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It was carried by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) that the disallowance of ₹1.07 Crore for non-deduction of Tax Deducted at Source (TDS) on reimbursements u/s 40(a)(ia) of Income Tax Act,1961 was not justified as of the tax compliance. The applicant Crisil Limited had been assessed under section 143(3) with an […]
A notification has been issued via the Ministry of Finance under the Information Technology Act, 2000, designating key IT systems of the Directorate of Income Tax (Systems), and Central Board of Direct Taxes (CBDT) as Protected Systems. The same proceeding has the motive to secure the significant tax pertinent digital infrastructure against cyber threats and […]
Karnataka High Court, proceedings initiated against an Income Tax taxpayer via issuing notice after his demise cannot be continued against his/her legal representative. A division bench of Justice Krishna S Dixit and Justice G Basavaraja stated, “Had the proceedings been initiated against the Assessee during his lifetime, they could have continued against the legal representatives […]
To increase consumption the majority of Indian industry believes in relief on income taxes and rationalization of goods and services tax (GST) directing to a rise in disposable income as the effective way. MC-Deloitte CEO Survey was conducted between January 10 and January 22 across financial services, consumer goods, technology, and energy sectors survey was […]
The Kerala High Court stated that the Commissioner of Income Tax has the authority to review and make changes to tax decisions under Section 263 of the Income Tax Act, 1961. The Division Bench of Justices A.K. Jayasankaran Nambiar and Easwaran S. noted that “The role of the assessing officer under the Income Tax Act, […]
The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) quashed the assessment for failure to issue the needed notice u/s 143(2) of the Income Tax Act,1961, and unjustified additions. The taxpayer Jivarajbhai Ramabhai Chaudhary submitted the plea 63 days late due to a mistake by the Chartered Accountant. The delay was elaborated on and not countered […]
The taxpayer’s plea was dismissed by the Kolkata Bench of Income Tax Appellate Tribunal (ITAT) for the penalty imposed u/s 271(1)(c) of the Income Tax Act,1961 for Assessment Year 2013-14, as withdrawn under the Vivad se Vishwas Scheme. The petitioner/taxpayer, Raj Kumar Agarwal HUF appealed against the 09.05.2024 order of the Commissioner of Income Tax(Appeals), […]
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) remanded the case related to the addition of Rs. 24,89,121 as gross receipts of commission income u/s 144 of the Income Tax Act, 1961, for fresh adjudication. Prakash Dipchand Kapadnis the taxpayer does not submit the ITR for the Assessment Year 2013-14 under Section 139(1) […]
The Delhi High Court, Section 159 of the Income Tax Act can be invoked to move against the legal representative of a taxpayer, only in cases where the reassessment notice was issued to the taxpayer during his lifetime, not after. The provision makes the legal representative (if alive) of the deceased person obligated to pay […]
