Income Tax Law Updates: Dharmista Mehta Vs ITO (ITAT Mumbai)  ITA No. 1885/Mum/2017 Date of Order : 12-10-2022 Hon’ble ITAT held that the assessee in the case before us is entitled to claim exemption under section 54 to the extent she had invested towards the … Continue Reading →

Income Tax Law Updates: CIT TDS Vs Mewar Hospital Pvt Ltd (Rajasthan High Court) Appeal Number : ITA No. 6/2021 Date of Judgement: 01/11/2022 Hon’ble High Court held that same question came up for consideration in other decision of Karnataka High Court where after considering … Continue Reading →

Income Tax Law Updates: CIT Vs S. Kumar Tyres Manufacturing Co. Ltd. (Madhya Pradesh High Court) IT Appeal No. 142 of 2003 Date of Order: 04-11-2022 Hon’ble MP High Court held that the Division bench of Madhya Pradesh High Court was considering department’s appeal when … Continue Reading →

Income Tax Law Updates: CBDT Letter No. F No 370133/16/2022-TPL dated 01-11-2022 Draft common Income-tax Return-request for inputs from stakeholders and the general public- reg. The proposed draft ITR takes a relook at the return filing system in tandem with international best practices. It proposes … Continue Reading →

Income Tax Law Updates CBDT Circular No. 20/2022 in F.No.225/49/2021/ITA-II dated 26.10.2022 The CBDT has extended the due date of furnishing of Return of Income under sub-Section (1) of Section 139 of the Incometax Act, 1961 (the Act) for the Assessment Year 2022-23, for the … Continue Reading →

Income Tax Law Updates CBDT Guidelines F. No. 225/ 81/2022/ITA-II dated 26-09-2022  CBDT has issued Guidelines vide F.No.225/81/2022/ITA-II dated September 26, 2022 for compulsory selection of returns for Complete Scrutiny during the Financial Year 2022-23 — procedure for compulsory selection in such cases — regarding. … Continue Reading →

Income Tax Law Updates ITO Vs Hi Link City Homes Pvt. Ltd (ITAT Indore) Appeal Number : ITA No. 2/Ind/2021 Date of Order : 19/09/2022 ITAT held that merely for not producing the cash creditors before the Ld. AO even when all the necessary documents … Continue Reading →

Income Tax Law Updates CBDT Circular No. 18 of 2022 dated 13-09-2022 Additional Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961. CBDT Guidelines dated 16-09-2022 Guidelines for Compounding of Offences under the Income-Tax Act, 1961 – … Continue Reading →

Income Tax Law Updates Case Laws/Judgement: ACIT Vs Credit Suisse AG (ITAT Mumbai) Date of Order 03/08/2022 Hon’ble ITAT held that provisions of section 115JB of the Income Tax Act cannot be made applicable to a foreign company. The Article 7(1) of the treaty prescribes … Continue Reading →

Income Tax Law Updates Notification/Circular: CBDT Notification No. 103/2022/F. No. 300196/18/2017-ITA-I (PT.-1) dated 24-08-2022 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said … Continue Reading →