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In a regulatory filing, the Pharma company Dr Reddy’s Laboratories Ltd was reported saying that it has received a tax demand notice from the Additional Commissioner of Central Tax, Hyderabad GST Commissionerate with a total penalty (plus interest) of Rs 74.22 crore. The said demand was issued in response to the company’s recent incorrect availing […]
No penalty would get charged under Section 271B of the Income Tax Act, 1961 for the late filing of the audit report because of the proceedings beneath the insolvency and bankruptcy code (IBC), the Income Tax Appellate Tribunal (ITAT) Delhi bench ruled. The taxpayer, Bhushan Aviation Limited’s return was filed dated 29.03.2019 at the time […]
The Central Board of Indirect Taxes and Customs (CBIC) is planning to make a list of products that end up in litigation because of classification issues. The fitment committee seems to look into these items in which there is a minor difference in composition but the tax slabs are different, creating confusion in tax obligation, […]
The Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) ruled that the Tax Deduction at Source ( TDS ) credit must not be refused if the income from the sale of agricultural property was not declared in the Income Tax Return (ITR). Dhirajlal Savailal Shah, the taxpayer at the time of the AY 2017-18, […]
GST E Waybill | No Vehicle Details Change Due to Goods Under Transit Therefore No Penalty: Allahabad HC The Allahabad High Court ruled that for goods in transit, the vehicle number in the bilty (consignment note) could not be altered upon change of vehicle due to breakdown. The penalty order is been quashed by the […]
To develop an internal method desired to eliminate duplicate Goods and Services Tax ( GST ) notices sent to companies and individuals already under investigation by state goods and services tax authorities is been directed by the Central Board of Indirect Taxes ( CBIC ) to its field officers. Some instances show that the taxpayers […]
Via e-campaign, persons/entities holding influential financial transactions will be disclosed through email/SMS to encourage them to calculate and deposit their due advance tax on or before 15.03.2024 On specific financial transactions embarked by persons/entities at the time of Financial Year (F.Y.) 2023-24, the Income Tax Department has obtained specific data. Based on the analysis of […]
The GST demand of Rs. 8.23 crore against Max Healthcare is been quashed by the Delhi High Court. The bench of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja noted that a proper officer is required to regard the reply on merits and then develop a view as to whether the response was devoid of merits. […]
The submission of Income Tax Form No. 10BA is compulsory for claiming deductions under Section 80GG of the Income Tax Act, 1961, the ITAT in Bangalore held. The taxpayer is unable to comply with this need. Consequently, the ITAT (Income Tax Appellate Tribunal) asked the Assessing Officer (AO) to allow the deduction once the form […]
