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A Single Bench of the Income Tax Appellate Tribunal (ITAT) Pune, ruled that the Assessing Officer (AO) cannot reopen an assessment without tangible material showing escapement of income. The taxpayer is the owner of Sikandar and Company a company that incurs the income from trading on the wholesale and semi-wholesale basis and Cattle feed items. […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled, tax liability under section 206C of the Income Tax Act,1961 would come, the taxpayer has unable to file Form 27C and Tax Collect at Source (TCS) exempted on the scrap sale. The petitioner was represented via Shri Jinesh Shah and the respondent […]
Investing in the property would be defined as a safe choice for regular income via renting. But on the income made from rent, there are some tax implications. The rental income of the landlord would be levied to tax under the subjected tax slab rates beneath the head income via house property. The article describes […]
The income tax returns might not be an effective guide to the real income of the parties who have been involved in the matrimonial dispute seen by the Apex court. Family Court needed to decide the real income on a holistic assessment of the proof before it, the bench of Justices DY Chandrachud and Hima […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that there shall be no tax implications on the profits of the businesses which is earned on the basis of the reinsurance business in the lack of the fixed place permanent establishment (PE) in India. The two-member bench, Pramod Kumar (Vice President) and Anikesh […]
The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT), denied the assessment order as void ab initio since there was no deviation in income returned by the taxpayer Super Brands Ltd [UK]. On the furnished tax return by the taxpayer, the assessing officer has assumed the jurisdiction, and legal notices were provided and […]
The Income Tax Appellate Tribunal, Bangalore Bench, in the petition furnished to it ruled that there shall be no disallowance that has incurred under section 14A when no exemption of the income would be earned via the taxpayer. The mentioned observation was incurred via Tribunal if the petition was made to it via taxpayer UKN […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) removed the charge of late fees of Rs 40,000 concerning the period of the tax deduction before 1/06/2015. The two-member bench of Rahul Chaudhary (Judicial Member) and M. Balaganesh (Accountant Member) laid on the decision of Karnataka for the case of Fatehraj Singhvi Vs. Union […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that any sum filed to the employee as a bonus or commission for the services furnished required to be permitted as a deduction. The bench of Saktikit Dey sees that the reasonableness of the payment or the sufficiency of services provided by the employee […]
