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Search results for: income tax department

Decoding GST Section 16(4) with Court Rulings on ITC

Exploring Section 16(4) of GST Act with Court Rulings on ITC

Section 16(4) of the Goods and Services Tax (GST) Act is the attractive provision permitting assessees to avail the ITC lessening the cascading effect that is in the VAT regime which came with the influential catches and setbacks levied in the form of the conditions to be fulfilled transferring the vested ITC nature to a […]

Chandigarh ITAT's Order for M/s SPS Realtors Private Limited

Chandigarh ITAT: Can’t Use IT Section 143 & 144 for Assessment After Deadline Has Passed

No assessments could be made under section 143 or 144 of the Income Tax Act post 12 months from the finish of the pertinent assessment year, the Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) observed. The taxpayer company reported a taxable income of Rs. 8,59,050/- in 2012, later assessed at Rs. 12,13,510/ in […]

Chennai ITAT’s Order for M/s.Sahana Jewellery- Exports Pvt. Ltd.

Chennai ITAT Nullifies Section 68 Addition Related to Cash Receipts Converted into Sale of Jewellery

The addition under section 68 of the Income Tax Act for the receipts of cash has been deleted by The Chennai Bench of Income Tax Appellate Tribunal (ITAT) that was converted into the jewellery sale. There could not be any cause for the uniform sales on all the days, months, or years, The bench of […]

Gujarat AAAR's Order for Rajkot Nagarik Sahakari Bank Ltd

Gujarat AAAR: GST Levy as Incentives from Atma Nirbhar Gujarat Sahay Yojna Are Not Counted as Subsidy

The Gujarat Appellate Authority of Advance Ruling (AAAR) ruled that incentives obtained under the “Atma Nirbhar Gujarat Sahay Yojna” dated May 16, 2020, declared by the Gujarat Government can not be regarded as subsidies, and GST is subjected to be charged. The panel consisting of B V Siva Naga Kumari and Sameer Vakil has affirmed […]

Delhi ITAT's Order for Sarita Gupta

Delhi ITAT: Section 54 Deduction Could’t Disallowed for Not Depositing LTCG In Capital Gain Account Scheme

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) clarified that failing to deposit long-term capital gains (LTCG) into a capital gain account scheme does not warrant disallowance of deduction under Section 54 of the Income Tax Act. Saktijit Dey (Vice President) and M. Balaganesh (Accountant Member) took a meticulous approach in addressing the matter. […]

Human Intelligence Vs AI-Generated for GST Notices

Debate on GST Notices: AI-Generated vs Human Intelligence

Many emerging sectors have been issued notices for GST tax evasion. The tax authorities have been utilizing the latest technology, Artificial Intelligence (AI), to track discrepancies in tax payments. This has raised concerns and started a debate over the use of AI. If we focus on the previous financial year alone, the department has detected […]

Jaipur ITAT's Order for Isys Softech Pvt. Ltd.

Jaipur ITAT Eliminates Penalty Imposed for Default of Not Deducting TDS on Foreign Remittances

The penalty imposed for the default in not deducting the TDS on the foreign remittances has been removed by the Jaipur Bench of Income Tax Appellate Tribunal (ITAT). The bench of Sandeep Gosain (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) has followed that the taxpayer has deliberately not bypassed TDS and there is no […]

Punjab & Haryana HC's Order for Maruti Suzuki India Ltd

PB and HR HC: CENVAT Credit to Maruti Suzuki on Internship, Coaching and IT Services

The Cenvat credit is been permitted by the Punjab and Haryana High Court to Maruti Suzuki on training and coaching services, IT (software) services (CHA), cargo handling services for export, warehouse and storage services, land survey services, and hotel Broadway services. The service is needed since it is not merely used in the manufacturing concern […]

Delhi ITAT's Order for M/s Creamy Foods Ltd

Delhi ITAT: Cash Found At The Time Of Search Can Be Explained By The Availability Of Cash With Different Companies

Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that the cash availability with distinct firms is enough to elaborate on the cash revealed at the time of the investigation. The assessing officer assessed the 9 group references and firms as well as accepted the in-hand cash availability in the respective books of accounts, the […]

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