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CBIC has stated that the Principal commissioner or commissioner-level officers could provide the directions to recover the GST dues within the said 3 months of serving the demand order. Under the GST statute, when a taxable individual does not file the amount stated under an order passed under the CGST act within 3 months from […]
The matter of Sunil Khaitan vs. DCIT (ITAT Kolkata) is concerned with the taxation of cash deposits incurred at the time of the demonetization period. Sunil Khaitan, the appellant, filed his ITR for the AY 2017-18, reporting a total income of Rs. 40,48,000/-. However, his case was appointed for scrutiny under the Computer Aided Scrutiny […]
Introduction- The Income Tax Appellate Tribunal (ITAT) Hyderabad in a judgment gives transparency on the applicability of section 115BBDA of the Income Tax Act, 1961 to domestic companies. The matter, Meenakshi Ventures and Holdings India Private Limited vs. The Income Tax Officer centred on whether the provisions of Section 115BBDA, which assessees additional tax on […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) stated that the date of possession of the new property is to be deemed as the date of acquisition and the taxpayer is entitled to deduction u/s 54 of the IT Act on the purchase of the new property. The bench of Raj Kumar Chauhan (Judicial […]
A notification for the process of the scrutiny of the ITR for FY 2024-25 has been issued by the Central Board of Direct Taxes (CBDT). The same motive is to increase clarity and ensure tax compliance among taxpayers. Important Key Points for New Guidelines Objective for Tax Scrutiny: As per the new norms the assessees […]
The Punjab and Haryana High Court, once the investigation was conducted and an assessment order was passed through the invoking Section 153A of the Income Tax Act for the AY 2006-07 to 2012-13, a fresh order without conducting an investigation operation would not be sustainable in law. The bench of Justice Sanjeev Prakash Sharma and […]
The CBDT’s order has been quashed by the Bombay High Court rejecting the application filed by CG Power and Industrial Solutions Ltd asking for the condonation of delay in filing income returns based on the recast of accounts under NCLT’s order. Any assessment order passed u/s 143(3) or 144C as well as the resulting notices […]
The Madras High Court in a ruling held that a new SCN u/s 148 of the Income Tax Act, 1961 will be issued for the problems not raised before. The department was asked to provide a fresh order u/s 148A(d) after regarding the reply of the taxpayer. A Single bench of Justice Senthilkumar Ramamoorthy held […]
Final Assessment order Passed U/S 144C not appealable when the Assessee has not filed an objection against the draft assessment order: ITAT Hyderabad ITA No.184/Hyd/2024 All Case Summary: The taxpayer Skybridge Solutions Private Limited is a software development and services company. The taxpayer has furnished the ITR (Income Tax Return) for the financial year 2020-21 […]
