Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The New Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that payment made overseas for delivering a report on Tariff Change is not FTS and set aside the demand of Tax Deducted at Source ( TDS ) under section 195 of the Income Tax Act, 1961. While framing the assessment, AO […]
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) carried that unless there is proof to show that the obligation has ceased to exist, no addition under section 41(1) of the Income Tax Act is there and therefore, deleted the addition made by Assessing Officer (AO). A petition has been filed by Shashi […]
While discovering that the taxpayer has a valid reason to acknowledge the payments for ‘transactional charges’ to be not covered u/s 194J(1)(ba) of the Income Tax Act, the New Delhi ITAT ordered to deletion of the penalty order passed by the CIT(A) u/s 271C. Under Section 194J(1)(ba) of the Income Tax Act, any payment made […]
The matter of Sunil Khaitan vs. DCIT (ITAT Kolkata) is concerned with the taxation of cash deposits incurred at the time of the demonetization period. Sunil Khaitan, the appellant, filed his ITR for the AY 2017-18, reporting a total income of Rs. 40,48,000/-. However, his case was appointed for scrutiny under the Computer Aided Scrutiny […]
The Centre wishes to reconsider the 45-day payment rule for micro, small, and medium enterprises if the industry wants it, Finance Minister Nirmala Sitharaman cited. The Finance Minister cited that when MSMEs need an extended payment duration then they could provide the representations for the acknowledgement in the forthcoming budget in July. The minister in […]
Introduction- The Income Tax Appellate Tribunal (ITAT) Hyderabad in a judgment gives transparency on the applicability of section 115BBDA of the Income Tax Act, 1961 to domestic companies. The matter, Meenakshi Ventures and Holdings India Private Limited vs. The Income Tax Officer centred on whether the provisions of Section 115BBDA, which assessees additional tax on […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) stated that the date of possession of the new property is to be deemed as the date of acquisition and the taxpayer is entitled to deduction u/s 54 of the IT Act on the purchase of the new property. The bench of Raj Kumar Chauhan (Judicial […]
The Punjab and Haryana High Court, once the investigation was conducted and an assessment order was passed through the invoking Section 153A of the Income Tax Act for the AY 2006-07 to 2012-13, a fresh order without conducting an investigation operation would not be sustainable in law. The bench of Justice Sanjeev Prakash Sharma and […]
A judgment has been furnished by the Income Tax Appellate Tribunal (ITAT) Delhi on 17th May 2024, in the matter of Saroj Sangwan Vs Income Tax Officer (ITO), addressing critical issues surrounding Section 148 of the Income Tax Act. The same case, related to the AY 2011-12, examines the procedural virtue and jurisdictional control of […]
