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The judgment in Golden Mandir Retail Pvt. Ltd. Vs Asst. Commissioner (ST) (FAC) by the Madras High Court related to an assessment order on 29.12.2023, focusing on Discrepancy Nos.1, 2, 10, and 11. The applicant is engaged in textiles and Hyundai Motor Vehicles business and challenged the levying of taxes, penalties, and interest established on […]
The taxpayer is not anticipated to keep the e-portal of the department open all the time to know about what the department is supposed to be doing, Punjab and Haryana High Court ruled. The bench of Justice Sanjeev Prakash Sharma and Justice Sudeepti Sharma noted that before any action is carried out, a communication of […]
Finding that the taxpayer operates seasonal trade in hosiery items duly backed by documentary proof, which AO investigated accepting the said transactions and resultant profit has been carried to tax, the Chandigarh ITAT said that the PCIT cannot be allowed to invoke his jurisdiction under section 263 only because he assumes that there is the […]
During remanding the case back for re-adjudication, the Mumbai ITAT stated that the prima facie onus shall be on the taxpayer to verify its claim of non-granting of TDS credit, by furnishing pertinent documents, like an appointment letter, salary slips or Form No.16 or bank statements, or any other corroborative evidence/ documents. The Bench of […]
Madras High Court in a significant ruling, observed that the order passed referring to Section 144(C)(1) of the Income Tax Act, 1961 is to be construed only as a draft assessment order. The petitioner’s case is that the petitioner filed an income return dated 09.03.2022 and subsequently filed revised returns dated 31.03.2022. Since variation in […]
The income tax department has discovered a scam that consists of the bogus use of permanent account numbers (PAN) to claim house rent allowance (HRA) without actual tenancy. Till now approximately 8,000-10,000 high-value matters, each concerning amounts surpassing Rs 10 lakh, have been recognized. From the examination of the alleged rent receipts totalling nearly Rs […]
A clarification has been furnished by the Finance Ministry in between the dissemination of deceptive details on social media platforms concerning the new income tax regime. The same shows that there are no additional revisions that are effective from 1st April 2024. Taxpayers are enabled to opt for either the old or new tax regime […]
Kothari Wheels filed an appeal against the order of the CIT(A) concerning the disallowance of late deposit of Employees’ shares of PF and ESIC has been supported by ITAT Pune. Throughout the AY 2018-19, the CPC, Bengaluru made a disallowance of Rs. 93,37,905/- because of the late deposit of employees’ share of PF and ESIC […]
The assessment order is been quashed by the Madras High Court which said that the applicant claimed a lower amount as ITC compared to the amount shown in the auto-populated GSTR 2A return. The ITC has wrongly claimed the ITC, which specifies the non-application of mind. Concerning the interest liability for the late filing of […]
