Case Laws
When Assessing Officer admitted the genuineness of transaction in his Remand report, addition cannot be confirmed by CIT(A)
Sh. Mukesh Nanubhai Desai vs ACIT
Facts of the case
Assessee has earned exempt income of Rs. 8,67,79,658/- on account of Long term capital gain on which STT was paid exempt u/s 10(38) of Rs. 8,66,13,252/-...
Case Laws
Revision u/s 263 cannot be made on a issue which was never a part of the assessment order to be revised.
Nilkanth Developers vs PCIT - 3
Facts of the case
Assessment order u/s. 143(3) was passed
26.03.2013 for A.Y.2010-11 disallowing
deduction claimed u/s. 80IB(10) of Rs.1,25,78,872/-. The same was confirmed by
CIT(A) but on further appeal before ITAT,...
Finance
Cash deposited by a client in insurance agent’s bank account is mere remittance.
Ashish N. Vashi vs ITO
Facts of the case The assessee is an insurance agent, he used to collect cash from various parties and deposit them into his bank account and out of...
Top News
Attention Taxpayers: New I-T portal to be activated from June 7, existing portal will be unavailable from June 1-6
The Income Tax Department will launch a new income tax filing portal on June 7.
What new income tax makeover aims at?
The new e-filing portal (www.incometax.gov.in) is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers...
Startups
9 Must-Know Startup acronyms
The world of startups is filled with new terminology and not being able to understand the can leave a bad impression and limit your network growth. Therefore, we have created this list of 9...
Top News
Do You Really Need Professional’s Help While Filing Your ITR?
When March approaches every year, we tend to focus on few compliances that we never thought of during the whole year and filing your ITR and the confusion of discussing it with professionals or...
Startups
Startup India Registration: How beneficial is it for your business?
Launched on 16th January 2016, the Startup India Initiative has rolled out several programs to support entrepreneurs, build a robust startup ecosystem, and transforming India into a country of job creators instead of job...
Company Law and IBC
No addition can be made in respect of completed assessments if no incriminating material is found during the course of search.
The DCIT Vs. M/s.Creative Trendz Pvt. Ltd.
Facts of the case
The assessee is a company engaged in the business of embroidery of cloth and job work. The assessee filed its Return of...
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