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U/s 69A of Income Tax Act,1961 the Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) deleted a Rs. 14 lakh addition made by the Assessing Officer (AO). The addition was based on wrong information concerning a property transaction, where the AO incorrectly recorded the purchase price as Rs. 45 lakhs instead of the […]
The Delhi ITAT while granting exemption on agricultural income under section 10(1) ruled that the taxpayer being an agriculturalist would not need to maintain books of account as per Sec 44AA. Section 44AA of the Income Tax Act deals with the maintenance of books of accounts by specific persons maintaining on business or profession. Single […]
It was ruled by the Ahmedabad ITAT that the provision for leave encashment which was inherited by the taxpayer on the grounds of the restructuring practice of GEB, under which the majority of employers have been onboarded by the taxpayer company could not be added to the income of the taxpayer. The Division Bench of […]
In a case, the Income Tax Appellate Tribunal (ITAT) of Bangalore ordered improvement of the amended return filed via the taxpayer, remarking that misadvice via the tax auditors of the taxpayer directed him to pay the excess income tax. The assessee Ramalingaiah, a semi-literate individual engaged in the business of tailoring and trading in textile […]
It cited under the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) that the deduction under section 80P cannot be claimed in Income Tax Return (ITR) filing beyond the due date stipulated u/s 139(1) of the Income Tax Act. Dared Seva Sahkari Mandali Ltd. (Assessee) deposited cash of Rs. 5,31,61,730 and a time deposit […]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) in a ruling removed the penalty u/s 270A of the Income Tax Act, 1961, quoting that the income difference was due to the wrong recording of the written down value (WDV) of the auditor in the tax audit report and noted that ‘to […]
Under Section 148, Some taxpayers have imposed notices pertinent to the reopening of the assessments for the assessment years 2014-15, 2015-16, 2016-17, and 2017-18. A former president of the Institute of Chartered Accountants of India ((ICAI), the chartered accountants’ professional body, thinks that these tax notices were mistakenly sent as the limitation of 6 years […]
Discovering that legal norms have been applied effectively via the Tribunal in valuing the proof and there has been no substantial question that emerges for consideration, the Madhya Pradesh High Court authorized the measure of the Tribunal in removing the additions made u/s 68. Under section 68 of the Income tax Act where any sum […]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) in a case stated that routine support services are not to be categorized under “Fee for Technical Services” (FTS) under the India-UK Double Taxation Avoidance Agreement (DTAA), and therefore are not accountable to taxation in India. Nord Anglia Education Ltd, the assessee/appellant is an […]
