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Bombay High Court on TOLA, CBDT Instruction and Change of opinion for reassessment scheme under Income-Tax Act, 1961
By Priyanshi Desai: Bombay High Court in a recent judgment in the case of Siemens Financial Services Pvt. Ltd. vs. DCIT and Ors. [W.P. No. 4888 of 2022] had deliberated on following issues under reassessment scheme of Income-tax Act, 1961: 1.Applicability of provisions of TOLA 2.Applicability of CBDT Instruction dated 11.05.2022 3.Change of opinion 4.Sanction of specified authority… Read More ...
Absence of ‘Substantial Question of law’ High Court cannot admit the Appeal
By ABHISHEK ANAND: Hon'ble Supreme Court Vide its order dated 29th August 2023 has passed out a verdict that the procedure adopted by the High Court in the instant case is not in consonance with what is contemplated under Section 260A of the Act and hence, on that short ground alone the impugned judgment is set aside. Read More ...
Re-opening of the Assessment Order
By Jasvir, Regional PF Commissioner-II: It is statutory duty casted on the assessing officer that he must justify the re-opening of the assessment order to the satisfaction of the affected party. It is statutory duty on him that his order at the time of conclusion of the re-assessment proceeding to be speaking one but it is equally important that his… Read More ...
Reported case laws of Hon’ble Bombay High Court-Direct Tax Bench headed by Hon’ble Justice Mr. Dhiraj Singh Thakur
By by KSA Legal research team: The Hon’ble Bombay High Court delivered many judgements on Direct taxes from June 2022 to May 2023. For the benefit of the Tax professionals, the reported case laws are summarized section-wise for easy reference by KSA Legal research team. Read More ...
Affecting the Unaffectable
By S. N. Inamdar, Senior Advocate, Bombay High Court : The learned Author has analyzed the recent amendments pertaining to Charitable Organisations and how the compliance requirements posed by these amendments seem to be farfetched and impossible to perform. Read More ...
Procurement of Information from Income Tax Department U/s 138
By Jasvir Regional PF Commissioner: In case, we go through section 138, then we can say that Central Government i.e. executive is given full authority for disclosure of the information through Gazette Notification about any individual assesse or class of assesses. Executive can’t claim sole right or responsibility in the matter of public interest. Judicial authorities always considered supreme and… Read More ...
Defects in Third Party Accounts would not Trigger Rejection in Assessee’s Case
By CA Jayesh Shah: An austere reading of section 145(3) of the Act, envisages existence of three situations where assessing officer can resort to reject the books of account of assessee. And one of such situation with which we are concerned in the present appeals is satisfaction of the assessing officer about incorrectness or incompleteness of the accounts of… Read More ...
Mandatory e-Filing of Appeals before the lncome Tax Appellate Tribunal Instructions to Benches
By CA Milind Wadhwani: INCOME TAX APPELLATE TRIBUNAL, NEW DELHI Sub Mandatory e-Filing of Appeals before the lncome Tax Appellate Tribunal Instructions to Benches-regarding By their Order dated 17.04.2023, the Hon'ble Supreme Court of India hax directed to ensure that revenue appeals before the Income Tax Appellate Tribunal are: filed only in the e-filing mode and deadline for the… Read More ...
Standardized Format for Adjournment Applications before Authorities: Ensuring Clarity, Compliance, and Efficiency
By CA Milind Wadhwani: A format for adjournment application before authorities is essential to ensure clarity, consistency, and compliance with legal requirements. It provides a structured framework for presenting the necessary information, including the case title, case citation number, case particulars and grounds for adjournment. By using a standardized format, the application becomes clear, concise, and easy to understand,… Read More ...
ITAT Delhi Quashes Assessment Order Passed without DIN: Emphasizing Compliance with CBDT Circular 19/2019
By CA Milind Wadhwani: In a significant development, the Income Tax Appellate Tribunal (ITAT) in Delhi has recently delivered a noteworthy judgment in the case of Pratap Singh Yadav, wherein it quashed an assessment order that was passed without a Document Identification Number (DIN) in violation of CBDT Circular 19/2019. The ITAT firmly rejected the contention put forth by… Read More ...