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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 government of India in a measure to support the financial health of micro, small, and medium enterprises (MSMEs) in India, announced the enactment of a strict rule requiring payments to MSMEs to be settled within 45 days. Tax penalties on the due amount shall be levied if companies fail to follow the said rule. […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) comprising of M. Balaganesh (Accountant Member) and Anubhav Sharma (Judicial Member) has ruled that the payments made to doctors shall be covered by TDS provisions under Section 194J and not Section 192 of the Income Tax Act. Section 194J of the Income Tax Act is pertinent […]
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 expense for the management and marketing support services paid to foreign companies is not levied to tax under Fee for Technical Service (FTS) under the India-Netherlands Double Taxation Avoidance Agreement (DTAA) and therefore TDS is not deductible under section 195 of the Income Tax Act, ITAT Delhi ruled. Facts About the Case of NTL […]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) asks for re-adjudication concerning Long Term Capital Gain of sold property which was cancelled by the civil court. A petition was filed by the taxpayer Mangalagiri Tulasi before the tribunal against the order passed under section 250 of the Income Tax Act, 1961 for the […]
In the matter of Meyer Organics Pvt. Ltd. vs. DCIT, the Mumbai Income Tax Appellate Tribunal (ITAT) furnished an important decision for levying the penalties under section 271(1)(c) of the Income Tax Act. The ruling of the tribunal is on the correction of bona fide glitches in the original return in the assessment proceedings. Detailed […]
The Madras High Court ruled that a tax recovery officer could not declare a sale that the taxpayer made in favor of a third party void if he discovers that the property of the taxpayer was transferred by the taxpayer to a third party to defraud the revenue. The bench of Justice C. Saravanan has […]
The Kerala High Court in a judgment, directed the Income Tax Appellate Tribunal (ITAT) to regard the petition after condoning the delay in filing the appeal. The Court regarded that the Appellate Authority should pass orders on the stay petitions on merits only if it condones the delay in filing the appeals. Sri K S […]
