Income Tax Act 1961 Archives

Availability of Alternative Remedy is not an absolute Bar to challenge re-opening of assessment: Madhya Pradesh High Court

The Madhya Pradesh High Court held that alternative remedy is not absolute bar for examining conditions to issue reassessment notice and admitted the petitions for the final hearing.

Case Briefs High Courts

Delhi High Court holds assessment order passed under IT Act against the deceased assessee without bringing on record all his legal heirs as void

Delhi High Court: In a case, where petition was filed by a son against the assessment order and the notice

Legislation Updates Statutes/Bills/Ordinances

Ministry of Finance issues revised guidelines for compounding of offence under the Income -Tax Act, 1961

On 16-9-2022 the CBDT has issued revised guidelines for compounding of offence under the Income-Tax Act, 1961 to simplify and

Legal RoundUp Legislation Roundup

Legislations | Monthly RoundUp [August, 2022]

MINISTRY OF CORPORATE AFFAIRS Record keeping requirements modified vide Companies (Accounts) Fourth Amendment Rules, 2022 On 05-08-2022, the Ministry of

Case Briefs Supreme Court

Assessee cannot claim deduction by merely stating a bad debt as an irrecoverable write off without appropriate treatment in the accounts and non-compliance with Income Tax Act provisions: SC

Supreme Court: In the case where the Revenue had challenged Bombay High Court’s judgment affirming Income Tax Appellate Tribunal (ITAT)’s order for

Case Briefs Supreme Court

Appropriate High Court for filing an appeal under Section 260A of the Income Tax Act would be the one where the Assessing Officer is situated: Supreme Court

“A judicial remedy must be effective, independent and at the same time certain. Certainty of forum would involve unequivocal vesting of jurisdiction to adjudicate and determine the dispute in a named forum.”

Op Eds OP. ED.

Issuance of Bonus Share and its Taxability

by Kartik Sharma†