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The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the case to the Assessing Officer ( AO ) post remarking that the Income Tax Authorities were unable to discuss the difference in sundry creditors before confirming the addition u/s 41(1) Income Tax Act, 1961. The taxpayer Jonna Iron Mart is a […]
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) carried that unless there is proof to show that the obligation has ceased to exist, no addition under section 41(1) of the Income Tax Act is there and therefore, deleted the addition made by Assessing Officer (AO). A petition has been filed by Shashi […]
On Friday (May 17) the Supreme Court kept a rule issued by the Institute of Chartered Accountants Of India (ICAA) restricting Chartered Accountants from accepting more than the “specified number of tax audit assignments” (at present, the upper limit is set at 60) in a fiscal year. A bench of Justices BV Nagarathna and Augustine […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that as the taxpayer was a non-resident therefore the entire tax ought to be deducted at source on payment made via the payer to it, and no question was there for the advance tax payment by the taxpayer; consequently, no interest Under Section 234B can […]
The Madras High Court in its ruling set aside the Goods and Services Tax ( GST ) demand order issued completely on a different basis from the Show Cause Notice ( SCN ). Fresh proceedings are ordered by the court. Madras High Court addressed a discrepancy between a tax order and the initial SCN, leading […]
The Central Board of Direct Taxes (CBDT) has furnished relief to the assessees 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 […]
The Allahabad High Court ruled that the purpose of evading tax is an essential condition for levying penalty u/s 54(1)(2) of the Uttar Pradesh Value Added Tax Act, 2008. Section 54(1) of the Uttar Pradesh Value Added Tax Act, 2008 furnishes for circumstances under which penalties can be charged to taxpayers. It is furnished that […]
The Kerala High Court ruled that the land in question was utilized for agricultural purposes, which yielded agricultural income, which in turn was exempt from income tax u/s 10(1) of the IT (Income Tax) Act. No material produced by the petitioner is there that suggests that the loan amount claimed during the assessment year in […]
The Madras High Court ruled the Assessing Officer (AO) to permit the transitional credit of purchase tax paid under Section 140 of the TNGST Act, 2017, if the applicant had paid “purchase tax” under Section 12(1) of the TNVAT Act. The bench of Justice C. Saravanan noted that the applicant deserves an opportunity to safeguard […]
