blog, News, Income Tax

October 19, 2022

Profits, when co. was declared as sick, can’t be set off with B/F loss or unabsorbed dep. for MAT purposes

Case Details: Kannappan Textile Mill … Continue reading “Profits, when co. was declared as sick, can’t be set off with B/F loss or unabsorbed dep. for MAT purposes”