Judgement

The tribunal also cited Section 11(3) of the Income Tax Act, which clarifies that if accumulated funds are not used within 5 years, they become taxable.

ITAT: Accumulated Income Not Used Within 5 Years Becomes Taxable

ITAT held that reassessment based on general information without independent verification is invalid and deleted all additions in a penny stock case due to lack of evidence.

ITAT Quashes Reassessment Based on ‘Borrowed Satisfaction’, Grants Relief in Rs 1.59 Crore Penny Stock Case

Exam

ICAI of India introduced a one-time window allowing CA Final students to convert expiring exemptions into permanent status, subject to strict rules and deadlines.

ICAI Announces One-Time Window to Convert Exhausted Exemption into Permanent for CA Final Students

Articles

The Tribunal found that the notice under Section 143(2) was issued after the prescribed time limit and also by an assessing officer who did not have jurisdiction over the assessee.

ITAT Delhi Quashes Rs 1.2 Crore Addition Due to Delayed Tax Notice and Lack of Jurisdiction

Since the company had failed to file e-Form BEN-2 within the specified time, ROC levied a penalty of Rs 5 lakh on the company and Rs 1 lakh each on the two directors.

Chennai ROC Imposes Penalty on Company and Directors for Delay in Filing Beneficial Ownership Return

Orders

This new order by Delhi GST Department clarified which officers will handle GST cancellation applications filed by taxpayers.

Explore Our Blogs

Stay updated with the latest insights, tips, and industry trends from our experts

ITAT: Accumulated Income Not Used Within 5 Years Becomes Taxable

ITAT Quashes Reassessment Based on ‘Borrowed Satisfaction’, Grants Relief in Rs 1.59 Crore Penny Stock Case

ICAI Announces One-Time Window to Convert Exhausted Exemption into Permanent for CA Final Students

ITAT Delhi Quashes Rs 1.2 Crore Addition Due to Delayed Tax Notice and Lack of Jurisdiction

Chennai ROC Imposes Penalty on Company and Directors for Delay in Filing Beneficial Ownership Return

State Government Assigns Function of GST Officer for Deciding GSTN Cancellation Applications