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The High Court of Himachal Pradesh rejected the Tax Recovery Officer’s decision to attach the Cash Credit Account, stating that the Cash Credit account or overdraft is capable of being attached under section 226(3) of the IT Act. The High Court clarified the relationship between a debtor and a creditor, stating that a bank does […]
The Delhi High Court in a ruling stated that an assessment order issued in the name of the non-existent entity, following an amalgamation could not be cured u/s 292B of the Income Tax Act, 1961. The same matter comprised of the writ petitions where the applicants contested the assessment validity and reassessment actions opted against […]
The Supreme Court stated that technological challenges cannot justify harassing an assessee, urging the Income Tax Department to improve its software to prevent future errors. The Court ordered the Central Board for Direct Taxes to take appropriate actions to correct the software. A bench of Justices PS Narasimha and Sandeep Mehta was hearing an appeal […]
It was carried by the Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) that interest income made through the deposits with co-operative banks entitled to a deduction under Section 80P(2)(d) of the Income Tax Act,1961. With earlier rulings the decision aligns that permit such deductions, stressing that only interest from co-operative banks, not […]
For providing the tax audit reports within the due date of September 30, 2024, professionals and taxpayers are tussling with technical problems on the e-filing portal of the income tax department. Around late September 17, 2024, the problem has been started when many users notified being not able to upload the tax audit reports because […]
The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has mentioned that service charge collected by a medical store in the hospital is covered under Health Care Services and are waived from Service Tax. The Bench of Binu Tamta (Judicial Member) has marked that medical aid to the patients who are […]
The Karnataka High Court in a ruling has quashed the income tax assessment proceedings u/s 148A (b) of the Income Tax Act, 1961 as of the non-service of the show-cause notice. The applicant Sithappana Halli Bychappa Padmanabha Gowda contested the validity of distinct notices and orders issued via the income tax department specifically the notice […]
The petition of the taxpayer ruling has been permitted by the Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) which collected income could be applied to the acquisition of the fixed assets u/s 11(6) of the Income Tax Act,1961. Gujarat Safety Council, the appellant-assessee, was a trust that led safety training programs. It filed a […]
The applicant, Bangalore Thulaseedas Srinath contested several notices and orders issued to the applicant, including those u/s 148A(b), 148A(d), 148, 147 r/w 144 and 144B and pertinent penalty notices u/s 274 read with Sections 272A(1)(d), 270A and 271B. It was furnished by the applicant that the income tax notice issued u/s 148A(b) of the Act […]
