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Receipts via a foreign entity from the provision of software services to oil companies in India being like business profits are not chargeable in India in the absence of its Permanent Establishment (PE) during the relevant AYs, Delhi ITAT ruled. Section 44BB of the Income Tax Act includes a unique provision for the calculation of […]
The Madras High Court in a ruling held that a new SCN u/s 148 of the Income Tax Act, 1961 will be issued for the problems not raised before. The department was asked to provide a fresh order u/s 148A(d) after regarding the reply of the taxpayer. A Single bench of Justice Senthilkumar Ramamoorthy held […]
A service tax is liable to get paid on buses meant for carrying passengers and cannot be called a means of transport of goods, the Delhi Bench of Customs, Excise and Service Tax Appellate (CESTAT) ruled. The bench of Binu Tamta (Judicial Member) and Hemambika R. Priya (Technical Member) noted that on the applicability of […]
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 application of registration filed under Section 12A of the Income Tax Act, 1961 has been cancelled by the two-member bench of the Income Tax Appellate Tribunal ( ITAT ) after witnessing that the income made via leasing of trust building is a commercial business activity. The taxpayer, Golden Charitable Trust entered into a lease […]
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 Karnataka High Court in a case quashed an FIR registered under the Prevention of Corruption Act, 2002 without verifying the Income Tax Return. The applicant Channakeshava.H.D is an Assistant Engineer at Karnataka Power Transmission Corporation Limited. Subsequently, he was transferred to Koramangala Division and Hebbala Division of BESCOM and worked as an Executive Engineer. […]
A new feature has been introduced by the income tax department within the Annual Information Statement (AIS) to enable assesses to track the status of the information confirmation process. The same development has the objective of increasing the clarity and preciseness in tax reporting by furnishing the assesses with insights into their financial transactions that […]
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 […]
