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The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has ruled that in order to claim a capital gain deduction under Section 54F of the Income Tax Act, 1961, it is essential to retain ownership of residential flats for a minimum period of three years. The taxpayer in question is an individual with income […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has removed the additional scrutiny of cash deposits made during the demonetization period related to the sales of petrol, diesel, and other petroleum products. The panel, consisting of T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant Member), has determined that these cash deposits are […]
Form 26QB has significant importance in the process of deducting tax at source (TDS) for property sales. However, occasional errors and mistakes may occur during the submission of this form. If you come across any inaccuracies in your Form 26QB, there’s no need to worry, as you can rectify them. This article has been written […]
The Supreme Court bench, comprised of Justice B.V. Nagarathna and Justice Ujjal Bhuyan, in the landmark ruling, has allotted the Kerala State Cooperative Agricultural and Rural Development Bank (KSCARDB) the 80P deduction benefit under the Income Tax Act, 1961. The taxpayer/petitioner, in brief, stated that Kerala State Cooperative Agricultural and Rural Devt Bank is a […]
The Delhi High Court has ruled that the directors’ travel expenses were incurred for business purposes of the company. In this case, the bench of Justice Rajiv Shakdher and Justice Girish Kathpalia observed that there was no evidence presented by the Assessing Officer (AO) to establish that these expenses were of a personal nature. Consequently, […]
No addition can be made for the delay in filing Form No. 10 within the due date of the Income Tax Return under Section 139 of the Income Tax Act, 1961 since the same is been condoned by the commissioner of the income tax (exemption), Income Tax Appellate Tribunal (ITAT) in Jodhpur ruled. The taxpayer, […]
The Income Tax Department lacks the authority to impose late fees and interest related to Tax Deduction at Source (TDS) as per the notification under Section 200A of the Income Tax Act, 1961, before the amendment of the law, the Income Tax Appellate Tribunal (ITAT), Jodhpur bench, has ruled. In this case, Dinesh Infrastructure Private, […]
The Income Tax Appellate Tribunal (ITAT), the Mumbai Bench, in its recent ruling, has recently granted approval to Cleartrip’s claim regarding their expenses on advertising and sales promotion. Cleartrip Private Limited, the assessee, had sustained costs related to advertisement and publicity. The Assessing Officer (AO) contended that since Cleartrip and its subsidiaries were engaged in […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has ruled that Tax Deduction at Source (TDS) under Section 194C of the Income Tax Act, 1961 does not apply to casual labour expenses incurred for activities such as road construction, crane hiring, and site machine shifting. The entity in question, Amtech Engineers, is a […]
