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The ITAT Ahmedabad bench set aside the taxpayer’s deduction claim for a donation made to an unapproved scientific authority in a recent ruling. Parag Dave, the taxpayer, has the business of testing soil, building materials, conducting survey work, etc. The taxpayer on 26.09.2017 has submitted his income return specifying a total income of Rs 56,55,070. […]
The Ahmedabad ITAT set aside a partially passed order under section 263 of the IT Act, 1961, where the Principal Commissioner of Income Tax improperly mandated the inclusion of accommodation entries without adequate verification. Sunil Poonamchand Saraf, applicant, furnished an appeal against the order passed by the PCIT, Ahmedabad-1, for the AY 2013-14. Originally, the […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) quashed the revisionary order passed by the Principal Commissioner of Income Tax (PCIT), ruling that the assessment order was not incorrect. Chandrakant Vallabhbhai Koladia has submitted his income tax return for the AY 2018-19, declaring a total income of Rs 1,23,69,720. Based on the survey, the taxpayer revealed […]
The ITAT Indore ruled that the taxation of unexplained cash credit is invalid if the books of accounts are rejected, particularly in light of the significant increase in cash deposits during the demonetization period. The taxpayer, Dharmendra Doshi, who runs Parsvnath Industries, a proprietorship that deals in plastic scrap and old bottles, submitted an income […]
The Commissioner of Income Tax(Appeals) order has been set aside by the Kolkata Bench of Income Tax Appellate Tribunal (ITAT) concerning a Scheduled Tribe doctor’s exemption claim u/s 10(26) of the IT Act,1961, due to misinterpretation of eligibility. Against the order dated 25.08.2023, the Revenue-appellant appealed passed by CIT(A) for the Assessment Year(AY) 2013-14. In […]
What are GSTR-2B and GSTR-3B? GSTR-2B is a system-generated statement that furnishes information about all inward supplies or purchases, including information on eligible and ineligible Input Tax Credits (ITC) for a tax period. It acts as a verification tool, auto-populated based on the GSTR-1, GSTR-5, and GSTR-6 filed via suppliers. GSTR-3B is a self-declared monthly […]
The income tax department will conduct nationwide regulatory action for those taxpaying entities that did not deduct and deposit taxes collected at the source (TDS/TCS). Under the sources cited in the report, nearly 40,000 taxpayers (individuals and businesses) are being investigated for possible defaults in tax deductions for the fiscal years 2022-23 and 2023-24. The […]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has determined that the ₹12 lakh addition u/s 69A of the Income Tax Act, 1961, was unwarranted, as the sundry debtors recorded in the books could not be classified as unexplained income. The petitioner Ratika Kumbhat was selected for the limited scrutiny to validate the […]
The Delhi High Court said that before rejecting the application of the taxpayer u/s 197 of the Income Tax Act 1961 for nil TDS or deduction of tax at a lower rate, the assessing officer should form a presumption view for the taxability of the taxpayer in India. The taxpayer is been permitted under section […]
