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A Chandigarh bench of the ITAT ruled that the penalty under section 271(1)(c) does not apply because tax has already been deducted in accordance with Double Taxation Avoidance Agreements (DTAA). As a short summary, the facts are that the assessee is not a resident of the country and has booked certain units in the entity […]
Income Tax Appellate Tribunal (ITAT) of Amritsar bench, engaged via M.L. Meera (Accountant Member) and Anikesh Banerjee (Judicial Member) kept the decision of the Commissioner of Income Tax (Appeals) National Faceless Appeal Centre (NFAC) for imposing the late fee on the taxpayer on filing Tax Deduction Source (TDS) late. The taxpayer furnished an appeal in […]
The Delhi Bench of the Income Tax Appellate Tribunal permitted the capital gain exemption under section 54 of the Income Tax Act on the basis of the amount identical to the capital gains that would be utilised for the acquisition of the new house. The two-member bench of Yogesh Kumar US (Judicial Member) and Dr. […]
Simple Definition of Tax Audit Report In certain specified situations, a business or profession may be subject to a tax audit under Section 44AB of the Income Tax Act. Chartered Accountants prepare audit reports after auditing businesses’ books of accounts in practice. In a Tax Audit, a CA ensures that the books of accounts are […]
Delhi High Court ruling mentioned that the division bench of Justices Manmohan and Manmeet Pritam Singh Arora, in a Writ Petition, refused the proceedings of the department, the order issued and notice circulate under Sections 148A(d) and 148A(b) of Income Tax Act, 1961 respectively on the different and separate basis. Under section 148 of the […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) refused the claim towards the deduction as the ITR was not able to furnish post to the last date specified under Section 80AC of the Income Tax Act 1961. The assessing officer does not permit the claim for the deduction under Section 80P(2)(d) of the Income […]
The Judicial Member Kuldip Singh of Mumbai ITAT Bench has revoked the reopening of the assessment via AO because of the absence of valid reasons along with the tangible materials and removed the incurred other things. The taxpayer is involved in the manufacturing of steel wool, filed a plea to the ITAT to set aside […]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) stated the taxpayer hospital is levying on the grounds of commercial rates from the patients and is not qualified for registration as a charitable organization under Section 12A of the Income Tax Act. The two-member bench of Laliet Kumar (Judicial Member) and R.K. Panda (Accountant […]
The Income Tax Appellate Tribunal (ITAT), Kolkata bench refused the revisional order issued under section 263 of the Income Tax Act, 1961, not specifying the Document Identification Number (DIN), violative of the circular furnished via the Central Board of Direct Taxes (CBDT) in 2019. The taxpayer, Mr. Mahesh Kumar Surekhahas take part in the validity […]
