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Cabinet approves rules for speedy disposal of tax cases

[Income Tax] Once Books Of Accounts Not Objected To Before Tribunal, AO Can t Disturb Gross Profit Rates Applied By Assesee: Allahabad High Court

The Allahabad High Court has held that once the acceptance of books of accounts by the Commissioner of Income Tax (Appeals) have not been objected to by the Assessing Authority before the Income Tax.

ITAT Cases Monthly Round Up: April 2024

Jaipur ITAT Directs Dept. To Allow Taxpayer To File Revised Appeal Memo In Form No. 35 For Removal Of Deficiency Case Title: Zila Parisad verses Addl. CIT, TDS While relegating the .

HSBC Bank balance can t be taxed, says I-T tribunal

In a decision that could have a bearing on other `HSBC account cases, a tax tribunal last week has ruled that the I-T department cannot go back 16 years to reopen old matters to tax the ‘peak balance lying in such bank accounts. Why? Because, according to the Mumbai bench of the Income Tax Appellate Tribunal - a quasi judicial authority - a bank balance reflects assets and not ‘income, and, under the law, only income can be taxed.

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