Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
While upholding the addition, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that A.O. did not reject the books of accounts under Section 145 but instead assessed the income on the basis of the Profit Margin Method. While dismissing the department’s arguments, the T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant […]
A person registered under GST would be needed to file the GST returns as per the norms of the GST law. But there might be some cases when you might obtain a GST return scrutiny notice in ASMT-10. It provides you with a notice which has been issued via the department for validating the preciseness […]
There is no need to disallow part of the director’s remuneration and depreciation if the business is stopped due to a temporary lull, the Jodhpur bench of the Income Tax Appellate Tribunal (ITAT) ruled. The mere pre-requisite for the permission of depreciation would be that the business must not have been closed out once and […]
In a recent decision, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that a reassessment could not be justified by fake information. The Delhi Income Tax Appellate Tribunal made the aforementioned observation in response to an appeal filed by the assessee against a decision made by the Commissioner of Income Tax (Appeals), […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, in response to an appeal, after finding that the basic condition as specified under Section 271(1)(c) is not fulfilled, removed the penalty being levied by the Revenue. The Delhi ITAT made the decision when an assessee filed an appeal regarding the directive against the order dated 15.11.2019 […]
The Orissa High Court, in the light of another constructive method available to the petitioner, had declined to remand the issue to the Assessing Officer for reassessment when the assessee had failed to register in the common Goods and Services Tax (GST) Portal within the stipulated statutory time limit. In addition to the failure to […]
For distinct defaults done by the assessee, the penalties would get imposed under the Income Tax Act. Beyond penalties on defaults such as doing payment of Self Assessment Tax, default in payment of taxes, default on filing income returns, and others, the Income Tax department charges penalties for underreporting and misreporting of income. When a […]
The case of Union of India and Another v. State of Haryana and another is been witnessed by the Kerala High Court which stated that the existence of the taxable event would be fundamental to impose the GST. Therefore the bench set aside the penalty orders. A division bench of Justice Jayasankaran Nambiar and Justice […]
What is a Form 10? The same article would be concerned with one of the revisions made in Form No 10 by Notification No. 96/2022 on 17th August 2022 which would be subjected to be applied for all the Trust/Institution registered under subclause (iv)(v)(vi)(via) of Section 10(23C) of the Act for F.Y. 2022-23 (A.Y. 2023-24). […]
