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Buying residential house property prior to the last ITR filing date makes the taxpayer qualified for the deduction under section 54F of the Income Tax Act, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled. The petitioner is an individual and has submitted her Income tax return for the AY 2012-13 dated 01.06.2013, […]
What is GST Section 161? Section 161 of the CGST Act, 2017 states the rectification of mistakes or errors that are recognized from the records. It mentions that the authority responsible for issuing decisions, orders, summons, notices, or certificates may rectify any mistake that is found in the records in such documents. These rectifications are […]
No addition is to be incurred without making an independent inquiry from the related builder for the property purchase, the Income Tax Appellate Tribunal (ITAT) Delhi bench ruled. The decision of deletion of addition which the CIT(A) stated is been kept by the bench. When an investigation Wing of the department performs the investigation operation […]
The CBDT announced an extension for filing Forms 10B/10BB until October 31, 2023, and a one-month extension for ITR 7 form. The Government of India’s Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2023 dated September 18, 2023, providing relief to taxpayers and other stakeholders by extending […]
The Kerala High Court invalidated the intimation order issued under the Income Tax Act, 1961 regarding the imposition of late fees under Section 234E of the Income Tax Act, 1961 for the delayed submission of previous Tax Deducted at Source (TDS) returns. The petitioner, Sutheepan Sowmini, contested the notice related to the late fees imposed […]
The re-assessment without the issuance of notice under Section 143(2) of the Income Tax Act 1961 was void, Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. Gonuguntla Nirmala Devi, an individual taxpayer, submitted her tax return for the 2012-13 assessment year on March 30, 2014, disclosing her income. The tax authorities initially processed her […]
At the time of furnishing the essential clarifications for the assessments that are conducted under the Income Tax Act 1961, the Patna High Court said that these assessments should not be arbitrary and must laid on the material proof found at the time of investigation. The division bench of Chief Justice K Vinod Chandran and […]
The Bombay High Court has invalidated the reassessment notice issued three years later without proper approval. The two-member Bench comprising of K.R. Shriram and N.K. Gokhale noted that seeking approval from the specified authority under Section 151(ii) of the Income Tax Act is a crucial requirement. Not adhering to this requirement may cause the reopening […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) ruled that interconnectivity utility charges (IUC) could not be levied to tax as royalty under the India-Austria Double Taxation Avoidance Treaty (DTAA). The bench of Beena Pillai (Judicial Member) and Chandra Poojari (Accountant Member) witnessed that payments that the taxpayer obtained for interconnectivity utility levies […]
