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The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that a wrong address cited in invoices cannot be a reason to deny CENVAT credit. It was noted by the bench of Rachna Gupta (Judicial Member) that the invoices with the wrong addresses issued via the input service providers comprise all the […]
Within the specified six-month timeframe, the review of the Income Tax Act of 1961 is set to be completed CBDT Chairman Ravi Agrawal cited. In the Budget speech last month, Union Finance Minister Nirmala Sitharaman announced that the direct tax law of the country would be examined to make it easy, and the job would […]
The income tax department has furnished 10,000 reopening notices to the companies and individuals in major cities asking for explanations for the differences in their notified incomes. Alongside the Central Board of Direct Taxes’ (CBDT) current directive to track rampant cash transactions in sectors like hotels, luxury brand sales, hospitals, and IVF clinics, suggesting the […]
The applications for condonation of delay should have been regarded without being too hyper-technical and in a judicious manner, ruled by the Kerala High Court. It was noted by the bench of Justice Gopinath P. that the delay in audit report filing in Form-10B can be 30 days, as the law merely needs that the […]
The Central Board of Direct Taxes (CBDT) mentioned clarifying the problems in answer to the misinformation that the recent revision to Section 230(1A) of the Income-tax Act, 1961, does not need all Indian citizens to have an income tax clearance certificate (ITCC) before travelling to other countries. As per the Central Board of Direct Taxes […]
The Delhi High Court, the deduction u/s 80-IA(7) of the Income Tax Act cannot be denied for the mere failure of the taxpayer to digitally file an audit report. It was noted by the bench of Justice Yashwant Varma and Justice Ravinder Dudeja that the audit report was duly provided to the AO and was […]
In a recent development, the Central Board of Direct Taxes (CBDT) has issued a directive to the Income Tax department, underscoring the imperative need for “non-intrusive” monitoring of widespread cash transactions in sectors such as luxury brand sales, hotels, hospitals, and IVF clinics. This directive forms a pivotal component of the CBDT’s Central Action Plan […]
The issuance of the process has been quashed by the Bombay High Court which is served on the directors of the company, M/s. Hubtown Ltd., for offences punishable u/s 276B and 278B of the Income Tax Act for the delay in depositing the TDS as the TDS deducted by the company had already been deposited […]
In its recent decision, the Calcutta High Court upheld a ruling by the Income Tax Appellate Tribunal (Tribunal) allowing an assessee to seek registration under section 80G(5)(iii) of the Income Tax Act, 1961 after the initiation of the activity. The revenue department filed a petition under Section 260A of the Income Tax Act, 1961, disputing […]