Judgement

The ITAT set aside assessment order after the AO failed to issue a draft assessment order under Section 144B, directing a fresh assessment after considering the assessee’s objections.

ITAT Holds Failure to Issue Draft Assessment Order Under Section 144B Invalidates Assessment Procedure

The ITAT Jaipur Bench set aside the ex-parte CIT(A) order and directed fresh consideration of the mining contractor’s tax appeal after granting another opportunity to submit supporting documents.

ITAT Sets Aside Ex-Parte CIT(A) Order After Mining Contractor Seeks Fresh Hearing, Directs Reconsideration of Tax Disallowances

The ITAT quashed reassessment proceedings, holding that an unsigned Section 148 notice was invalid and could not confer jurisdiction on the AO. 

Section 148 Notice Without Manual or Digital Signature Invalidates Entire Reassessment Proceedings, Holds ITAT

News

The Income Tax Department has confirmed that cross-Tax Year challan correction functionality is under development on TRACES and will be available shortly, while clarifying the use of FY 2025-26 challans for TY 2026-27 TDS statements.

TRACES to Soon Permit Cross-Year Challan Corrections Amid New Income Tax Act Transition

Notifications

CBDT exempts eligible resident and foreign institutional investors from TDS on interest earned on Maharajah INR Bonds issued by the New Development Bank from tax year 2026-27 onwards. 

CBDT Exempts Interest on New Development Bank’s Maharajah INR Bonds from TDS

ICICI Life Insurance faces a total tax and interest demand of Rs 5,914.19 crore for AY 2023 and has filed an appeal against the rectification order, stating that no material adverse financial impact is expected.

Explore Our Blogs

ITAT Holds Failure to Issue Draft Assessment Order Under Section 144B Invalidates Assessment Procedure

ITAT Sets Aside Ex-Parte CIT(A) Order After Mining Contractor Seeks Fresh Hearing, Directs Reconsideration of Tax Disallowances

Section 148 Notice Without Manual or Digital Signature Invalidates Entire Reassessment Proceedings, Holds ITAT

TRACES to Soon Permit Cross-Year Challan Corrections Amid New Income Tax Act Transition

CBDT Exempts Interest on New Development Bank’s Maharajah INR Bonds from TDS

ICICI Prudential Life Insurance Faces Rs 5,914 Crore Tax Demand After Income Tax Department Issues Rectification Order for AY 2023