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It was mentioned by the Kerala High Court that the illegal cash seizure via the GST department and handing over to the income tax department is not regulatory u/s 132A of the Income Tax Act. The Division Bench of Justices A.K. Jyasankaran Nambiar and Easwaran S. ruled that “Cash amount seized from the premises of […]
The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has cited that two or more bills of entry or shipping bills cannot be taken together and evaluated. “Two or more Bills of Entry or Shipping Bills cannot be taken together and assessed. The only exception made in the law is the […]
The Income Tax Appellate Tribunal (ITAT), Delhi, dismissed the appeal of the revenue in the case of ACIT Vs Hella India Lighting Ltd., addressing 3 issues for the assessment year 2017-18. The revenue contested the deletion of an addition u/s 69C amounting to ₹6.80 crore, disallowance of expenses of ₹3.15 crore, and disallowance of a […]
The Income Tax Appellate Tribunal ( ITAT ) Rajkot Bench sent a case back to the Assessing Officer (AO) for fresh adjudication, expressing that the authorities losses to perform inquiry for unsecured loans amounting to Rs.1.82 crore and Rs.1 crore. The tribunal marked that the additions under section 68 of the Income Tax Act, 1961, […]
The Ministry of Finance issued Notification No. 15/2025, on February 10, 2025, informing the approval of Bhaikaka University, Anand, Gujarat (PAN: AAGAB9280N) u/s 35(1)(ii) of the Income Tax Act, 1961. This recognition permits the university to authorize income tax benefits associated with scientific research. As per the notification, the donations being made to Bhaikaka University […]
The Delhi High Court, Section 159 of the Income Tax Act can be invoked to move against the legal representative of a taxpayer, only in cases where the reassessment notice was issued to the taxpayer during his lifetime, not after. The provision makes the legal representative (if alive) of the deceased person obligated to pay […]
What is Section 115BAC of the IT Act? A person, whether an individual or an undivided Hindu family (HUF), having income apart from the income from a profession or business, can practice the same option for the earlier year to be taxed u/s 115 BAC including with his or her income return to get provided […]
The assessment for Assessment Year(AY) 2009-10 has been set aside by the Delhi Bench of Income Tax Appellate Tribunal (ITAT) as of the jurisdictional error u/s 153C of the Income Tax Act,1961. The petitioner/taxpayer Kamal Sharma, has contested the plea against the order on 27.02.2023 passed by the Commissioner of Income Tax(Appeals)[CIT(A)] for the AY […]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) asked for a fresh assessment for a matter that engages the disallowance of commission payments for non-deduction of TDS u/s 40(a)(ia) of the Income Tax Act,1961, acknowledging the proof furnished under rule 29 of the ITAT rules which was unavailable as of the financial issues along […]
