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The order was been quashed by the Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) rejecting the approval u/s 80G of the Income Tax Act as the Central Board of Direct Taxes ( CBDT ) has extended the deadline for filing Form 10A/10AB via press release on April 25, 2024, to June 30, […]
The Income Tax Appellate Tribunal ( ITAT ) of the New Delhi bench for a case ruled that the assessment or reassessment in an investigation concerned with the matter could not be passed without proper approval of the competent authority and quashed it. It was noted that the approval allotted u/s 15D of the Income […]
AAAR ruled that the Authority for Advance Ruling, Rajasthan had made a mistake in pronouncing the ruling on merits. AAR ruling, Rajasthan on 18.10.2022 has been set aside and the case is remanded back to the AAR to determine the application afresh on merits post acknowledging all the questions secured by the appellant in their […]
The New Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that payment made overseas for delivering a report on Tariff Change is not FTS and set aside the demand of Tax Deducted at Source ( TDS ) under section 195 of the Income Tax Act, 1961. While framing the assessment, AO […]
While discovering that the taxpayer has a valid reason to acknowledge the payments for ‘transactional charges’ to be not covered u/s 194J(1)(ba) of the Income Tax Act, the New Delhi ITAT ordered to deletion of the penalty order passed by the CIT(A) u/s 271C. Under Section 194J(1)(ba) of the Income Tax Act, any payment made […]
The Delhi High Court asked the appropriate officer to expedite the refund process for a petitioner who asked the Court to direct the refund of a sum of Rs.81,79,52 u/s 54 of the Central Goods and Services Act,2017. The applicant, AJ Flight Reservations Pvt. Ltd., represented by Advocate Vineet Bhatia, had filed a refund claim […]
Section 44AB of the Income Tax Act emits an obligation on the taxpayer to get accounts audited prior to the cited date and provide by that date the report of such audit, New Delhi ITAT ruled. The ITAT while learning that there was reasonable cause for failure in providing the Tax Audit Report in time, […]
The Supreme Court has denied looking into the petition that the Micro and Small Enterprises (MSEs) submitted contesting a 45-day payment rule stated in Section 43B(h) of the Income Tax Act. SC replying to the petition recommended the MSEs ask for recourse via the HC when they want to pursue any relief pertinent to the […]
In the Income Tax Act a modification that has the objective of stringent the small businesses via assuring timely payments may have mistakenly prevented the buyers from engaging with them. The learned sources with the government discussions indicated a potential amendment in the act at the time of the coming FY25 full budget session in […]
