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According to a recent ruling by the Income Tax Appellate Tribunal (ITAT) Amritsar Bench, cash deposits of agricultural income are not taxable. The assessee’s case was reopened under Section 148 of the Income Tax Act on the basis of reasons recorded after receiving joint commissioner of income tax approval, to sum up, the situation briefly. […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled the taxpayer had elaborated, deposits were being incurred in the way of cash withdrawals which would be functioned before for the intention of the marriage of her daughter. Bench, Saktijit Dey (Judicial Member) saw that a taxpayer who explained the case was reasonable if […]
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 Amritsar bench of the Income Tax Appellate Tribunal (ITAT) ruled that the cash deposit of the company would not be added to the personal income of the partner excluding the investigation from the hands of the company. The grievance of the taxpayer Sh. Srijal Gupta was that the Id. AO added to the deposit […]
The Orissa high court has notified that deposits needed to be proffered for appealing in a debate under the goods and services tax (GST) has to be refunded via cash ledger only. Professionals say that this could influence that business that has massive input tax credit sprawling unused. The order was notified in a case […]
The Government clarified the taxation on black money and stated that as a penalty 50 percent tax will be charged if the individual surrenders the unaccounted money or 85 percent would be charged in case the person gets caught red handed with the unaccounted money.
The income tax department is on a drive to target the individuals and entities who are liable to file their ITR however they haven’t done it yet. As per the reports, the department fetched a staggering 1.52 crore these people who even after secures the taxable income or tax deducted at source (TDS), have losses […]
The recent case of Abhishek Shaw Vs ITO, adjudicated by the Kolkata Income Tax Appellate Tribunal (ITAT), reaches into the implications of setbacks within the faceless assessment regime. The same blog analyses the proceedings analyses the arguments delivered, and estimates the decision of ITAT. Detailed Analysis In Case of Abhishek Shaw The petition incurred via […]
It was determined that the Principal Commissioner of Income Tax (PCIT) did not have the authority to gather the revisionary requirements of Section 263 of the Income Tax Act, 1961, as determined by the Delhi Bench of the Income Tax Appellate Tribunal (ITAT). Therefore, the order for reassessment for the Assessment Year 2016-17 was overturned. […]
