Appointment to the post of President, Income Tax Appellate Tribunal (ITAT)
The Appointments Committee of the Cabinet has approved the proposal of the Department of Legal Affairs for appointment of Justice Chandrakant Vasant Bhadang retired Judge,...
Appointment of Judges/Additional Judges in the High Courts
In exercise of the power conferred by the Constitution of India, the President of India, after consultation with Chief Justice of India, is pleased to...
Transfer of High Court Judges
In exercise of the power conferred by the Constitution of India, the President of India, after consultation with Chief Justice of India, is pleased to...
Whether RBI is entitled to direct disclosure of confidential and sensitive information pertaining to customers’ affairs etc under the Right to Information Act, 2005?
Balancing the right to information and the right to privacy has to be considered. The RBI has issued directions to the Banks to disclose certain...
CBDT Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2022-23
F.No.225/ 81/2022/ITA-11 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA-II division) North Block, New Delhi, the2 September, 2022...
CBDT Revised Guidelines for compounding of offences under the Income tax Act, 1961
Some of the major changes made for the benefit of taxpayers include making offence punishable under Section 276 of the Act as compoundable. Further, the...
What is “reason to believe”? Can Courts look into the sufficieny of the reasons?
The expression “reasons to believe” is a component of many statutes such as in the case of reassessment of Income under the Income-tax Act, 1961,...
Requirement in S. 10B(8) to file the declaration before due date of filing the return is mandatory and not directory: Supreme Court in Wirpo
In Principal Commissioner of Income Tax-III, Bangalore Versus M/s Wipro Limited CIVIL APPEAL NO. 1449 OF 2022 the Supreme Court has held that for claiming...
A revised return u/s 139(5) can be filed only in a case where there is an omission or a wrong statement but not for withdrawing a claim: Supreme Court in Wipro
The Supreme Court has held in Principal Commissioner of Income Tax-III, Bangalore Versus M/s Wipro Limited CIVIL APPEAL NO. 1449 OF 2022 that an assessee...
Taxability of capital gains from penny stocks: Burden is on the taxpayer to prove fanciful rise in stock price is genuine
The Honourable Calcutta High Court has held that the onus is on the assessee to establish the genuineness of the price hike in the case...