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The Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the taxpayer could not be stated to maintain the stock enrolled along with the books of accounts on the basis of not uploading the same on the income tax portal which does not permit the bulk uploads and permit the manual […]
Discussion about section 54B of the Income Tax Act, 1961 w.e.f. AY 1970-71 Capital gain on the land transfer utilized for agricultural purposes does not get levied in some cases. Latest Update 54B. (1) (w.e.f. AY 1974-75) as per the provisions of sub-section (2), (w.e.f. AY 1988-89) in which the capital gain has produced through […]
The Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench, in a petition furnished to it stated that there would be no addition incurred on the basis of a typographical error in the ITR via the taxpayer. ITAT, before-mentioned observation when a plea was chosen before it via the taxpayer, as against the order on […]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that payment that the taxpayer has made to the non-resident marketing partners for filing the before or after-sale services concerned with the software solutions would have the character of fees for technical services (FTS). The two-member bench of V. Durga Rao (Judicial Member) and […]
The Madhya Pradesh High Court ruled that penalty u/s 271(c) of the Income Tax Act, 1961 shall not be levied in the absence of intentional concealment and false details. The respondent company M/s S Kumar Tyres Manufacturing co. ltd. was made in the year 1985 and has the business of manufacturing of tyers and trading […]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad ruled that Assessing Officer (AO) must take cognizance of the claim that the taxpayer made on the filing of revised returns and must move to the assessment stage. The taxpayer, Kothari Brothers have furnsihed the income return dated 24.11.2007 which shows a total income of Rs 3,52,960. In […]
The Income Tax Appellate Tribunal (ITAT), Chandigarh Bench ruled that Assessing Officer was unable to furnish the opportunity for cross-examination of witnesses and removes the addition on the basis of additional net profit. The petitioner M/s. DSG Papers Pvt. Ltd., is involved in the business of manufacturing paper and paper products. The PCIT started revisionary […]
Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT), the donations and investments incurred for the charity via the taxpayer’s trust for charitable and educational purposes concerning the operation of the trust and has the deductible nature and deleted the impugned additions by the Assessing Officer (AO). A bench consisting of Ms. Annapurna Gupta, an […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the payment that the taxpayer has made to the non-resident supplier shall be the royalty amount and is bounded on the taxpayer’s portion to deduct tax at source. The two-member bench of T.R. Senthil Kumar (Judicial Member) and Annapurna Gupta (Accountant Member) has […]
