Important Updates Of Case Laws, Articles And Association News
itatonlinenews
Dear Subscriber,
The following important updates are available at itatonline.org:
Join the itatonline.org Telegram Channel for speedy updates
Association News
REQUEST TO SEND SUGGESTIONS ON THE PROPOSED PROVISIONS OF INCOME-TAX BILL, 2025.
Case Laws
Bhavya Construction Co. v. ACIT (ITAT Mumbai)Mumbai Tribunal : S. 80IB(10) : Housing projects-Slum Rehabilitation Authority (SRA) Projects-CBDT circular-Notification- Claim u/s.80IB (10) would be allowable even the approval was granted before 01/04/2004 and commencement certificate after 01-4-2004-Circulars and notifications cannot override the provisions of the Act.-Notification No. 1/2011 dated 5-1-2011 restricting the eligibility of section 80IB(10) to SRA project on or after 1-4-2004 and… Read More ...
Hon'ble Mumbai ITAT: Hon’ble ITAT noted that the ‘issue as per reasons recorded for reopening’ provided to the assessee and ‘reasons recorded for reopening’ reproduced in the assessment order are different. Few paragraphs quoted in the reasons reproduced in the assessment order was not there in the ‘issues as per reasons recorded for reopening’ provided to the assessee.… Read More ...
Hon'ble Mumbai ITAT: o Adjustment cannot be made in the intimation issued u/s 143(1) of the Income Tax Act, 1961 (Act) without giving an opportunity of being heard to the assessee. o Intimation issued u/s 143(1) of the Act gets merged with assessment order passed u/s 143(3) of the Act. If assessment order passed u/s 143(3) of the… Read More ...
Hon'ble Mumbai ITAT: The word ‘annual’ denotes a period of twelve months. Consequently, in determining the annual average of the monthly averages of investments under Rule 8D(2)(ii), the aggregate must necessarily be divided by the figure of twelve to compute the annual average. The mere fact that the investments existed only for a portion of the year does… Read More ...
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “SMC” BENCH : MUMBAI: Ld.CIT(A) was constrained to pass the order ex-parte, since the assessee could not appear before the Ld.CIT(A) for the reasons beyond his control and accordingly prayed that the assessee may be provided with one more opportunity to present his case properly.In the facts of the present case, we find merit in the submissions made by… Read More ...
Articles
Analysis of Budget Proposal 2025 – Non Resident Taxation
By CA Paresh P. Shah: Introduction This article discusses the amendments proposed by Finance Bill, 2025 of the Income Tax Act, 1961 (the ‘Act’ or ‘ITA’) pertaining to the Taxation of Non Residents. The same are as follows: i. Section 2 – Definitions, Clause 3 of the Finance Bill, 2025 ii. Section 9 – Income Deemed to accrue or arise… Read More ...
Removal of time limit to implement ‘Faceless Appeal Scheme’ from the functioning of the Hon’ble Income Tax Appellate Tribunal
By Rahul Hakani, Advocate & CA Harsh Bafna: Section 253(8) of the Income-tax Act, 1961 (herein after referred to as the ‘Act’) dealing with ‘Appeals to the Appellate Tribunal and section 255(7) of the Act dealing with Procedure of Appellate Tribunal (herein after referred to as the ‘ITAT’) inter-alia, empowers the Central Government to issue directions for framing a faceless scheme for conducting… Read More ...
Budget 2025 : Changes proposed for Charitable Trust
By CA Ashok Mehta: Introduction A ray of hope in the 2025 budget for charitable trusts or societies or companies steams from the fact that the finance minister has recognized that there is a high compliance burden for smaller trusts. The recognition of such a difficulty is a battle half won, for all the associations and trusts who were… Read More ...
Finance Bill 2025: An Overview
By Dr. K. Shivaram, Senior Advocate & Shashi Bekal, Advocate: Abstract On February 01, 2025, the Hon’ble Union Finance Minister placed the Budget before the Parliament. The Finance Bill has proposed several amendments for Direct and Indirect taxes. This article is aimed at analysing some of the important proposed amendments to the Income-tax Act, 1961 (Act) Read More ...
Regards,
Editorial Board