A jurisdictional AO cannot make a reassessment based on notice issued by a non-jurisdictional AO

INCOME TAX: Where a notice under section 148 is issued by an incompetent officer, i.e., one who has no jurisdiction, and subsequently, on objection of assessee with regard to jurisdiction, matter is transferred to Assessing Officer having jurisdiction, a valid assessment cannot be made by him without issuing a fresh notice under section 148

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SC dismissed appeal against HC's order as tax effect in appeal was less than prescribed threshold limit

INCOME TAX : Where High Court dismissed revenue's appeal, in view of fact that tax effect in appellate order was less than Rs. two crores, having regard to Circular No. 17, dated 8-8-2019, SLP filed against High Court's order was to be dismissed

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Is MAT rate of 15% really applicable from AY 2020-21?

Section 115JB of the Income-tax Act was amended by the Taxation Laws (Ordinance), 2019 (‘Ordinance’) to reduce the rate of MAT from 18.5% to 15% with effect from Assessment Year 2020-21.However, the Taxation Laws (Amendment) Bill, 2019, as tabled in the parliament on 25-11-2019, proposes to insert a proviso to section 115JB(1) that the rate of minimum alternative tax shall be reduced from 18.5% to 15% from previous year commencing on or after the April 1, 2020.

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Distribution of shares based on unchallenged takeover agreement couldn't also be challenged

COMPANY LAW: Where erstwhile firm, in which appellant was partner, was dissolved and merged with a company and partners agreed to allotment of shares in proportion to capital account in terms of Takeover Agreement, since Takeover Agreement was not challenged, allegation of prejudice to appellant as a member of successor company was to be dismissed

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Order can’t be challenged by filing writ petition if assessee miserably failed to challenge reassessment notice

INCOME TAX : Where assessee miserably failed to challenge reopening of assessment at appropriate time, he could not have been encouraged to challenge order of assessment straight away by filing a writ petition before High Court

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000191954/order-can’t-be-challenged-by-filing-writ-petition-if-assessee-miserably-failed-to-challenge-reassessment-notice.aspx

No disallowance to trust if AO didn’t prove that ‘GurudevJi’ derived any personal benefit by holding samagams

INCOME TAX : Where Tribunal, after verifying objects and activities carried out by assessee Trust held that expenditure on telecast of Samagams was for public at large and could not be held to be benefiting its founder Gurudevji, there being no evidence on record to construe that Gurudevji had derived any personal benefit which would justify revenue to invoke provisions of section 13(1)(c)(ii) to deny assessee benefit of expenditure, observations of Tribunal vis-a-vis disallowance of 1/3rd expen

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No additions towards foreign currency deposits if assessee had been asked to produce declarations after a long time

INCOME TAX: Where High Court restored addition made to assessee's income in respect of amount deposited in bank as unexplained deposits on ground that assessee had been unable to present declaration forms that had been filled in by him at time of his visits to India from abroad, in view of fact that those declaration forms were asked for long after such deposits had, in fact, been made, it could not possibly be held that Tribunal's order deleting said addition was perverse and thus, impugned ord

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