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The Chennai ITAT said that receipt of sale consideration of a massive amount of Rs. 1.60 Crores in cash, which is, in breach of the provisions of section 269SS (this section restricts cash receipts over & above twenty thousand) of the Income-tax Act, rightly merits the imposition of penalty under section 271D. The Bench of […]
A GST notice worth Rs 23.26 cr for the FY 2018-19 has been received by Zomato from Karnataka tax authorities, the company mentioned in a regulatory filing. The order mandates a Goods and Services Tax payment of Rs 11,27,23,564, including additional interest and penalty charges totalling Rs 23,26,64,271, as per the filing. “According to Regulation […]
The New Delhi ITAT after determining that the taxpayer does not file either of the conditions specified in section 54 of the income tax, ruled that no infirmity in the IT authority’s order in refusing the advantage of the deduction of the long-term capital gains to the taxpayer under section 54. The Division Bench of […]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that Section 155(14) of the Income Tax Act, 1961 could not limit the Tax Deduction at Source ( TDS ) credit if the income is correctly shown in the Income-tax Returns. The ITAT bench noted that “once TDS is deducted and deposited […]
The tax benefits cannot be refused to the taxpayer because of an error made by the builder in assigning the apartment, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Rahul Chaudhary (Judicial Member) and Om Prakash Kant (Accountant Member) noted that the petitioner cannot be penalized for the mistake executed […]
A recent survey has depicted the complexities of tax compliance for NRIs and OCIs. India has the world’s largest overseas diaspora, with nearly 32 million NRIs and OCIs. India’s NRI network witnesses an effective presence in Gulf countries, alongside Singapore, the US, Canada, the UK, and more. SBNRI surveyed a comprehensive investment platform for NRIs […]
The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav noted that clause (a) of Explanation 2 of Section 263 of the Act introduces a deeming fiction to the effect that the order passed via the AO will be acknowledged wrong and prejudicial to the interests of the revenue if the order is passed […]
The Income Tax Appellate Tribunal (ITAT) Delhi issued a significant ruling in the matter of Mandeep Singh Anand Vs ACIT for the authority of the Commissioner of Income Tax (Appeals) (CIT(A)) to add a new source of income without providing an enhancement notice. This blog furnishes a summary of the case and the decision of […]
The past six years have seen more than 1,000 notifications, circulars, and instructions for assesses and adjudicating authorities, therefore opening up the GST law to interpretation by assesses and authorities identical. The same interpretation has furnished an increase to the rising case laws across different judiciaries and writ petitions being filed to various High Courts […]
