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While deleting an addition of ₹1 crore made by the tax authorities on advances received by the company, the Income Tax Appellate Tribunal (ITAT), Kolkata Bench, ruled in favour of Lahoti India Ltd., stating that since the money was refunded before the parties, it cannot be considered taxable income. The taxpayer, Lahoti India Ltd, has […]
No service tax is to be imposed on hostel fees received for non-residential courses conducted by the coaching institute, the Kolkata Bench of the CESTAT has held. The Bench of Ashok Jindal (Judicial Member) and K. Anpazhakan (Technical Member) has cited that “the stand-alone hostel charges collected for non-residential courses, have no connection with Commercial […]
The Madras High Court has ruled that the Tamil Nadu Housing Board (TNHB) is not authorised to collect any additional GST from flat purchasers after they have already paid the full cost of the flat, which includes the GST amount specified in the agreements and advertisements. Justice D Bharatha Chakravarthy gave the ruling while permitting […]
The Surat bench of the ITAT states that if a rental income is proposed for taxation in one assessment year, it will be reduced by the assessing officer from the income of another assessment year. The case was remitted by the bench to the AO’s file to validate the taxpayer’s claim. The taxpayer has furnished the revised […]
The tax additions of ₹42.94 lakh each against the Gurgaon-based couple, Rachita Sahgal and Vivek Sahgal, have been rejected by the Income Tax Appellate Tribunal (ITAT), Delhi Bench, citing that the department wrongly invoked Section 153C of the Income Tax Act. According to the bench, the seized documents merely “pertained to” the taxpayers, rather than […]
Taxpayers should be alert to the reconciliation of information under GST and Income Tax, as the ITR forms for Assessment Year 2025–26 have been notified, and filing is set to begin soon. Discrepancies may lead to queries and increased compliance costs. A typical Goods and Services Tax (GST) assessee is required to file several monthly […]
The Central Board of Direct Taxes (CBDT), in anticipation of the passage of the upcoming Income Tax Bill, has established an implementation program. As per the action plan for FY 2025-26, the Board aims to educate at least half of its workforce by the end of March. The new Income Tax Bill, following its introduction […]
A writ appeal filed by a gas cylinder and stove distributor has been partly allowed by the Madras High Court, which set aside the condition imposed by a single judge to pay 15% of the disputed tax amount. Dhanapal Eswari, a distributor of gas cylinders and stoves, couldn’t file her Income Tax Return for Assessment […]
The Supreme Court, while responding to a reference, ruled that deductions under Sections 80-IA and 80-IB of the Income Tax Act are not required to be reduced from the gross total income before computing deductions under other provisions, such as Section 80-HH for export profits. The verdict was handed by a bench of Justices Abhay […]
