HC took strong view against Carelessness by AO in Assessment ( Mantra Industries Limited Vs National Faceless Assessment Centre (NFAC or NeAC) & Ors. (Bombay High Court) dated 11/10/2021)
Amendment in section 36(1)(va) & 43B applicable from 01.04.2021 Gopalakrishna Aswini Kumar Vs Assistant Director of Income Tax (ITAT Banglore) dated 13/10/2021
Reasons recorded on incorrect information are invalid and results in invalidation of reopening (Madan Mohan Tiwari Vs ITO (ITAT Delhi) dated 06/10/2021)
Non-profit making body with objective of protecting trade or commerce would be eligible for exemption ( Bombay Chamber of Commerce dated 30/09/2021)
No reassessment beyond 4 years on issue already dealt during original assessment ( Saurabh Natvarlal Soparkar Vs ACIT (Ahmedabad High Court)
Reopening could not have been done in absence of new facts coming to knowledge subsequent to original assessment proceedings ( Cognizant Technology Solutions India Private Limited Vs ACIT (Madras High Court) dated 05/10/2021)
Regards,
Bipul Kumar
Business So Simple 