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The penalty imposed for the default in not deducting the TDS on the foreign remittances has been removed by the Jaipur Bench of Income Tax Appellate Tribunal (ITAT). The bench of Sandeep Gosain (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) has followed that the taxpayer has deliberately not bypassed TDS and there is no […]
A petition that the Serum Institute of India Pvt Ltd had filed that contested a 2016 amendment to the income tax act has been dismissed by the Bombay High Court. The bench of Justice K. R. Shriram and Justice Neela Gokhale witnessed that the revision of section 2(24) by the insertion of the impugned sub-clause […]
Under Section 43B of the Income Tax Act, of 1961 the disallowance of the expenses could not be refused when the ex-gratia and employee advantages have been represented under the appropriation of funds, the Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) stated. The taxpayer is a cooperative bank and has a business related […]
In its recent order, the Delhi High Court has invalidated a non-speaking order that rejected the grant of a lower deduction of tax certificate (LDC) allowing for a deduction of 0.01% TDS. The bench, led by Chief Justice Satish Chandra Sharma and Justice Tushar Rao Gedela, noted that the reasons given by the Respondent/department in […]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled in favour of granting the capital gain exemption, stating that the transfer of property is considered complete only after the owners’ rights have been extinguished. In the relevant financial year 2005-06, which pertains to the assessment year 2006-07, the assessee Rajamanikam Meerabai sold a […]
The Delhi High Court has allowed the taxpayer an opportunity to present suitable evidence—whether in the form of documents or otherwise—to the Assessing Officer. This evidence aims to substantiate the claims made regarding educational qualifications, professional experience, job roles, and specifically the responsibilities carried out by the individuals in question. This is crucial to support […]
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 […]
Numerous HR procedures can be quite tedious, draining your energy without providing significant value. As an HR professional, if you had the chance, which processes would you prefer to see automated? Think about those tasks that require minimal thought and feel like repetitive chores, ones you’ve performed countless times with minor variations, typically limited to […]
The Income Tax Appellate Tribunal (ITAT) in Mumbai has ruled that revenue earned by a British telecom company from an Indian telecom company for providing roaming services to international customers does not qualify as ‘royalty.’ Amit Shukla (Judicial Member) and Gagan Goyal (Accountant Member) of the bench noted that payments to a non-resident company for […]
