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The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that as the taxpayer was a non-resident therefore the entire tax ought to be deducted at source on payment made via the payer to it, and no question was there for the advance tax payment by the taxpayer; consequently, no interest Under Section 234B can […]
Supreme Court held on the taxation of interest-free/concessional loans to bank employees. This blog furnishes an in-depth analysis of the judgment, analyzing the legal framework, challenges, and implications of the decision. Around the interpretation of Section 17(2)(viii) of the Income Tax Act and Rule 3(7)(i) of the Income Tax Rules, the case is focused on. […]
Expenditures on freebies to doctors by the pharmaceutical sector violate Medical Council of India ( MCI ) regulations and disallow deductions u/s 37(1) of the Income Tax Act 1961, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held. Concerning the case the taxpayer is a public company, engaged in the business […]
For notice pay, scrap sales, and miscellaneous income the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) granted deductions under Section 80 IC of the Income Tax Act, 1961. Under section 80-IC of the Act, the taxpayer has claimed a deduction by ministering them as profit originating from the business of eligible […]
The Gujarat High Court in a judgment for the matter of Shyamlal Rupchand Parwani vs. Assistant Commissioner of Income Tax (ACIT), stated that its position on the jurisdictional factors and procedural propriety concerning notices issued u/s 153C of the Income Tax Act, 1961. For taxpayers and the administration of tax law in India, this decision […]
No rejection should be there for the taxpayer’s claim since the same was not notified in the tax audit report, certainly in the cases where the other proof is available on record recommending the deduction as per the provisions of section 43B on a payment basis is available, Rajkot ITAT ruled. The Bench of the […]
The Central Board of Direct Taxes (CBDT) has furnished relief to the assesses who obtained the tax demand notices for the reason that they deducted less TDS compared to the taxpayers whose PAN had become inoperative. Multiple TDS deductors and collectors, TCS respectively, had obtained the income tax demand notices requesting them to deposit the […]
The Delhi Bench of Income Tax Appellate Tribunal ruled that the manual cash book that comprises entries pertinent to the cash withdrawals and expenses of the company, which were duly recorded and reconciled with its books of account, including with the cash introduced, withdrawn, and expenses on behalf of the taxpayer. The bench of Anubhav […]
The Bombay High Court in a judgment dated [date], provided a ruling for the matter of CEAT Limited versus the Commissioner of Income Tax (CIT). The case is concerned with the interpretation and application of Section 244A of the Income Tax Act, 1961, specifically regarding the entitlement to interest on refunds due to taxpayers. Case […]
