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Latest judgements uploaded (See all)
Indore Paraspar Grah Nirman Sahakari Sanstha vs. ACIT (ITAT Indore)
ITAT Indore: The Hon'ble ITAT, Indore Bench in the case of Indore Paraspar Sahkari Grah Nirman Sanstha ITA No. 322/Ind/2023 order dated 18.06.2024 held that section 50C is not applicable on lease property and when the transfer of capital asset is took place as per approval and under the supervision of the statutory authorities and after due… Read More ...
Raghunandan Mishra Charitable Trust vs. CIT (Exemption) (ITAT Delhi)
ITAT Delhi: Assessee applied for permanent registration of 12A & 80G and Dept. uploaded Notice only on IT Portal without serving on Email or through Dak, hence in absence of any response from the Assessee CIT(Exemption) passed a Ex- Party rejection Order. ITAT Held that Notice should have also been served to the Assessee on Email. Read More ...
Elara India Opportunities Fund Limited v. DCIT (International Taxation) (ITAT Mumbai)
ITAT, Mumbai: The assessee was a SEBI-registered portfolio investor and a tax resident of Mauritius. It held shares of an Indian company M/s International Conveyors Limited (ICL) for more than 10 years before selling them. The AO treated the transaction as a non-genuine transaction and taxed the gains of Rs. 6,64,96,351/- u/s 68 of the Act. On… Read More ...
Latest articles published (See all)
What are the ways available to the aggrieved taxpayer where the Assessing Officer has finalized the ex parte assessment u/s 144
By CA Sanjeev Goyal: Where the Income Tax Authority sent a notice to the taxpayer asking for the requisite details but the taxpayer is silent and/or not forthcoming with the requisite details within time allowed. Accordingly, the Assessing Officer (AO) is of opinion that he has no option left but to finalize the proceedings ex parte under the provisions… Read More ...
Defending Economic Liberty: India’s Resistance to Draconian Taxation Measures
By Shashank Shukla: "Defending Economic Liberty: India's Resistance to Draconian Taxation Measures" delves into India's steadfast opposition to burdensome tax policies, particularly in the realm of inheritance taxation. The article meticulously examines the historical context, legislative frameworks, and socio-economic implications surrounding the discourse on inheritance tax within the Indian landscape. Through a critical analysis of past endeavors and… Read More ...
Powers of Income Tax Officer U/s.220(6) of the Income Tax Act, 1961 and Stay of Demand
By Dr. S. Sankar Ganesh, Tax Attorney, Advocate Madras High Court: Every time an assessment order is issued under sections 143(3), 147, or 271(1)(c), the assessing officer also raises a notice of demand under section 156. Typically, this demand notice must be paid within 30 days after delivery or receipt. Assessee becomes assessee in default if they don't pay the demand within the stipulated time. Then,… Read More ...