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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 […]
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 Supreme Court in a case denied giving the retrospective operation to the amended Section 80DD of the Income Tax Act, 1961 (“IT Act”) which furnished an option to the subscriber the Jeevan Adhar Policy (“Policy”) upon reaching the age of 60 years to halt the deposit made under the policy and utilize of the […]
Maharashtra’s Authority for Advance Rulings (MAAR) has stated that the Reserve Bank of India will not required to file the GST on fines, and penalties collected from its controlled institutions. RBI has moved to MAAR to obtain the advance rulings on two questions first whether the penalties, late fee/ penal interest, find the nature, levied […]
The deduction under Section 54F of the Income Tax Act on the construction of the new dwelling/residential unit has been permitted by the Chennai Bench of Income Tax Appellate Tribunal (ITAT). The bench of Aby T. Varkey (Judicial Member) and Amitabh Shukla (Accountant Member) has marked that the taxpayer had released the burden to prove […]
The Punjab & Haryana High Court while indicating that the scheme of faceless assessment is applicable from the phase of SCN under section 148 as well as 148A, held that notice under section 148 could not be issued via the jurisdictional assessing officer post introduction of the faceless assessment scheme. As SCN has been issued […]
If an order is passed under section 148A(d) of the Income Tax Act in the lack of an appropriate sanction as per the provisions of Section 151 of the Income Tax Act, the order and the resulting notice u/s 148 shall need to be declared illegal, the Bombay High court ruled. The bench of Justice […]
The income tax addition of Rs. 1.61 crores has been deleted by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT), because the seized documents lack information as to the date and mode of receipt of “on money.” The bench of Anikesh Banerjee (Judicial Member) and B.R. Baskaran (Accountant Member) has remarked that the entries […]
As an employer, it is a statutory and moral obligation to build a leave policy that enables them to take time off when needed. There are distinct sorts of leaves that employers should furnish their employees, in India. In this very blog, we shall delve into distinct sorts of leaves and the statutory policies controlling […]
