Income Tax

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December 18, 2021

Reassessment notice issued after 31st March, 2021, quashed by the Delhi HC and relevant explanations also held as ultra vires

Ruchesh Sinha, Anmol Batra & … Continue reading “Reassessment notice issued after 31st March, 2021, quashed by the Delhi HC and relevant explanations also held as ultra vires”

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December 18, 2021

All reassessment notices issued under the old provision are quashed by the Delhi High Court

Case Details: Mon Mohan Kohli … Continue reading “All reassessment notices issued under the old provision are quashed by the Delhi High Court”

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December 17, 2021

CBDT issues instructions to AO for uploading info. on Insight portal for issuance of reassessment notice

Instruction F.No. 225/135/2021/ITA-II, dated 10-12-2021 … Continue reading “CBDT issues instructions to AO for uploading info. on Insight portal for issuance of reassessment notice”

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December 16, 2021

HC disallowed exp. of iron ore business as it was carried on without obtaining necessary permits/licenses

Case Details: PCIT v. M. … Continue reading “HC disallowed exp. of iron ore business as it was carried on without obtaining necessary permits/licenses”

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December 16, 2021

Who decides house improvement claims? ITO, Inspector or Neighbours?

Meenakshi Subramaniam – [2021] 133 … Continue reading “Who decides house improvement claims? ITO, Inspector or Neighbours?”

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December 15, 2021

No TDS liability on wholesaler of lottery tickets who is distributing incentive on behalf of Govt.: HC

Case Details: PCIT v. Usha … Continue reading “No TDS liability on wholesaler of lottery tickets who is distributing incentive on behalf of Govt.: HC”

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December 15, 2021

CBDT notifies e-Verification Scheme to deal with mismatch of taxpayers info. reported by reporting entities

Notification No. 137 /2021, dated … Continue reading “CBDT notifies e-Verification Scheme to deal with mismatch of taxpayers info. reported by reporting entities”

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December 14, 2021

CBDT notifies conditions to claim exemption on transfer of non-deliverable forward contracts u/s 10(4E)

Notification No. 136/2021, dated 10-12-2021 … Continue reading “CBDT notifies conditions to claim exemption on transfer of non-deliverable forward contracts u/s 10(4E)”

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December 14, 2021

FA 2021 amendment disallowing employee’s contribution to ESI/PF has no retro-effect: ITAT

Case Details: Flying Fabrication v. … Continue reading “FA 2021 amendment disallowing employee’s contribution to ESI/PF has no retro-effect: ITAT”

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December 13, 2021

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

Case Details: ACIT v. Sambandam … Continue reading “AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT”