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The Income Tax Department, under the Central Board of Direct Taxes (CBDT), has started the verification of the reporting entities. The Income Tax Department actively encourages taxpayers to comply voluntarily. To facilitate this, the department obtains financial transaction information from Reporting Entities such as banks, currency dealers, sub-registrars, and others. The Income Tax Department requires […]
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) has determined that income from sales cannot be added under Section 68 of the Income Tax Act, 1961 unless it is proven to be invalid. This decision was made in response to a case involving Subhash Chand Gupta, the respondent-assessee, who e-filed his income […]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has set aside an ex-parte order because the notice was served via email despite the assessee’s request for a physical notice in Form No. 35. The assessee, Jayshree Kamleshkumar Patel, an individual operating a petrol pump, filed her Income Tax Return for the Assessment Year 2017-18, declaring […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) agreed with the assessee’s arguments and came to the conclusion that there were relevant grounds for violating sections 269SS and 269T of the Income Tax Act, 1961. In rejecting the penalty order, the two-judge bench of Shamim Yahya and Asta Chandra noted that they did […]
The Goods and services tax authorities would be asking for near real-time access to the banking transactions of the assessees that render to fetch the bogus invoices and more use of the ITC through the businesses sections. The same procedure complies with the recent investigations that show that the undue tax credits collected via the […]
The Income Tax Appellate Tribunal (ITAT) Delhi Bench has ordered re-adjudication after the assessee passed away during the income tax assessment process. The taxpayer Salochna Devi is the legitimate heir of Rakesh Kausik (Rakes Kosik), Chanda Kosik. Under Section 147 of the Income Tax Act, of 1961, the taxpayer’s case was reopened on the grounds […]
Finance Bill 2019-20 revises the Central Goods and Services Tax (CGST) Act with retrospective effect by inserting a new proviso in section 50(1) to compute the interest on late GST payments. Due to this amendment, there is now an arbitrary and illegal distinction between the balance in the electronic credit register (ECrR) due on cash […]
The Delhi bench of the Income Tax Appellate Tribunal( ITAT) stated that Income tax addition u/s 69A could not be on the grounds of doubt. Ms Rano Jain, Adv. &Ms Mnsi Jain, CA appeared for the petitioner and Shri Om Parkash appeared for the respondent. Narender Kumar, the taxpayer opposes the order of Commissioner of […]
From May 26 onwards, anyone who deposits or withdraws Rs 20 lakh or exceeds from one or more bank accounts in a fiscal year shall need to quote the Permanent Account Number (PAN) during the withdrawal time. Towards the purpose of restricting the evasion of taxes via the use of cash, the Central Board of […]
