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The Jharkhand High Court has overturned a decision made by the Income Tax Appellate Tribunal (ITAT) Circuit Bench in Ranchi. The Court found that the Tribunal’s ruling relied on an earlier case that has since been dismissed by the Supreme Court. Earlier, the whole addition of the Assessing officer has been removed by the tribunal […]
The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) in a ruling has partly permitted the pleas for multiple assessment years by keeping that where the income is assessed on an estimated basis, separate disallowances like those u/s 40A(3) are unsustainable. The taxpayer, Nishant Jain, a civil contractor working in government infrastructure projects, had […]
Under section 40 (3) of the Income Tax Act, 1961 the Kerala High Court kept the addition in the absence of the material proof. The order of the Income Tax Appellate Tribunal, Cochin Bench is been contested by the applicant PV Thomas. The appellant who is a dealer in the used car has filed an […]
The Delhi High Court has allowed the taxpayer an opportunity to present suitable evidence—whether in the form of documents or otherwise—to the Assessing Officer. This evidence aims to substantiate the claims made regarding educational qualifications, professional experience, job roles, and specifically the responsibilities carried out by the individuals in question. This is crucial to support […]
The Central Board of Indirect taxes and Customs (CBIC) has recently released a notification regarding the retrospective amendment in Section 140 of the CGST Act 2017. This amendment shall come into action retrospectively from 1st July 2017. With it, the ministry finds its way to buy itself in to clear all the pending input tax […]
As the Union Budget approaches, the Indian Staffing Federation (ISF) has recommended that the Finance Ministry (FM) reduce the GST rate on staffing services from 18% to 5%. It has classified these services as ‘merit services’ and introduced women specific slab U/S 80JJAA of the IT Act. At present, there is a high GST limitation […]
A rising number of taxpayers in India reported that they are getting surprising interest demand notices from the income tax department post-filing the updated ITRs. The Gujarat Chamber of Commerce and Industry (GCCI), concerned about the rising grievances, asked the centre to revise the provisions of the Income Tax Act to remove the uncertainty in […]
The deduction under Section 80P cannot be denied for belated ITR filing, the Nagpur bench of Income Tax Appellate Tribunal (ITAT) ruled and directed the AO to examine the claim and determine the tax liability. The taxpayer Somalwar Academy Education Societies Employees Co-op. Credit Society Mar submitted its income return for the assessment year under […]
The Kerala High Court ruled that tax proceedings under Income Tax Section 148A are invalid if the income is less than INR 50 lakh and the notice is issued more than three years later. Justice Ziyad Rahman A.A. said that “when the order of the assessing authority is found to be without jurisdiction and hit […]
