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The Jodhpur Bench of Income Tax Appellate Tribunal (ITAT) ruled that the taxpayer, the legal owner, is not liable for TDS under Section 194C, where a declaration under Section 194C(6) accompanying a PAN is received via the payees who have the vehicle, but they are not registered owners. The bench of S. Seethalakshmi (Judicial Member) […]
In the case of Global Calcium (P.) Ltd. v. Assistant Commissioner (ST) [Writ Petition No. 170 of 2024 dated February 01, 2024], the Hon’ble Madras High Court ruled that the Assessing Officer should acknowledge the pertinent elements before passing any order. Thus, the case was remanded back to the Assessing Officer. Facts About Global Calcium […]
Income Tax Appellate Tribunal (ITAT) Kolkata in a ruling, the case of Kalna II CADP Farmers Service Co-Op. Society Limited vs. ITO has set a crucial precedent concerning penalties under Section 271(1)(c) of the Income Tax Act. The decision tribunal, on April 27, 2023, emphasized that no penalty could be levied under this section if […]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) wishes to delete the Income Tax addition since it found that no deduction of Tax Deducted at source ( TDS ) under Section 194C of the Income Tax Act was needed for land levelling costs. The taxpayer in the year under consideration sold […]
The Income Tax Appellate Tribunal (ITAT) Chennai in a ruling has dismissed the appeal by the Revenue (Assistant Commissioner of Income Tax) and the Cross Objections by the assessee, Prakash Ferrous Industries Private Limited, against the order of the Commissioner of Income Tax (Appeals) 18, Chennai on 23.03.2023 for the assessment year 2020-21. The Foundation […]
The Delhi bench of the ITAT recently made a significant ruling. It said that individuals can claim deductions for capital gains, even if they haven’t deposited into a capital gain account scheme. The case involved assessee, Sarita Gupta, a resident individual, of whom information was received by the Assessing Officer that the assessee’s dad sold […]
In between the rising pressure from the trade and industry organizations, the Indian government is acknowledging the execution of Section 43B(h) of the Income Tax Act. The same section was revised to ensure timely payments for micro and small enterprises has invoked the concerts in the businesses in the country. This action post a delegation […]
The Delhi High Court kept that TDS on External Development Charges (EDC) in a real estate project. It directed that home buyers shall need to bear the load of TDS. A division Bench of the Delhi High Court Justices Yashwant Varma and Purushaindra Kumar Kaurav kept that Section 194C applies to EDC paid by real […]
There has been an alert given by the government of India regarding a counterfeit income tax notice that has been circulating from the online process. The tax notice, allegedly from the Income Tax Department, asks for payments for audited balance sheets through February 15, 2024. This notice, however, has been deemed fraudulent by the govt, […]
