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An Introduction of Section 44B The taxpayer is an NRI and has the business of furnishing the services provides by the plant and machinery on hire for the mineral oils extraction. A Short Summary of Section 44BB (1) Irrespective of the opposite held in sections 28 to 41 and sections 43 and 43A, for the […]
Recently the Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) stated that the equalization levy is not eligible to be payable on the payments of advertising when the target audiences, as well as the advertisers, are located outside of India. The bench of Dr S. Seethalakshmi (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) […]
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT), proceedings under section 153 do not be invalidated without examining incriminating material found in the search. The taxpayer, Ashok Developers & Builders Ltd has been involved in the business of construction and furnishes its income return showing a total income of Rs.6,61,44,100. A search & […]
Towards commissions paid to the banks, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the TDS provision would not be applicable. The two-member bench of Saktijit Dey (Judicial Member) and Dr B.R.R. Kumar (Accountant Member) sees that the commission furnished to the partners would not be covered under section 194H of […]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has permitted the 60% depreciation on ATM machines as appropriate to computer software. The two-member bench of Sonjoy Sharma (Judicial Member) and G. Manjunatha (Accountant Member sees that once the taxpayer would be qualified for 60% of the depreciation on ATM machines, the Assessing Officer […]
In the recent appeal by the petitioner to The Income Tax Appellate Tribunal ( ITAT ) Pune Bench, stated that the revenue preference earlier held the income declaration along with the filed return can be understood against the Assessing Officer (AO) without any justification for the penalty imposed under section 271(1)(c) of the Income-tax Act, […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the unexplained credit will uphold when there is no proof proving the enhanced amounts that are liable to pay. The taxpayer, M/s. Mahamaya Exports Pvt. Ltd. questioned the Commissioner of Income Tax (Appeals)-31 [CIT (Appeals)] New Delhi, on 20.12.2017 for the assessment year […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) does not permit the cost of improvement since the taxpayer failed to build supporting bills, vouchers, sources of funds, and others. In a two-member bench of Sandeep Singh Karhail (Judicial Member) and Om Prakash Kant (Accountant Member), the taxpayer’s claim was refused via lower heads […]
What is CBDT Rule 132? Central Board of Direct Taxes (CBDT) has made Rule 132, which comes into force from October 1, 2022. It deals with the application for re-computation of income under Section 155(18). CBDT has also shown Form 69 that can be used to apply for re-computation of income. Tax experts mentioned that […]
