Judgement

A small delay made a big difference. After the company replied on June 8, 2022, the tax office had only 23 days to send the final notice, but they sent it almost a month late. Because of this delay, they lost their legal right, and the tribunal cancelled the reassessment.

Income Tax Reassessment Cancelled Due to Late Notice

News

Credit card rewards, cashback, and air miles are usually treated as discounts, not taxable income. However, if converted to cash or linked to business transactions, they may become taxable.

Are credit rewards, cashback, and Air miles taxable in India?

Payments made to foreign entities for carrying out charitable activities in India are not considered application of Income outside India.

Foreign Payments for Charitable Work in India Counted as Application of Income Within India: ITAT

The ITAT held that investment made before filing the return under Section 139(4) qualifies for Section 54F exemption, deleted the additions, and allowed the assessee’s appeal.

ITAT allows Section 54 exemption before due date of filing belated ITR

Reassessment was held invalid due to procedural defects and time limit issue; ITAT upheld CIT(A) and dismissed Revenue’s appeal.

Reassessment held invalid for Late Income Tax Notice

Articles

Reliance Infrastructure Limited informed stock exchanges that the Adjudicating Authority confirmed attachment of assets worth Rs 670.48 crore under PMLA. The company will appeal the order.

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Income Tax Reassessment Cancelled Due to Late Notice

Are credit rewards, cashback, and Air miles taxable in India?

Foreign Payments for Charitable Work in India Counted as Application of Income Within India: ITAT

ITAT allows Section 54 exemption before due date of filing belated ITR

Reassessment held invalid for Late Income Tax Notice

Reliance Infrastructure Received PMLA Order for Attachment of Assets Worth Rs 670.48 Crore