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In cases where a search is conducted after 31-03-2021, the first proviso to Section 153C (1) would have to be construed and tested as regards the date when the Assessing Officer decides to initiate action against the non-searched entity.
The Court quashed the notice of reassessment issued on 31-3-2023 as it surpassed the ten-year block as prescribed u/S first provision to Section of 148(1) of the Income Tax Act, 1961.
The Supreme Court affirmed the order passed by the High Court stating that the respondent assessee was neither entitled to the deductions nor profit earned under Section 80-IB on the amount of DEPB as well as Duty Drawback Scheme.
The Supreme Court stated that the erroneous assessment order had resulted in loss of the Revenue in the form of tax. Thus, the High Court had committed a very serious error in setting aside the order passed by the Commissioner passed in exercise of powers under Section 263 of the Income Tax Act.
Delhi High Court: In a case, where petition was filed by a son against the assessment order and the notice
Delhi High Court: A Division Bench of Manmohan and Manmeet Pritam Singh Arora JJ. disposed the petition and directed the respondents to
The Central Board of Direct Taxes has notified the Income-tax (30th Amendment) Rules, 2021 vide notification dated 24th September, 2021. The amendment
The Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and