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The ITAT Kolkata Bench ruled that there was no investigation conducted on the taxpayer and upholds the deletion of penalty under section 271AAB on undisclosed income. The taxpayer, M/s. Clean Coal Enterprises Pvt. Limited related to The Hind Energy Group of Companies, in which an investigation was performed under section 132(1) of the income tax […]
Under Section 195 of the Income-tax Act, 1961 (ITA), when you have bought the property from a non-resident Indian (NRI) then you are required to deduct tax (TDS). The tax should be deducted while performing any payment to NRI for buying the property. The same would indeed get applied for the case when the advance […]
Towards the exemption for individuals who have not yet received long-pending insurance claims with interest, the Punjab and Haryana High Court ruled that TDS does not get deducted by the insurance companies on the interest on the compensation amount till 1.06.2015. Justice Arvind Singh Sangwan acknowledged a modification plea by the New India Assurance Company […]
The Income Tax Appellate Tribunal (ITAT), New Delhi kept aside, the penalty levied, a delay of 210 days during furnishing the Statement of Financial Transaction (STF) Return due to late receipt of advisory notice and show cause notice. The taxpayer, The Rewari Central Cooperative Bank Ltd is a District Cooperative Bank that is registered beneath […]
An effective ruling which is notified on Monday ruled that the Delhi High Court has revoked a re-assessment notice under section 148A/148A(d) of the Income Tax Act, 1961 issued on the basis of reconciliation between the income tax returns and GST returns data. The applicant (taxpayer), M/s Best Buildwell Private Limited before the high court […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, during deleting the addition under section 69A of the income tax act 1961 held that the cash gift through the brother and sister does not be treated as “unexplained.” The taxpayer, Ms. Ritu Jain claimed that towards the poor health of her husband, the taxpayer’s sister had […]
The Kolkata Bench of the ITAT has refused the revisionary order that the Income Tax Authority is passing without quoting Document Identification No. (DIN) in the mentioned order, as required by the CBDT Circular No.19/2019, on 14.08.2019. The Bench, consisting of Mr Sanjay Garg (Judicial Member) and Mr Girish Agrawal (Accountant Member), ruled that since […]
The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench rendered that the assessing officer revamp the order passed without acknowledging the TDS statement beneath Form 16 by enforcing section 154 of the income tax act, 1961 and ruled that the employer is obligated for the lower TDS deduction. The taxpayer MarkandIndraprasad Bhatt shows the income of […]
As per the Cochin Chamber of Commerce and Industry (CCCI), the government’s decision to mandate the deduction of the income tax at source (TDS) towards the debt amount which is waived by the banks via one-time settlement (OTS) policy beneath section 194R of the income tax act would have bad outcomes. According to section 194R […]
