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A Division Bench of the Delhi High Court ruled a notice which has been filed under Section 148 of the Income Tax Act, 1961 would be provided to an unrelated email address that does not include the proper service of notice. The impugned notice would have been made and provided to dispatch via electronic mail […]
The Central Board Of Direct Taxes (CBDT), ITA –II division, Dept. of Revenue, Ministry Of Finance, New Delhi, furnished a provision to clarify that when the return has been filed in answer to the notice u/s 142(1) of the Act, in which the same notice was provided because of the data specified in NMS Cycle/ […]
There are more than 7.9 million MSMEs in India dated 27th March 2022, as per the Ministry of Micro, Small, and Medium Enterprises. Nearly 30% of the country’s manufacturing production comes from MSMEs. In the 2022 Statista report, there are nearly 110 million Indians who worked in MSMEs in the financial year 2016. As compared […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the amended return furnished is not amounting to the non-filing of the return and the refusal of a lower tax rate under section 115BAA of the Income Tax Act,1961 is not correct. The taxpayer, M/s.Ujjivan Small Finance Bank Limited is a small finance […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench headed via Mr Challa Nagendra Prasad, Judicial Member has discarded the imposition of penalty under section 271(1)(c) without citing a specific charge in the notice issued under section 274. The petitioner, Mr Atul Kumar Bansal has furnished a petition with respect to the confirmation of the imposition […]
The Pune bench of the Income Tax Appellate Tribunal (ITAT), the interest on income tax cannot be permissible as a deduction under section 40(a)(ii) of the Income Tax Act, 1961. The taxpayer, Rajendra Sukhdev Mirgane, is a Builder and Contractor who filed the income return showing a total income of Rs 2.18 cr. At that […]
The Patna bench of the Income Tax Appellate Tribunal (ITAT) recently ruled that as per the provisions of the Income Tax Act, 1961 no income tax is payable on compensation for the compulsory acquisition of land by the Government. This came in a case where Shri Suresh Prasad is the assessee who had received compensation […]
In this article, we are giving a deep explanation about intimations under income tax section 245 for outstanding tax demand. Through the assistance of E-filing of income tax returns (ITR), it is simpler for the assessee and the tax department to file the taxes. The processing of ITRs, providing intimation under Section 143(1), furnishing the […]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench headed by Mr N.K. Billaiya, Accountant Member, and Mr N.K. Choudhry, Judicial Member, deleted the penalty levied under section 271(1)(c) as the notice under section 274 was unable to define concealment or provide the wrong particulars of income. In the process of scrutiny assessment of the petitioner, […]
