Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
When the assessee did not disclose all material information in the income tax return, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) upheld the penalty under section 271(1)(c) of the Income Tax Act, 1961. The assessee, Sabara Impex Ltd., submitted its income tax return on January 12, 1997, stating a total income of […]
The Mumbai Bench of Income Tax Appellate Tribunal ruled that Assessing Officer has correctly verified documents adduced by the assessee and set-asides revision proceedings u/s 263. In the investigation process, PCIT sees that AO accepted the justification of the cash payments on the grounds of the taxpayer’s cash ledger, Mahesh Arvind Tilve, without building any […]
In a recent ruling passed by The Income Tax Appellate Tribunal (ITAT), Mumbai bench it was held that income tax cannot be levied on forex gains that arise against repayment of an interest-free loan by relatives. While carrying the scrutiny of the income tax return that had been filed by the assessee, the Assessing Officer […]
The Income Tax Appellate Tribunal (ITAT), Mumbai held that the procurements towards the Book Profit not applicable during no income tax payable on the normal procurements of the Act. The taxpayer is the owner of Batliboi Limited is a public ltd firm that makes machine tools, textile machines, Air conditioning & Refrigeration work, Casting & […]
The Income Tax Appellate Tribunal (ITAT), Mumbai during permitting the right for the facilities charges on flat sale rules that the facilities charges decrease the capital gains. The problem is a concern to the facilities charges claimed by the taxpayer as a portion of the cost of purchase of the flat. On the submission obtained […]
The Mumbai branch of Income Tax Appellate Tribunal (ITAT) bench made it clear that the income through the relinquishment of right over a property can’t be considered as the “capital gain” thus it doesn’t come under income tax regime If you think you have made a mistake while selecting between new and old tax regimes […]
The Mumbai ITAT on observing that the AO had audited and still not denied the books of account, ruled that the ad hoc disallowance that the AO had made was not justified and ought to be deleted. The Bench of the ITAT (Income Tax Appellate Tribunal) Kuldip Singh (Judicial Member) and S. Rifaur Rahman (Accountant […]
Often the employees unfortunately reveal that while the tax has been duly deducted at source (TDS) against their salary income, the same does not get deposited by the employer with the government. The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) decision stressed that the accountability of proof of TDS against the salary income is […]
During remanding the case back for re-adjudication, the Mumbai ITAT stated that the prima facie onus shall be on the taxpayer to verify its claim of non-granting of TDS credit, by furnishing pertinent documents, like an appointment letter, salary slips or Form No.16 or bank statements, or any other corroborative evidence/ documents. The Bench of […]
