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The income tax deduction is allowable on expenditures incurred on warranty claims, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Kul Bharat (Judicial Member) and M. Balaganesh (Accountant Member) has laid on the Supreme Court’s decision in the matter of Rotork Controls India (P) Ltd., where it was carried that […]
The Kerala High Court in a case ruled that the advantages of Income tax, 1961 deduction u/s 80(P) were refused because of not furnishing the ITR on the said time. The applicant Muvattupuzha Agricultural Co-Operative Bank Ltd., has furnished the writ petition contesting the assessment order under section 148A(d) of the Income Tax Act and […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) stated that the date of possession of the new property is to be deemed as the date of acquisition and the taxpayer is entitled to deduction u/s 54 of the IT Act on the purchase of the new property. The bench of Raj Kumar Chauhan (Judicial […]
The penalty u/s 271(1) (c) of the Income Tax Act, 1961 is deleted by the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) concluding there was no providing of incorrect particulars of income or a deliberate attempt to conceal the income. The present appeal has emerged on the fact that the assessee- […]
The Central Board of Direct Taxes (CBDT) has furnished relief to the assesses who obtained the tax demand notices for the reason that they deducted less TDS compared to the taxpayers whose PAN had become inoperative. Multiple TDS deductors and collectors, TCS respectively, had obtained the income tax demand notices requesting them to deposit the […]
A reconsideration is been ordered by the Delhi bench of the Income Tax Appellate Tribunal (ITAT) asking for a new adjudication. The same decision arrives as the submissions for the Tax Deducted at Source ( TDS ) deductions u/s 194J or 194C for payments related to X-ray and CVC machine maintenance were not regarded. The […]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) witnessed that Income Tax Return filing within the last date is mandatory for claiming deduction u/s 80IB (10) of the Income Tax Act, 1961. The taxpayer was selected by scrutiny and notice u/s 143(2) was issued dated 04-03-2008 and served consequently. The other […]
The income tax department has issued some salaried assesses messages for their total tax deducted at source (TDS) all across the country. The message was sent as an SMS that consists of information on TDS deducted via the employer for the quarter ending 31st December and the cumulative TDS for the FY 2023-24. The same […]
Under section 119(2)(b) of the Income Tax Act, the Bombay High Court specifying the scope of authority stated that the legislature has granted power to the Principal Commissioner of Income Tax (respondent no.3) to condone the delay to enable the authorities to do substantive justice to the parties by disposing the case on merits. Therefore, […]
