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ITAT Quashes Assessment and Penalty Orders Passed During IBC Admission Period

1 month ago | jurishour.in | Amit Sharma |amit sharmA |pursued Masters

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has assessment and penalty orders passed during Insolvency and Bankruptcy Code (IBC) admission period. The bench of Anubhav Sharma (Judicial Member) and M.
Income Tax Exemption On Gift By Step Sibling: ITAT

1 month ago | jurishour.in | Amit Sharma |amit sharmA |pursued Masters

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the step-siblings are relatives and the gift is not taxable under Section 56(2) of Income Tax Act. The bench of Amit Shukla (Judicial Member) and Amarjit Singh (Accountant Member) has observed that brother and sister should also include step brother and step sister who by virtue of marriage of their parents have become brother and sister.
Suspension Of Govt. Servant During Disciplinary Proceedings Not Punitive But Preventive, Aims to Safeguard Evidence: Rajasthan High Court Issue Guidelines

1 month ago | jurishour.in | Amit Sharma |amit sharmA |pursued Masters

The Rajasthan High Court has issued the guidelines on the suspension of government servants against whom disciplinary proceedings are pending and held that suspension of govt. servant during disciplinary proceedings not punitive but preventive, aims to safeguard evidence.
Income Tax Demands After Resolution Plan Approval Is Invalid: Supreme Court

1 month ago | jurishour.in | Amit Sharma |amit sharmA |pursued Masters

The Supreme Court has declared the income tax demands raised after the approval of resolution plan (RP) by the National Company Law Tribunal (NCLT) is invalid.
E-Assessment | JAO Lacks Jurisdiction To Issue Income Tax Reassessment Notices: Rajasthan High Court

1 month ago | jurishour.in | Amit Sharma |amit sharmA |pursued Masters

The Rajasthan High Court has held that the Jurisdictional Assessing Officer (JAO) lacks jurisdiction to issue income tax reassessment notices under section 148 of the Income Tax Act. The bench of Justice Pushpendra Singh Bhati and Justice Munnuri Laxman has observed that ruled Faceless Assessment Officer (FAO) has been assigned specific jurisdiction and the Scheme dated 29.03.2022 also clearly indicates that the FAO has to be the jurisdictional authority.
Direct Tax Weekly Flashback: 16 March to 22 March 2025

1 month ago | jurishour.in | Amit Sharma |amit sharmA |pursued Masters

Direct Tax Weekly Flashback for the period 16 March to 22 March 2025. Case Title: PCIT Versus D Light Energy P. Ltd. Case No.: ITA 53/2025 & CM APPL. 12854/2025The Delhi High Court has held that the department had failed to place on record any documentary evidence to substantiate that the assessee has undertaken any other activity resulting in the value addition to the solar goods.
HC Highlights Jurisdictional Conditions for Reopening Tax Cases

1 month ago | jurishour.in | Amit Sharma |amit sharmA |pursued Masters

The Bombay High Court has highlighted jurisdictional conditions for reopening tax cases and distinguished previous ruling on sales promotion expenses. The bench of Justice M. S. Sonak and Justice Jitendra Jain has observed that the details of expenses referred to in the reasons are from the profit and loss account, and the submissions made before the AO during the assessment proceedings vide letters dated 17 August 2010 and 8 September 2010.
ITAT Quashes Income Tax Reassessment Carried On Old PAN

1 month ago | jurishour.in | Amit Sharma |amit sharmA |pursued Masters

The Pune Bench of Income Tax Appellate Tribunal (ITAT) has quashed the income tax reassessment carried on old Permanent Account Number (PAN). The bench of Astha Chandra (Judicial Member) and Dr. Manish Borad (Accountant Member) has observed that the communication regarding cancellation of the old PAN has also been made by the assessee which the Assessing Officer has not carried out. It is also a fact that on a new PAN the assessee is filing the regular income-tax returns.
Bombay High Court Quashes Reassessment Against This Pharmaceutical Company

1 month ago | jurishour.in | Amit Sharma |amit sharmA |pursued Masters

The Bombay High Court has quashed the income tax reassessment proceedings against a Pharmaceutical Company, Pfizer Limited on the grounds that the Assessing Officer (AO) considered promotional expenses in original proceedings.
Income Tax Exemption Allowable On Fund Deployment By Indian Broadcasting Foundation

1 month ago | jurishour.in | Amit Sharma |amit sharmA |pursued Masters

The Delhi High Court while allowing the Income Tax Exemption to Indian Broadcasting Foundation has held that fund deployment in Broadcast Audience Research Council (BARC) is statutory obligation and not ‘investment’.