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In a ruling in favour of Mitsubishi Corporation India P Ltd, the Delhi High Court ruled that disallowance under section 40(a)(i) of the Income Tax Act, 1961 does not apply concerning the provision of Double Taxation Avoidance Agreements (DTAAs) entered into by India with Japan and the USA. The order passed by the ITAT is […]
Via e-campaign, persons/entities holding influential financial transactions will be disclosed through email/SMS to encourage them to calculate and deposit their due advance tax on or before 15.03.2024 On specific financial transactions embarked by persons/entities at the time of Financial Year (F.Y.) 2023-24, the Income Tax Department has obtained specific data. Based on the analysis of […]
As a fee for technical services (FTS) business support services are not liable for tax, and no TDS is accountable to be deducted, The Bombay High Court ruled. The bench of Justice K. R. Shriram and Justice Neela Gokhale noted that even if it is fees for technical or consultancy services, it can be just […]
Overview For the matter of Bawa Float Glass Ltd Vs DCIT, the Income Tax Appellate Tribunal (ITAT) Delhi addressed the legal approval granted issue under section 153D of the Income Tax Act lacking a Document Identification Number (DIN). The taxpayer challenged the absence of DIN directing to the important decision via the tribunal. In-depth Examination […]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) ruled that marketing services directed via the US entity in India do not levy tax in India a Fee for Technical Service (FTS). The addition made by the Assessing officer is been deleted by the bench. The assessee AD2PRO Media Solutions Pvt. Ltd. provides marketing […]
The notion of earning 90% profit is unbelievable and is contractual loot under the impression of alleged development activities, The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of R.K. Panda (Vice President) and Laliet Kumar (Judicial Member) sees that the funds of government towards the development must be used for the […]
Delhi High Court judgment in the case of CIT Vs S.A. Chitra Ventures Ltd. specifies the jurisdiction of Assessing Officers (AOs) in passing draft assessment orders. The ruling of the court specifies the restrictions on AO’s authority in the absence of any variation in income or loss. Detailed Analysis in the Case of S.A. Chitra […]
The government has released a press release on the topic of implementation of the E-Verification Scheme 2021 which offers a solution for taxpayers who are facing mismatch issues by responding on the new ITR portal. The scheme addresses the difference between the assessed ITR and their related financial records. By executing this scheme, taxpayers can […]
The Bangalore Bench of the Income Tax Appellate Tribunal ruled that the TDS cannot be taken isolatedly in any assessment year without offering the affiliated income for taxation. The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has followed that the taxpayer will be qualified for the Tax Deducted at Source credit corresponding […]
