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Deduction claimed under Section 80IA of the Income Tax Act, 1961 on account of profit derived as per the agreement with Delhi International Airport Limited ( DIAL ) is permitted by the Delhi bench of Income Tax Appellate Tribunal (ITAT). In the current case, the taxpayer Celebi Delhi Cargo Terminal Management India Pvt. Ltd. is […]
No penalty would get charged under Section 271B of the Income Tax Act, 1961 for the late filing of the audit report because of the proceedings beneath the insolvency and bankruptcy code (IBC), the Income Tax Appellate Tribunal (ITAT) Delhi bench ruled. The taxpayer, Bhushan Aviation Limited’s return was filed dated 29.03.2019 at the time […]
The auditor failed to file the audit report including the return of income the Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) ruled while asking to permit an exemption under section 11 of the Income Tax Act, 1961. In this matter, the taxpayer, Karma Falya Trust filed an income tax return for Assessment Year […]
The submission of Income Tax Form No. 10BA is compulsory for claiming deductions under Section 80GG of the Income Tax Act, 1961, the ITAT in Bangalore held. The taxpayer is unable to comply with this need. Consequently, the ITAT (Income Tax Appellate Tribunal) asked the Assessing Officer (AO) to allow the deduction once the form […]
The Finance Act of 2023 inserted a new clause (h) in income tax section 43B that allows deductions made to MSMEs on an actual payment ground rather than the accrual basis if the payment is created within the threshold limit. Since from 1st April 2023, this section has been applicable. It is critical to scrutinize […]
The decision of the Commissioner of Income Tax (Appeals) (CIT (A)) is upheld by the Mumbai ITAT to annul an addition made, quoting a discrepancy between Form 26AS and the Profit & Loss Account, attributable to the declaration of service tax amounts. On 27/11/2012 when the assessee filed its income tax return the case appeared, […]
The Bombay High Court, actual carrying on of agricultural operations is not a critical condition for determining that the parcels of land were agricultural lands. The order has been quashed by the bench of Justice K. R. Shriram and Justice Dr. Neela Gokhale and remanded the case for passing the fresh assessment order. The AO […]
The Patna High Court ruled that differentiation between government employees and other employees for leave encashment exemption is neither discriminatory nor violative of Article 14 of the Constitution of India. The bench of Chief Justice K. Vinod Chandran and Justice Rajiv Roy noted that the legislature must have the freedom to select and classify persons, […]
The respondent (assessee) is required to have deducted tax under Section 194I of the Income Tax Act, 1961, from the storage charges paid by the taxpayer, The Bombay High Court ruled. The bench of Justice K. R. Shriram and Justice Sharmila U. Deshmukh noted that the storage tanks in question are not eligible either as […]
