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On discovering that the need of application of mind is not in the instant case, the Delhi ITAT ruled that the reassessment incurred in section 143(3) read with section 147 of the Income Tax Act, 1961, is poor in law and therefore, the re-assessment order is suppressed. ITAT said that no independent application of mind […]
The Revenue Authorities needed to tax the correct person accurately and will not disallow the eligible deductions on mere technicalities, New Delhi ITAT stressed. The Bench of M. Balaganesh (Accountant Member) and Yogesh Kumar U.S (Judicial Member) followed that “the Revenue has rejected the plea of the Assessee based on mere technicalities and it is […]
Piramal Enterprises faced a setback by categorizing the compensation of Rs. 92.7 crores from termination as ‘business income’ instead of ‘capital gain’, The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) concluded. In the related year, the taxpayer company obtained Rs. 92,76,62,688 from Roche Diagnostics Gmbh ( RDG ) of Germany as per the […]
A penalty notice for the GST has been sent to Zomato the popular online food delivery app via the Deputy Commissioner of State Tax in Gujarat. Under the disclosure made to the stock exchanges, Zomato has obtained a demand order because of the overuse of the Input tax credit (ITC) and underpayment of GST. An […]
In February the e-way bill generation has been increased to 9.73 crores. In 4 months it is the highest and indeed the all-time high generation for the second time. In March it is anticipated to secure a positive impact on GST collection. Since February is just 29 months, numbers for the month are also crucial. […]
Mopidevi Venkata Ramana Rao, former Minister of Andhra Pradesh and current Member of Parliament, addresses a critical problem troubling businesses in India. In a letter to Hon’ble Finance Minister Nirmala Sitaraman, he advocates for the resolution of challenges surrounding Section 16(4) of the Goods and Services Tax Act, 2017. The Andhra Pradesh Tax Practitioners and […]
A network of 232 fake money-changing companies has been excavated by the Income Tax Department and detected tax evasion amounting to ₹1,000 crore via fraudulently generated Input Tax Credits under the Goods and Services Tax (GST) regime. Furnishing the information of the bogus process, the Chairman of the Central Board of Indirect Taxes and Customs […]
Deduction claimed under Section 80IA of the Income Tax Act, 1961 on account of profit derived as per the agreement with Delhi International Airport Limited ( DIAL ) is permitted by the Delhi bench of Income Tax Appellate Tribunal (ITAT). In the current case, the taxpayer Celebi Delhi Cargo Terminal Management India Pvt. Ltd. is […]
The Hon’ble Telangana High Court in the case of Rays Power Infra Pvt. Ltd. v. Superintendent of Central Tax [Writ Petition 298 of 2024 on February 28, 2024], ruled that if the assessee clears all the tax obligations including ah interest at any day, before the issuance of show cause notice, they shall not be […]
