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The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the case to the Assessing Officer ( AO ) post remarking that the Income Tax Authorities were unable to discuss the difference in sundry creditors before confirming the addition u/s 41(1) Income Tax Act, 1961. The taxpayer Jonna Iron Mart is a […]
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) carried that unless there is proof to show that the obligation has ceased to exist, no addition under section 41(1) of the Income Tax Act is there and therefore, deleted the addition made by Assessing Officer (AO). A petition has been filed by Shashi […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that the addition could not be deleted for the only cause that the section under which the addition is made is cited incorrectly and that it is essential to look into the merits of the case. The bench of Anikesh Banerjee (Judicial Member) and Padmavathy […]
In this article, we have provided an overview of accounting systems with their different scopes for individuals and companies. Industries, including trade, business, government, financial institutions, private citizens, and all other sectors, are being counted under the accounting. All the activities are being regulated under the concepts of accounting. On the opposite side of the […]
Under section 119(2)(b) of the Income Tax Act, the Bombay High Court specifying the scope of authority stated that the legislature has granted power to the Principal Commissioner of Income Tax (respondent no.3) to condone the delay to enable the authorities to do substantive justice to the parties by disposing the case on merits. Therefore, […]
The Allahabad High Court ruled that the purpose of evading tax is an essential condition for levying penalty u/s 54(1)(2) of the Uttar Pradesh Value Added Tax Act, 2008. Section 54(1) of the Uttar Pradesh Value Added Tax Act, 2008 furnishes for circumstances under which penalties can be charged to taxpayers. It is furnished that […]
India’s Finance Minister, Smt. Nirmala Sitharaman has presented distinct new income tax rule modifications in the budget 2023. There will be certain significant modifications with the start of the new fiscal year (FY 2024-25). From April 1, 2024, such revisions shall be implemented. From April 1, 2024, the corresponding changes, will add new regulations or […]
The past six years have seen more than 1,000 notifications, circulars, and instructions for assessees and adjudicating authorities, therefore opening up the GST law to interpretation by assessees and authorities identical. The same interpretation has furnished an increase to the rising case laws across different judiciaries and writ petitions being filed to various High Courts […]
The Jharkhand High Court ruled that the show cause notice must provide the notice a reasonable chance to make the objections against the suggested charges shown in the notice and the individual move against should tell about the charges against him so that he could perform his defence and prove his innocence. In the whole […]
