Quashing of Reassessment Proceedings: Legal Grounds and Impact on Penalty In a recent case, the appeals in ITA No. 1413 & 435/Del/2023 for the assessment year (AY) 2016-17 were filed against the order of the Commissioner of Income Tax (Appeals)-29, New Delhi (CIT(A)), concerning the reassessment order passed under sections 147/148 of the Income-tax Act, …
Background of the Case A search and seizure action was conducted under Section 132 of the Income Tax Act on 14th February 2019, involving the Antariksh Group, a company engaged in construction, warehousing, and commercial retail development for several years. The assessee, who provided contractual services to the Antariksh Group, had its documents seized during …
Continue reading “Case Remanded to CIT(A) for Providing Reasonable Opportunity to Be Heard”
In a recent case, the assessee filed an appeal against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, dated 14th March 2023, for the assessment year 2011-12. The appeal was initially delayed by three days, but the assessee submitted an application for condoning the delay. After reviewing the application, …
The Central Board of Direct Taxes (CBDT) has provided relief to individual taxpayers by extending the deadline for filing Belated and Revised Income Tax Returns (ITRs) for the Assessment Year 2024-25. The new deadline for Resident Individuals is now 15th January 2025, a significant extension from the earlier date of 31st December 2024. Key Highlights …
As financial regulations tighten, many Non-Resident Indians (NRIs) are finding themselves in a challenging situation where their Permanent Account Numbers (PAN) have become inoperative. This issue primarily arises due to the non-linking of Aadhaar with PAN, which has created significant hurdles for NRIs in managing their financial and legal obligations in India. Understanding Inoperative PAN …
Continue reading “Inoperative PAN Status of NRIs: Non-linking of Aadhar with PAN”
The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has announced a significant initiative aimed at simplifying tax compliance and ensuring transparency. On December 17, 2024, the CBDT launched an electronic campaign to address mismatches between income and transactions reported in the Annual Information Statement (AIS) and those disclosed in Income Tax …
In today’s dynamic financial landscape, NRIs (Non-Resident Indians) holding property in India often face numerous doubts and challenges when planning to sell. These concerns revolve around income tax rates, legal compliance, documentation, and procedural requirements. The situation has become even more complex with the recent changes introduced in the 2024 budget, which now allow taxpayers …
With the globalization of companies and the rise of startup culture, businesses are finding innovative ways to reward their employees. These rewards include gifts, international travel, Employee Stock Ownership Plans (ESOPs), and more. In the case of ESOPs, companies grant these stock options to employees as a loyalty incentive, typically after they have spent a …
Continue reading “Significance of Disclosing Foreign Company ESOPs and Foreign Assets”
In a recent judgment, the Income Tax Appellate Tribunal (ITAT) in Delhi, quashed the reopening of an assessment under Section 147 of the Income Tax Act, 1961 in the case of Tej Singh for the assessment year 2012-13. This case highlighted the importance of a fair and thorough application of mind when reopening assessments, particularly …
Continue reading “Reopening u/s 147 based merely on the AIR information liable to be quashed”
Background of the Case The assessee filed his income tax return on 31st August 2015, declaring a total income of Rs. 7,27,020. His case was selected for scrutiny, and a notice under Section 143(2) was issued on 5th August 2016. During the scrutiny, the Assessing Officer (AO) found that the assessee had purchased a residential …
Continue reading “Allotment letter issued by Builder constitutes an agreement under Income tax act”
