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The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the refusal of exemption u/s 11 and 12 of the Income Tax Act on the basis of late filing Form 10B was unexplained, as the report was available with the CPC before passing the order. Seva Bharathi, the taxpayer, a trust registered u/s […]
The Hyderabad Bench of the Income Tax Appellate Tribunal recently cancelled certain tax reassessment actions that had been started for several past years, specifically from 2014 to 2019. These actions were based on specific sections of the Income Tax Act, which deals with how taxes are assessed and reassessed by the government. In simple terms, […]
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has exempted late fees imposed under Section 234E of the Income Tax Act, 1961, for the delayed filing of quarterly TDS (Tax Deducted at Source) returns. As per the Tribunal, when the taxpayer has deposited TDS with applicable interest, submitted all the pending quarterly returns […]
The Income Tax Appellate Tribunal ( ITAT ), Hyderabad quashes an Order of the Commissioner of Income Taxes (Appeals) – National Faceless Assessment Centre ( CIT (A) ), Delhi mentioning the absence of proof warranting the assessees to pay advance tax under the provisions of Section 209 of the Income Tax Act, 1961. Ramadevi Nelaturi […]
Introduction- The Income Tax Appellate Tribunal (ITAT) Hyderabad in a judgment gives transparency on the applicability of section 115BBDA of the Income Tax Act, 1961 to domestic companies. The matter, Meenakshi Ventures and Holdings India Private Limited vs. The Income Tax Officer centred on whether the provisions of Section 115BBDA, which assessees additional tax on […]
The notion of earning 90% profit is unbelievable and is contractual loot under the impression of alleged development activities, The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of R.K. Panda (Vice President) and Laliet Kumar (Judicial Member) sees that the funds of government towards the development must be used for the […]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has ruled that in order to claim a capital gain deduction under Section 54F of the Income Tax Act, 1961, it is essential to retain ownership of residential flats for a minimum period of three years. The taxpayer in question is an individual with income […]
The re-assessment without the issuance of notice under Section 143(2) of the Income Tax Act 1961 was void, Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. Gonuguntla Nirmala Devi, an individual taxpayer, submitted her tax return for the 2012-13 assessment year on March 30, 2014, disclosing her income. The tax authorities initially processed her […]
The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench whilst deleting the addition passing the ruling that the encashment of the bank guarantee has been incurred in the normal course of business. Here, in this case, the assessee is Ogene Systems India Limited that has debited in books of account an amount of Rs.1,10,61,051/ as a […]
