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The Income Tax Appellate Tribunal (ITAT), the Mumbai Bench ruled that under Section 54 of the Income Tax Act, 1961, the claim of capital gain exemption on construction of a residential house completed within 3 years is approved and removed the penalty levied under Section 271(1)(c) of the Income Tax Act. Hemant Shridhar Phatak, the […]
The Income Tax Appellate Tribunal (ITAT) Delhi Bench recently issued a ruling stating that the expenses incurred for business promotion and tour travel undertaken by firms to fulfil professional duties as partners should not be disallowed. Bharat Anand, a full-time practising lawyer, became a Partner at Khaitan Co. Advocates Solicitors, located in New Delhi. Subsequently, […]
The Income Tax Appellate Tribunal (ITAT), Pune bench has ruled that according to the Central Board of Direct Tax Circular 2019, passing an assessment order without Document Identification Number (DIN) is a violation of the said Circular. Thus, the order was declared void ab initio by the bench. The appeal, opposing the assessment order, was […]
The Delhi Government has issued a new notification stating the process for revoking a cancelled Goods and Services Tax (GST) registration. According to notification no. 03/2023-State Tax released on June 21, 2023, registered individuals have the opportunity to request the revocation of their cancelled registration for which the deadline is June 30, 2023. The Lieutenant […]
In a recent ruling, the Delhi High Court guided regarding the reimbursement of integrated tax paid on zero-rated supplies in GST, stating that such cases do not fall under the purview of Rule 89(4) of the Central Goods and Services Tax Rules, 2017. The court, comprising Justice Vibhu Bakhru and Justice Amit Mahajan, emphasised that […]
The Delhi High Court presided over by justices Vibhu Bakhru and Tushar Rao Gadela, quashed the show cause notice, as it lacked proper reasons. Consequently, the GST registration, which had been suspended, was subsequently restored. The bench highlighted the glaring inadequacy of the grounds presented in the show cause notice that led to the suspension […]
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 Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has issued a ruling stating that interest income received from short-term fixed deposits is eligible for exemption. The ITAT bench, comprised of George George K. (Judicial Member) and Laxmi Prasad Sahu (Accountant Member), cited the decision of the Karnataka High Court as their basis. This […]
Due to the turnover limit specified, the Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has revoked the penalty associated with the audit requirement mandated by Section 44AB of the Income Tax Act, 1961. The appellant, Bangla Readymade Garments Mfg. and Traders Welfare Association, represents a collective of individuals formed with the objective of safeguarding the […]
