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It was mentioned by the Kerala High Court that the taxpayer could not avail of the Input tax credit for the transportation services if the costs of it are not comprised in the assessable value of goods for the payment of central excise duty. It was marked by the Division Bench of Justices A.K. Jayasankaran […]
Directing to the decision of CIT vs. ABG Heavy Industries Ltd. (2010) 322 ITR 323, the Pune ITAT repeated that an enterprise can claim deduction under section 80IA if it develops, operates, and maintains the infrastructure facility, subject to the beginning of operation & maintenance of the infrastructure facility after April 01, 1995. The Bench […]
There shall be a systematic verification of high-risk refund claims in income tax returns for the AY 2024-25 (financial year ending March 31, 2024), following a standard operating procedure (SOP). the purpose is to find out if the wrong refund claim has been incurred in an organized way or via a single person. As per […]
The Chennai Bench of Income Tax Appellate Tribunal(ITAT) supported the ruling of the Commissioner of Income Tax (Appeals) concerning accounting manipulation and tax evasion due to insufficient evidence. An appeal for Assessment Year (AY) 2015-16 has been furnished by the revenue appellant against the CIT(A) order on March 5, 2024, related to the assessment incurred […]
The reassessment of the assessee has been quashed by the Delhi Bench of Income Tax Appellate Tribunal ( ITAT ), which held that an assessment u/s 147 of the I-T Act,1961 cannot be reopened based on mere modification of opinion. Bhartiya Samruddhi Investments and Consulting Services Limited, the appellant-assessee, asserted ₹91,47,928 as ‘sundry advances/assets written […]
The Madhya Pradesh High Court has stated that the non-operation of the Income Tax Department’s TRACES Portal cannot justify refusing an assessee the benefits provided under the Income Tax Act of 1961. A division bench of Justices Vivek Rusia and Anuradha Shukla carried that an assessee’ TDS refund cannot be rejected only on the ground […]
A complete review of the Income Tax Act has been initiated by the government, inviting public input on major areas for reform. It was notified by the Central Board of Direct Taxes (CBDT) that it has made an internal committee to concentrate on easing the language, decreasing the litigation and compliance loads, and deleting outdated […]
The Income Tax Appellate Tribunal (ITAT) of Delhi in a decision, quashed a reassessment notice issued u/s 148 of the Income Tax Act, 1961 (ITA) to the assessee/ appellant, Natraj Products Pvt. Ltd. for the AY 2010-11, mentioning mechanical approval granted by the Principal Commissioner of Income Tax (PCIT). The reassessment was on the grounds […]
The blog specifies the major aspects of LLP audits more efficiently and furnishes the answers to common questions. It is important for professionals and entrepreneurs to understand the audit needs of a Limited Liability Partnership (LLP) to ensure compliance with the law. LLPs are separate lawful entities directed to distinct compliance norms, auditing, and taxation. […]