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The Income Tax Appellate Tribunal(ITAT), Mumbai bench ruled that the revision cost and the advantages of due indexation on house property are deductible during calculating the capital gain. The petitioner, Komal Gurumukh Sangtani is an NRI and under section 139 he does not furnish the return. The assessing officer reopened the assessment post to issue […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that the hospitals would be deducted with the TDS beneath section 194J of the Income Tax Act, 1961 towards the payments incurred to the doctors who are involved as retainers and consultants since there would be no component of the employer-employee relationship. The petitioner, […]
No law has been given in the said section of section 271(1)(c) of the Income Tax Act, 1961 and is deemed incorrect by The New Delhi bench ITAT on the penalty notice under income tax issued. Penalty orders are being obtained by the taxpayer via the income tax department. Attacking the orders, the taxpayer said […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that there is no penalty that could force on the failure to release the considered self-assessment income tax liability because of the fiscal pressures. “The assessee company, M/s Karanja Terminal and Logistic Pvt. Ltd. had e-filed its return of income for A.Y 2011-12 declaring an […]
It’s a great setback to the Bank of India(BOI) and a lesson for other banks operating overseas. The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has issued orders not to refund foreign taxes aggregating to Rs. 182.64 crore paid by the Bank of India (BOI) as the bank suffered financial loss and does not […]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench removed the sum on account of presumed authority taxable under section 9 (l)(vi) of the Income Tax Act, 1961 “Get to know complete guide of TDS provisions under income tax act 1961 at here. Also, we include several topics as TDS returns, TDS due dates, penalt. Read […]
The Income Tax Appellate Tribunal (ITAT), the Bench of Mumbai judged that TDS should not be deducted on the rent if the accommodation services were considered on a random basis. The taxpayer Dadiba kali Pundole Esplanade House has the business auction fine promoting, publishing, documenting, executing, decorative arts, and selling arts. Under section 143(1) the […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) held that the assessment would be invalidated if the notice was not issued to the amalgamated company. In this matter, M/s Siemens Power Engineering Pvt. Ltd. is the assessee and It was amalgamated with M / s Siemens Limited by the High Court of Punjab […]
While explaining the Income Tax Appellate Tribunal’s (ITAT) controls under area 254(2) of the Income Tax Act, 1961, the Mumbai bench of the Tribunal has held that such powers can’t be invoked in cases where the decision was rendered on a debatable issue. As indicated by the two-judge bench, the Tribunal can’t re-adjudicate such issues […]
