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As of January 31 this year, a staggering 5,44,205 petitions awaited resolution within the norms of the Income Tax Department, with an additional 63,246 declining at different levels of appellate authorities including Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court. Despite the Central Board of Direct Taxes (CBDT) obligation to expedite proceedings, […]
In this article, we have explained an overview of accounting systems with their different scopes for individuals and companies. Industries, including trade, business, government, financial institutions, private citizens, and all other sectors are been counted under the accounting. All the activities are been regulated under the concepts of accounting. On the opposite side of the […]
The matter of ACIT Vs Shanker Nebhumal Uttamchandani, as decided by ITAT Surat, emphasizes the importance of substantial proof in tax assessments, especially concerning additions incurred based on digital device data. The Assessing Officer (AO) had incurred the additions to the taxpayer’s income based on particulars discovered in the digital device at the time of […]
A reconsideration is been ordered by the Delhi bench of the Income Tax Appellate Tribunal (ITAT) asking for a new adjudication. The same decision arrives as the submissions for the Tax Deducted at Source ( TDS ) deductions u/s 194J or 194C for payments related to X-ray and CVC machine maintenance were not regarded. The […]
Income Tax Appellate Tribunal (ITAT) Delhi’s recent decision in the matter of Oriental Bank of Commerce vs. ACIT (ITAT Delhi) has influential implications for the treatment of bad debts claimed by the bank u/s 36(1)(vii) of the Income Tax Act, 1961. The petition related to the AY 2017-18 and was filed against the order of […]
The Delhi Bench of Income Tax Appellate Tribunal ruled that the manual cash book that comprises entries pertinent to the cash withdrawals and expenses of the company, which were duly recorded and reconciled with its books of account, including with the cash introduced, withdrawn, and expenses on behalf of the taxpayer. The bench of Anubhav […]
While finding a taxpayer guilty of the offence of filing delayed income tax returns, “mens rea“ is a crucial ingredient, the Rajasthan High Court ruled. In the absence of mens rea, an accused could not be held guilty, and his conviction u/s 276 CC of the Income Tax Act cannot be supported, the bench of […]
The Bombay High Court in a judgment dated [date], provided a ruling for the matter of CEAT Limited versus the Commissioner of Income Tax (CIT). The case is concerned with the interpretation and application of Section 244A of the Income Tax Act, 1961, specifically regarding the entitlement to interest on refunds due to taxpayers. Case […]
The order is been quashed by the Madras High Court as the chance of hearing was denied due to the failure of the taxpayer to tap on the pertinent button. The personal hearing is required to be extended but the taxpayer may lose to tap on the pertinent button, a bench of Justice Mohammed Shaffiq […]