| Initiation of reassessment under section 148 of the Income-tax Act cannot be declared invalid, if any of the reasons taken by the AO sustainable
SUMMARY OF CASE LAW If the notice under section 148 of the Income-tax Act is sustainable on any of the reasons taken by the Assessing Officer, the initiation of reassessment cannot be declared as invalid; there cannot be any initiation of... | | Assessing Officer cannot change nature and character of income under section 143(1) of IT Act, 1961
SUMMARY OF CASE LAW Nature and character of income as disclosed in return of income cannot be changed to, or substituted by, another nature and character while determining tax payable on that income shown in the return, under section 143(1); the... | | Term Loan waiver availed by the assessee is not assessable income
SUMMARY OF CASE LAW The waiver amount of term loan availed by the assessee does not partake the character of assessable income either under section 28(iv) or under section 41(1) of the Income-tax Act, 1961. CASE LAW DETAILS Decided by: ITAT,... | | New Income Tax Rules and Requirement for filing of ITR for A.Y. 2009-10
For the current year, there have been a few changes which have been introduced and need to be kept in mind while filing the returns.The tax department has taken steps to make income tax returns filing easier and simple. In the past few years, there... | | Precautions and steps need to be taken while filing your Income Tax Return
Due date of July 31 fast approaching, it is that time of the year again when the nation's tax payers scramble to file I-T returns. After all, filing of tax return is compulsory for everyone whose gross total income exceeds the basic exemption... | | What is Permanent Account Number (PAN)? Is it compulsory to obtain and quote PAN?
Permanent Account Number is a ten character unique number allotted to a person by the Income tax Department. It is compulsory for the following persons to apply for the allotment of PAN if he has not already been allotted one : (i) Every person who... |
With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai |
See the Web's breaking stories, chosen by people like you. Check out
Yahoo! Buzz.
No comments:
Post a Comment