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Without owning flats for at least three years the long-term capital gain could not be claimed, the Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. PCIT is been justified in invoking the provisions of Section 263 of the IT (Income Tax) Act. as the taxpayer without holding the 7 flats for three years from […]
In a significant legal case, the Kerala High Court invalidated the reassessment order, citing a violation of the mandatory provision under the Income Tax Act, of 1961. This violation pertained to the insufficient four-day period allowed for responding to the show cause notice (SCN). Representing the petitioner, Mr S Arun Raj served as counsel, while […]
The Delhi bench of the income-tax appellate tribunal (ITAT) has issued a positive decision in favour of an 83-year-old widow who was not required to file her IT return. The fine levied on her for failing to file her tax return was set aside by the tax tribunal. This Gurgaon-based 80-year-old had never filed an […]
Finance Bill 2019-20 revises the Central Goods and Services Tax (CGST) Act with retrospective effect by inserting a new proviso in section 50(1) to compute the interest on late GST payments. Due to this amendment, there is now an arbitrary and illegal distinction between the balance in the electronic credit register (ECrR) due on cash […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), refused the assessment order on the basis that no action has been made by Assessing Officer (AO) to send the draft assessment order to rectify the address. The taxpayer is the owner of DSV Solutions Pvt ltd and it is since the assessing officer does […]
Simple Meaning of TDS Challan TDS challans are used to deposit TDS with the Indian government. There is only one challan that can be utilised for depositing taxes collected under each section of the Income Tax Act. Assesses who want to pay the TDS without a challan must deposit the TDS collected on the same […]
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 […]
The Income Tax Appellate Tribunal (ITAT), Chandigarh Bench ruled that Assessing Officer was unable to furnish the opportunity for cross-examination of witnesses and removes the addition on the basis of additional net profit. The petitioner M/s. DSG Papers Pvt. Ltd., is involved in the business of manufacturing paper and paper products. The PCIT started revisionary […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, while deleting penalty under section 271(1)(c) of the Income Tax Act, 1961 ruled that the money should not be treated as ‘unaccounted’ only as the non-response from the creditors exclusively due to non-response from the creditors. The taxpayer is the owner of Royal Rubber Works which is […]
