Tax Guru1h
No Section 271(1)(c) penalty on estimated addition of alleged bogus purchases
In the case of Vijay Jewellers Vs ACIT, the Income Tax Appellate Tribunal (ITAT) Mumbai dealt with penalties imposed under Section 271(1)(c) of the Income Tax Act for alleged bogus purchases. The ...
Tax Guru2h
Submission of NPS Six-Monthly Reports for April-September 2024
Undersigned requests to refer to this Department’s O.M. of even number dated 04.06.2024 regarding submission of six-monthly report of NPS through the NPS OSM Portal for October, 2023 to March, 2024 ...
Tax Guru2h
SEBI’s Regulatory Framework for AI and Algorithmic Trading: Balancing Innovation with Market Integrity
The stand of SEBI on the regulation of algorithmic trading is developing in a manner wherein markets can innovate and, at the same time, restrain themselves from malpractices that might hurt market ...
Tax Guru2h
Injustice Done In Dr GN Saibaba Case Is Most Atrocious For Which Both State And Judiciary Are Culpable
And Judiciary Are Culpable As most of us know fully well, the eminent former Delhi University Assistant Professor and human rights activist Dr GN Saibaba breathed his last on October 12, 2024 in ...
Tax Guru2h
CBDT notifies amendment to Form No. 10A and Form No. 10AB
On October 15, 2024, the Central Board of Direct Taxes issued Notification No. 111/2024 to amend the Income-tax Rules, 1962, ...
Tax Guru2h
CBDT Amends Rules 21AA, 26B and Forms 12BAA, 16, 24Q
G.S.R. 639 (E).— In exercise of the powers conferred by section 295 read with section 192 of the Income-tax Act, 1961 (43 of ...
Tax Guru2h
Cost imposed on assessee for not responding during assessment and appellate proceedings: ITAT Bangalore
ITAT Bangalore held that there was no proper response during the assessment proceedings as well as in the appellate proceedings. Accordingly, issue remanded back to the file of AO subject to payment ...
Tax Guru2h
Passing final assessment order beyond prescribed limit u/s. 144C bad-in-law: Delhi HC
Delhi High Court held that AO is required to pass final assessment order u/s. 144C within period of one month from the end of the month in which period of filing objection expires. Passing of final ...
Tax Guru2h
Financial creditor can initiate insolvency resolution process u/s. 7 of IBC against co-borrower: NCLAT Delhi
NCLAT Delhi held that insolvency resolution process against co-borrower justified as obligation of the Co-Borrower is coextensive and coterminous with that of the Primary Borrower. Accordingly, ...
Tax Guru2h
Challenge to Income Tax Section 87A Rebate Denial in Gujarat High Court
In a Public Interest Litigation (PIL) filed in the High Court of Gujarat, petitioner Chintan Nareshkumar Patel challenges the recent denial of the rebate under Section 87A of the Income Tax Act, 1961, ...
Tax Guru2h
PIL Challenges Denial of rebate under Section 87A and Unjust Demand notices
The PIL, initiated by Chartered Accountant Chintan N. Patel and represented by Advocate CA Rutvij Patel, aims to provide relief to thousands of affected taxpayers, particularly those from middle-class ...
Tax Guru5h
Excess stock found during a tax survey should be treated as business income
The ITAT examined the facts, including the partner’s admission of unaccounted income during a survey conducted on February 19, 2018. The assessing body ultimately ruled that the undisclosed excess ...