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The surplus liquidity in the banking system experienced a significant decline of 42.9 per cent, reaching Rs. 1.04 lakh crore on June 18, down from Rs. 1.82 lakh crore on June 11, primarily due to advance tax payments. Following the advance tax payment deadline of June 15, the surplus liquidity absorbed by the Reserve Bank […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has recently ruled that the interest subsidy provided through the Technology Upgradation Fund Scheme is not liable to be taxed as income. According to the bench comprising Kuldip Singh (Judicial Member) and Prashant Maharishi (Accountant Member), even though the interest subsidy received under the technology […]
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) has determined that income from sales cannot be added under Section 68 of the Income Tax Act, 1961 unless it is proven to be invalid. This decision was made in response to a case involving Subhash Chand Gupta, the respondent-assessee, who e-filed his income […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has issued a ruling stating that interest income received from short-term fixed deposits is eligible for exemption. The ITAT bench, comprised of George George K. (Judicial Member) and Laxmi Prasad Sahu (Accountant Member), cited the decision of the Karnataka High Court as their basis. This […]
The Assessment Order of the Commissioner of Income Tax (Appeals) (CIT(A)) has been cancelled by the Income Tax Appellate Tribunal (ITAT), Bangalore Bench reason that an obligatory notice under Section 143(2) of the Income Tax Act, 1961 was not served to the taxpayer before the finish of the assessment proceedings. The taxpayer, Rajiv Gandhi University […]
In a recent ruling, the Bangalore branch of the Income Tax Appellate Tribunal (ITAT) has made it clear that marketing and advertising expenses made for the assessee, Herbalife International India Pvt. Ltd’s manufactured products do not fall under the purview of foreign transactions. Following the submission of the income tax return, the case of the […]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) recently ruled in favour of the appellant assessee, Mrudulagauri Jaysukhlal Bhalodia, by dismissing the demand for Tax Deducted at Source (TDS) on an amount for which tax had already been paid under Sections 201(1) and 201(1A) of the Income Tax Act, 1961, thereby helping the […]
In an appeal filed before it the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently, stated that no penalty under section 271 (1) can be levied if the when income submitted via taxpayer in the investigation would have been shown in the regular income tax return filed within the due date. Ahmedabad ITAT witnessed […]
Income Tax SFT return filing 2023: Given that some filers experienced difficulties filing SFT due to heavy traffic on the reporting portal. So the Income Tax Department has given some relaxation and provided a couple of more days for filing SFT (Statement of Financial Transaction) returns. The Income Tax Department has tweeted regarding the same, […]
