Audit objection driving revision
Section 263 provide powers to the Commissioner to modify, enhance, cancel or direct fresh assessment in a situation where he…
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Today's
Unwarranted additions- Need for Provision to Annex Computation of Income and Supporting Notes with ITR and Tax Audit Report ......Read More
Yesterday's 54F exemption is protected even in multiple ownership of residential properties ......Read More
Yesterday's 54F exemption is protected even in multiple ownership of residential properties ......Read More
Interest on short term deposits to open LC to procure machinery
Interest yield from Deposits that are made to enable opening of letter of credit to facilitate procurement of assets would…
......Read MoreOpportunity or adequate opportunity —- the unsolved question!!
Section 142/143 assessment scheme says that assessee be given ‘opportunity’ for the purpose of assessment. The word ‘adequate’ is missing. …
......Read MoreGross breach of natural justice
In their classic order in (2001) 249ITR554 the Supreme Court upheld the High Court decision quashing/setting it aside the ex…
......Read MoreTDS mismatch could mean loss of interest
There is a provision in section 244A(2) by which a taxpayer is deprived of interest on refund for any noticeable…
......Read Morerule 28AA is a bible to lower rate applications
The Delhi High Court ruling in (2022) 443ITR441 emphasised the importance of rule 28AA and denounced action of the AO…
......Read Moreprinciple of res judicata to the advantage of taxpayer
The High Court in [2022] 19 ITR-OL 707 (Cal) held that the rule of consistency requires to be interpreted on facts bearing in…
......Read MoreCSR qua donations
CSR expenses debited in profit and loss account are considered as non business expense under the law hence disallowed in…
......Read MoreUpdate personal details at income tax portal as well as in permanent PAN database
Updated jurisdictional details as well personal details in the Income-tax Web Portal are vital for the communication of notice, summons,…
......Read MoreLimitations of making application u/s 264
A taxpayer has a right to appeal an order that is prejudicial to him. Alternatively he can make application to…
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