Tax Guru

income tax reassessments must be based on net taxable income, not gross sale proceeds

ITAT Upholds Taxpayer Rights, Limits Section 148 Reassessments on Net Income: ITAT confirmed that income tax reassessments must be based on net taxable income, not gross sale proceeds. Notices issued ...
Tax Guru

ITAT Upholds Section 115BAA Option via Revised Return, Allows Loss Set-Off

ITAT confirmed that a company can validly exercise the concessional tax regime under Section 115BAA through a revised return filed within the due date. Regular business losses and unabsorbed ...