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The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) remitted the case to the Assessing Officer ( AO ) for reassessment discovering that the Commissioner of Income Tax (Appeals) had sent notices to an inaccurate email address. The appellant-assessee, Venkataraju Chandra Shekar, had filed an appeal contesting the order for the Assessment Year […]
Discovering that the loans were nothing, however, the accommodation entries along with the repayment are indeed nothing only the return of accommodation entries, the Mumbai ITAT ruled that the money has been drawn in getting the unsecured loan is nothing but the unaccounted money of the taxpayer and is to be added under section 68. […]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) supported the Commissioner of Income Tax (Appeals) ‘s judgment to organize Rs. 129.03 lacs, including income from staff loans and miscellaneous income, as business income instead of income from other sources, affirming that this income was related to the business. Gujarat Urja Vikas Nigam […]
To remove GST on life and medical insurance premiums, Nitin Gadkari, Minister for Road Transport and Highways, has written to Finance Minister Nirmala Sitaraman. Gadkari said the Nagpur Divisional Life Insurance Corporation Employees Union has given a memorandum to him on the issues of the insurance industry, written in a letter to FM. Read Also: […]
The income tax department has issued a warning to the assessees against making bogus claims, since the due date for filing ITR for AY 2024-25 approaches July 31. The department advises that inflating expenses, underreporting earnings, or exaggerating deductions is a punishable offence and may result in delays in refund issuance. Till Now Over Five […]
A crucial amendment in the taxation of the rental income from the residential property is been introduced in the Union Budget 2024. Finance Minister Nirmala Sitharaman to curb tax evasion has obligated that this income could merely be declared under the ‘Income from House Property’ (IHP) head and not under the ‘Profits and Gains from […]
The Kolkata ITAT Referring to the decision in the case of Anudip Foundation for Social Welfare vs. CIT(Exemption), Kolkata – ITA No. 1341/Kol/2023, ruled that the taxpayer will not be denied the advantage of the Sec 80G because of the technical errors emerged in making application as of the confusion and misunderstanding on in properly […]
The Income Tax Appellate Tribunal (ITAT) of Bangalore in its judgment addressed the problem of whether the payments made via Herbalife International India Pvt. Ltd. to its associated enterprise (AE) abroad are authorized as “Fees for Technical Services” (FTS) under Indian tax laws and the India-USA Double Taxation Avoidance Agreement (DTAA). The case, Herbalife International […]
The Kolkata ITAT carried that delayed deposit of amount collected for employees’ contribution to PF renders claim of deduction u/s 36(1)(va) ineligible. Section 36(1)(va) of the Income Tax Act remarks that if the amount received towards employees’ contribution to PF is not deposited by the employer in the respective welfare account within the deadline, then […]
