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The Income Tax Appellate Tribunal (ITAT) of Bangalore in its judgment addressed the problem of whether the payments made via Herbalife International India Pvt. Ltd. to its associated enterprise (AE) abroad are authorized as “Fees for Technical Services” (FTS) under Indian tax laws and the India-USA Double Taxation Avoidance Agreement (DTAA). The case, Herbalife International […]
In the case of National Contracting Company (India) Private Limited vs. Deputy Commissioner of Income Tax (DCIT), the Chennai Income Tax Appellate Tribunal (ITAT) delivered a ruling. On June 24, 2024, the decision, pronounced, addresses the problem of whether a wrong classification in an Income Tax Return (ITR) can result in the refusal of a […]
In this post, you can find the key expectations of the Modi 3.0 government for the Union Budget FY 2024-25. We anticipate the Budget for 2024 to be announced in the second half of July 2024, after the conclusion of the Lok Sabha Elections 2024. This follows the National Democratic Alliance (NDA) securing a third […]
The Kolkata ITAT carried that delayed deposit of amount collected for employees’ contribution to PF renders claim of deduction u/s 36(1)(va) ineligible. Section 36(1)(va) of the Income Tax Act remarks that if the amount received towards employees’ contribution to PF is not deposited by the employer in the respective welfare account within the deadline, then […]
The order was been quashed by the Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) rejecting the approval u/s 80G of the Income Tax Act as the Central Board of Direct Taxes ( CBDT ) has extended the deadline for filing Form 10A/10AB via press release on April 25, 2024, to June 30, […]
The prosecution proceedings launched against the taxpayer for belatedly depositing tax deducted at source (TDS) have been quashed by the Andhra Pradesh High Court. The bench of Justice Venkata Jyothirmai Pratapa has marked that CIT overlooked the material placed by the taxpayer to show that there was a reasonable cause for their failure to remit […]
The delay of 145 days in filing an appeal by the taxpayer on the ground that the taxpayers inadvertently did not get the orders sent via email, as many of these orders are going to spam folders, has been condoned by the Cuttack Bench of Income Tax Appellate Tribunal (ITAT). It has been noted by […]
In the matter of Chaudhary Stone Crusher vs. Income Tax Officer (ITO), adjudicated by the Income Tax Appellate Tribunal (ITAT) Delhi, the central issue related to the validity of reassessment proceedings commenced against the taxpayer’s firm for the assessment year 2011-12. Below is a summary of the matter and the tribunal’s decision: Background Chaudhary Stone […]
The taxpayer has purchased agricultural land, which is outside the purpose of a capital asset; thus, the deeming provision u/s 56(2)(x) of the Income Tax Act cannot be invoked, Delhi Bench of Income Tax Appellate Tribunal (ITAT) mentioned. The bench of Sudhir Pareek (Judicial Member) and S.Rifaur Rahman (Accountant Member) has marked that the taxpayer […]
