Judgement

Reassessment held void ab initio as AO failed to dispose of objections before passing assessment order

Income Tax Reassessment Without Deciding Objections Held Void: ITAT

Tribunal finds no justification for using a later panchnama to extend limitation; holds Section 153A assessment invalid

ITAT: Second Panchnama Can’t Extend Limitation, Assessment Time-Barred

News

Shriram Pistons &amp; Rings Ltd. has disclosed receiving a Rs. 74.24 lakh income tax penalty for AY 2020-21 over a disputed cess deduction.

Shriram Pistons Receives Income Tax Penalty Order of Rs. 74.24 Lakh; Evaluating Legal Options

Articles

The company had earlier received an assessment order and tax demand notice from the Assistant Commissioner of Profession Tax, Mumbai.

Major Relief for Metro Brands as IT Dept Refunds Rs. 30.58 Lakh

Many taxpayers continue to opt for the old tax regime because it allows taxpayers to claim various deductions and exemptions, helping reduce their taxable income, which reduces their overall tax liability.

Pay Almost ZERO Income Tax: Use These Deductions Under the Old Regime

The company informed the stock exchanges that the Income Tax Department has officially dismissed the appeal that was filed earlier by the company against the order.

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Income Tax Reassessment Without Deciding Objections Held Void: ITAT

ITAT: Second Panchnama Can’t Extend Limitation, Assessment Time-Barred

Shriram Pistons Receives Income Tax Penalty Order of Rs. 74.24 Lakh; Evaluating Legal Options

Major Relief for Metro Brands as IT Dept Refunds Rs. 30.58 Lakh

Pay Almost ZERO Income Tax: Use These Deductions Under the Old Regime

3i Infotech's Income Tax Appeal Dismissed as Infructuous Under Vivad Se Vishwas Scheme