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The tax benefits cannot be refused to the taxpayer because of an error made by the builder in assigning the apartment, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Rahul Chaudhary (Judicial Member) and Om Prakash Kant (Accountant Member) noted that the petitioner cannot be penalized for the mistake executed […]
A recent survey has depicted the complexities of tax compliance for NRIs and OCIs. India has the world’s largest overseas diaspora, with nearly 32 million NRIs and OCIs. India’s NRI network witnesses an effective presence in Gulf countries, alongside Singapore, the US, Canada, the UK, and more. SBNRI surveyed a comprehensive investment platform for NRIs […]
The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav noted that clause (a) of Explanation 2 of Section 263 of the Act introduces a deeming fiction to the effect that the order passed via the AO will be acknowledged wrong and prejudicial to the interests of the revenue if the order is passed […]
The Income Tax Appellate Tribunal (ITAT) Delhi issued a significant ruling in the matter of Mandeep Singh Anand Vs ACIT for the authority of the Commissioner of Income Tax (Appeals) (CIT(A)) to add a new source of income without providing an enhancement notice. This blog furnishes a summary of the case and the decision of […]
The past six years have seen more than 1,000 notifications, circulars, and instructions for assessees and adjudicating authorities, therefore opening up the GST law to interpretation by assessees and authorities identical. The same interpretation has furnished an increase to the rising case laws across different judiciaries and writ petitions being filed to various High Courts […]
On discovering that the need of application of mind is not in the instant case, the Delhi ITAT ruled that the reassessment incurred in section 143(3) read with section 147 of the Income Tax Act, 1961, is poor in law and therefore, the re-assessment order is suppressed. ITAT said that no independent application of mind […]
Piramal Enterprises faced a setback by categorizing the compensation of Rs. 92.7 crores from termination as ‘business income’ instead of ‘capital gain’, The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) concluded. In the related year, the taxpayer company obtained Rs. 92,76,62,688 from Roche Diagnostics Gmbh ( RDG ) of Germany as per the […]
A Delhi Court convicted and sentenced a woman to 6 months in jail for not filing a return on income of Rs 2 crores. This case is related to the complaint filed via the Income Tax Office (ITO) alleging that TDS (tax deducted at source) amounting to Rs. 2 lakh was deducted against the receipt […]
The Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) ruled that the Tax Deduction at Source ( TDS ) credit must not be refused if the income from the sale of agricultural property was not declared in the Income Tax Return (ITR). Dhirajlal Savailal Shah, the taxpayer at the time of the AY 2017-18, […]
