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A reassessment order against a housewife when the alleged investment was made by her husband has been quashed by the Bombay High Court. The bench of Justice K. R. Shriram and Justice Neela Gokhale has noted that “We also have to notice that, surprisingly, the Principal Chief Commissioner of Income Tax has also accorded sanction […]
Finding that the taxpayer operates seasonal trade in hosiery items duly backed by documentary proof, which AO investigated accepting the said transactions and resultant profit has been carried to tax, the Chandigarh ITAT said that the PCIT cannot be allowed to invoke his jurisdiction under section 263 only because he assumes that there is the […]
The writ petitioner is not qualified to take advantage of the ITC since he did not pay the amount to the selling dealer and did it to a third party, the Calcutta High Court ruled. The bench comprising Chief Justice T.S. Sivagnanam and Justice Supratim Bhattacharya has noted that the writ petitioner cannot insert words […]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition of unelaborated investment in stock as a difference in the valuation of stock. Mahavir Singh (Vice President) and Manjunatha. G. (Accountant Member), presiding over the bench, have observed that the assessee declared additional income attributable to excess stock discovered during a survey. […]
The demand for Service Tax only based on form 26 AS given via the income tax department has been set aside by the Kolkata Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT). The Appellant, Shri. Rajeshwar Prasad Choudhari contested the impugned order passed through the Commissioner (Appeals), CGST & CX Ranchi, wherein […]
The ruling by the Bombay High Court clarifies that it’s impermissible to levy taxes on an amount that the assessee hasn’t accrued or received, based solely on the assumption that the Small Causes Court might eventually favour the appellant or assessee by ordering such a sum. Justice G.S. Kulkarni and Justice Jitendra Jain noted that […]
The Madras High Court has instructed the state tax officer to probe the misuse of login IDs linked to potential tax evasion by unidentified individuals. Justice C. Saravanan’s bench noted the petitioner’s claim of a third party exploiting their login ID to file returns and funnel a substantial input tax credit to this unauthorized entity. […]
The Punjab Excise and Taxation Department (PETD) is currently scrutinizing approximately 700 boutiques throughout Punjab due to their non-compliance with GST payments and the issuance of obligatory customer invoices. Among these boutiques, there are 40 prominent establishments located in Patiala, Ludhiana, and other districts, each boasting annual turnovers in the lakhs, yet failing to adhere […]
Recently, the Bombay High Court has ruled that the amendment made in accordance with section 54 of the Income Tax Act, 1961, doesn’t have a retrospective impact on limiting investments in India. This amended provision takes effect from April 1, 2015, and will be applicable in the future, but not before the amendment date. The […]
