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The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has issued a directive for the refund of ₹37.88 lakh within one month. This decision arises from a determination that there was an under-allocation of Tax Deducted at Source (TDS) credit related to a property sale, in accordance with section 143(1) of the Income Tax […]
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has exempted late fees imposed under Section 234E of the Income Tax Act, 1961, for the delayed filing of quarterly TDS (Tax Deducted at Source) returns. As per the Tribunal, when the taxpayer has deposited TDS with applicable interest, submitted all the pending quarterly returns […]
The Bombay High Court has ruled that interest earned on fixed deposits and TDS refunds related to business activities are eligible for deduction under Section 80IA of the Income Tax Act. This decision provides clarity on the classification of these income types in the context of tax deductions. Tax incentives for businesses are being given […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) permitted the claim of Long Term Capital Gains (LTCG) exemption u/s 54 of the Income Tax Act,1961 on the sale of an old flat, as the possession of the new flat was received within the specified period. The taxpayer, Payal Kishore Kulchandani, submitted her return reporting […]
The ITAT Mumbai Bench has ruled that payments made to foreign agents for services provided entirely outside of India do not need to be taxed in India. As a result, businesses are not required to deduct TDS from these payments. The taxpayer, Manisha Kiran Temkar, was in the international merchant trade under the name M/s. […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed Schindler India Private Limited, a leading elevator and escalator manufacturer, to exclude ₹1,09,72,163 written off as bad and doubtful debts from its book profits while computing Minimum Alternate Tax (MAT) under Section 115JB of the Income Tax Act, 1961. Before the ITAT, Schindler […]
The Income Tax commissioner could not amend an assessment only due to the detailed reasoning was not provided in the order, the Madras High Court ruled. The Commissioner of Income Tax has been empowered u/s 263 of the Income Tax Act, 1961, to amend any order passed under the Income Tax Act, 1961, “the Act,” […]
The Delhi High Court has confirmed that payments by Indian companies to foreign entities for the resale or use of computer software are not classified as royalty. In a significant ruling, Justices V. Kameswar Rao and Vinod Kumar concluded that the Indian entity bears no obligation to tax deducted at source (TDS) in these circumstances. […]
The Visakhapatnam Bench of the Income Tax Appellate Tribunal (ITAT) reviewed the validity of an assessment conducted under Section 144 of the Income Tax Act, 1961. The focus of the examination was whether this assessment could be upheld or rectified at a later stage despite the absence of a required notice under Section 143(2) of […]
