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It was carried by the Kerala High Court that cash in a bank account is a ‘property’ liable for provisional attachment u/s 281B of the Income Tax Act. The Division Bench of Justices Sathish Ninan and Shoba Annamma Eapen stated that “the mere fact that a Bank account is not explicitly provided under Section 281B […]
The assessment order has been set aside by the Pune Bench of Income Tax Appellate Tribunal ( ITAT ) which was computed under the new regime quoting that the return was submitted under the new regime and requirements u/s 115 BAC not fully satisfied. The taxpayer Akshay Nitin Malu is an individual who is in […]
The Delhi High Court carried that if the Revenue issues a reassessment notice to a taxpayer under section 148 of the Income Tax Act, 1961 without following procedure, then later it cannot issue a fresh reassessment notice beyond the specified period, claiming that time spent on earlier litigation is to be excluded for computing limitation. […]
On January 24, the Supreme Court refused to entertain a Public Interest Litigation contesting the provisions of the Income Tax Act, which impose an obligation on private employers to deduct tax at source (TDS) on the salaries paid by them. A bench including Chief Justice of India Sanjiv Khanna and Justice Sanjay Kumar mentioned that […]
It was ruled by the Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT), that the misuse of credit cards via a friend could not be regarded as personal expenditure. The taxpayer, Abdulmannan Mohammedkasad Bastawala, was a salaried employee. It was noted by the assessing officer that the taxpayer has merely cited the salary from […]
When a business has no tax deductions during a specific period, filing a Nil TDS Return is a way to comply with legal and regulatory requirements related to tax withholding. Top Reasons Why Businesses Should File Nil TDS Returns If a business hasn’t had any Tax Deducted at Source (TDS) during a certain period, it […]
The Income Tax Department in an update to the taxpayer has declared the availability of utilities for filing ITR-5, ITR-6, and ITR-7 starting today, January 01, 2025. The process will streamline taxpayers, including firms, companies, trusts, and other entities, in complying with their annual tax filing obligations. The updated utilities will initiate all necessary amendments, […]
Section 14A of the Income Tax Act, 1961 was a Non-Obstante clause that can be applied prospectively from 01.04.2022 and quashed the order of PCIT, the Surat Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled. The taxpayer Meri Life Sciences Private Limited is a company that furnishes an income tax return for […]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) permitted the appeal filed via the taxpayer contesting the false rejection of Section 80IC of the Income Tax Act,1961 deduction claim due to a village name discrepancy. The applicant Acacia Biotech Limited, contested the order dated 30.10.2023 passed by the Commissioner of Income Tax (Appeals) for […]
