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Section 148 notice is sent in case of reassessment proceeding after the order u/s 148A . If you or your client received a notice u/s 148 of the Income Tax Act (the Act after this ) and the date of the notice is 29th March 2022 or after this , one must find out it […]
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When there is a delay in TDS deposit, interest is payable by you on the delay, which is computed in months by following rule 119A of the Income Tax Rule. Now , Rule 119A(b) of Income Tax Rule says that where the interest is to be calculated for every month or part of a month […]
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Can Commissioner of Income Tax (CIT) use power u/s 263 of the Income Tax Act (the Act after this ) on an issue which is already agitated before CIT(Appeal) ? Reading section 263 of the Income Tax Act , there is a clear bar on use of powers under section 263 on issues considered or […]
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Section 263 of the Income Tax Act provides power to the Commissioner of Income Tax to pass any order as he thinks fit , if he /she finds the order of the assessing officer prejudicial to revenue and erroneous. Our experience is that the power u/s 263 by the Commissioner of Income Tax is often […]
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Finance Act 2021 brought in a definition of “information” , based on which the AO can initiate the proceeding of reassessment of income u/s 148A of the Income Tax Act . One of the reasons considered as “information” is the Audit Objection . As per Finance Act 2021 , Explanation 1 of section 148 provides […]
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The meaning of by way of loan or advance under section 2(22) of the Income Tax Act is not defined in the act itself. But we can take guidance from decisions by various high courts. Here are excerpts of courts orders in which the Hon’ble High Court tried to explain the meaning of by way of loan or advance.
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The meaning of cottage industry under section 80P of the Income Tax Act is not defined in the act itself. But we can take guidance from decisions by various high courts. Here are excerpts of courts orders in which the Hon’ble High Court tried to explain the meaning of cottage industry.
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The meaning of constructional or manufacturing operations under section 10(5B) of the Income Tax Act is not defined in the act itself. But we can take guidance from decisions by various high courts. Here are excerpts of courts orders in which the Hon’ble High Court tried to explain the meaning of constructional or manufacturing operations.
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The meaning of constituted under an instrument of partnership under section 184 to 187 of the Income Tax Act is not defined in the act itself. But we can take guidance from decisions by various high courts.
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