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Delhi High Court in a judgment stressed the importance of complying with the statutory needs laid out in Section 74 of the Tamil Nadu Goods and Services Tax Act, 2017 (TNGST Act), in the case of Balaji Electrical & Hardwares Vs State Tax Officer (ST). The very ruling has set a precedent, assuring that the […]
The Income Tax Appellate Tribunal (ITAT) Chennai in a ruling has dismissed the appeal by the Revenue (Assistant Commissioner of Income Tax) and the Cross Objections by the assessee, Prakash Ferrous Industries Private Limited, against the order of the Commissioner of Income Tax (Appeals) 18, Chennai on 23.03.2023 for the assessment year 2020-21. The Foundation […]
In a legal development, the Income Tax Assessment Order, citing violations of Section 144B of the Income Tax Act was invalidated by the Gujarat High Court. The applicant is an individual taxpayer primarily aimed for the following reliefs: The individual seeking the writ had asserted consistent filing of income tax returns and underwent income assessments […]
Under section 40 (3) of the Income Tax Act, 1961 the Kerala High Court kept the addition in the absence of the material proof. The order of the Income Tax Appellate Tribunal, Cochin Bench is been contested by the applicant PV Thomas. The appellant who is a dealer in the used car has filed an […]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has ruled that in order to claim a capital gain deduction under Section 54F of the Income Tax Act, 1961, it is essential to retain ownership of residential flats for a minimum period of three years. The taxpayer in question is an individual with income […]
The Central Board of Direct Taxes (CBDT) has issued a clarification concerning the Audit Report Requirements outlined in Section 119 of the Income-tax Act, 1961, applicable to ‘Substantial Contributors’ in the Assessment Year 2023-24 via circular number 17/2023. This clarification primarily emphasizes the necessity of furnishing comprehensive information about ‘substantial contributors’ using either Form No. […]
The constitutional validity of the explanation to Section 10AA(1) of the Income Tax Act inserted by the Finance Act 2017, upheld by the Calcutta High Court. The bench of Justice Md. Nizamuddin witnessed that the principle of legal expectation does not apply to the case of the petitioner, and the explanation after Subsection (1) of […]
Hon’ble Delhi High Court for the case of Delhi Metro Rail Corporation Limited vs. The Additional Commissioner, Central Goods and Services Tax Appeals and Others [W.P. (C) 6793/2023 dated September 18, 2023] ruled that the limitation duration of two years under Section 54(1) of the Central Goods and Service Tax Act, 2017 (“the CGST Act”) […]
Buying residential house property prior to the last ITR filing date makes the taxpayer qualified for the deduction under section 54F of the Income Tax Act, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled. The petitioner is an individual and has submitted her Income tax return for the AY 2012-13 dated 01.06.2013, […]
