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A service tax is liable to get paid on buses meant for carrying passengers and cannot be called a means of transport of goods, the Delhi Bench of Customs, Excise and Service Tax Appellate (CESTAT) ruled. The bench of Binu Tamta (Judicial Member) and Hemambika R. Priya (Technical Member) noted that on the applicability of […]
On Friday (May 17) the Supreme Court kept a rule issued by the Institute of Chartered Accountants Of India (ICAA) restricting Chartered Accountants from accepting more than the “specified number of tax audit assignments” (at present, the upper limit is set at 60) in a fiscal year. A bench of Justices BV Nagarathna and Augustine […]
The application of registration filed under Section 12A of the Income Tax Act, 1961 has been cancelled by the two-member bench of the Income Tax Appellate Tribunal ( ITAT ) after witnessing that the income made via leasing of trust building is a commercial business activity. The taxpayer, Golden Charitable Trust entered into a lease […]
The penalty u/s 271(1) (c) of the Income Tax Act, 1961 is deleted by the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) concluding there was no providing of incorrect particulars of income or a deliberate attempt to conceal the income. The present appeal has emerged on the fact that the assessee- […]
The Karnataka High Court in a case quashed an FIR registered under the Prevention of Corruption Act, 2002 without verifying the Income Tax Return. The applicant Channakeshava.H.D is an Assistant Engineer at Karnataka Power Transmission Corporation Limited. Subsequently, he was transferred to Koramangala Division and Hebbala Division of BESCOM and worked as an Executive Engineer. […]
A new feature has been introduced by the income tax department within the Annual Information Statement (AIS) to enable assessees to track the status of the information confirmation process. The same development has the objective of increasing the clarity and preciseness in tax reporting by furnishing the assessees with insights into their financial transactions that […]
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 […]
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 […]
