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While finding a taxpayer guilty of the offence of filing delayed income tax returns, “mens rea“ is a crucial ingredient, the Rajasthan High Court ruled. In the absence of mens rea, an accused could not be held guilty, and his conviction u/s 276 CC of the Income Tax Act cannot be supported, the bench of […]
W.e.f 1st April MP Singh, 1990 batch of Indian Revenue Service (IRS) has been promoted as Chief Commissioner of Income Tax J&K and Ladakh headquarter at Srinagar by the Department of Personnel and Training and Central Board of Direct Taxes, New Delhi. Singh was posted as Principal Commissioner of Income Tax, J&K, and Ladakh for […]
During remanding the case back for re-adjudication, the Mumbai ITAT stated that the prima facie onus shall be on the taxpayer to verify its claim of non-granting of TDS credit, by furnishing pertinent documents, like an appointment letter, salary slips or Form No.16 or bank statements, or any other corroborative evidence/ documents. The Bench of […]
A clarification has been furnished by the Finance Ministry in between the dissemination of deceptive details on social media platforms concerning the new income tax regime. The same shows that there are no additional revisions that are effective from 1st April 2024. Taxpayers are enabled to opt for either the old or new tax regime […]
The government of India in a measure to support the financial health of micro, small, and medium enterprises (MSMEs) in India, announced the enactment of a strict rule requiring payments to MSMEs to be settled within 45 days. Tax penalties on the due amount shall be levied if companies fail to follow the said rule. […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) comprising of M. Balaganesh (Accountant Member) and Anubhav Sharma (Judicial Member) has ruled that the payments made to doctors shall be covered by TDS provisions under Section 194J and not Section 192 of the Income Tax Act. Section 194J of the Income Tax Act is pertinent […]
Kothari Wheels filed an appeal against the order of the CIT(A) concerning the disallowance of late deposit of Employees’ shares of PF and ESIC has been supported by ITAT Pune. Throughout the AY 2018-19, the CPC, Bengaluru made a disallowance of Rs. 93,37,905/- because of the late deposit of employees’ share of PF and ESIC […]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) asks for re-adjudication concerning Long Term Capital Gain of sold property which was cancelled by the civil court. A petition was filed by the taxpayer Mangalagiri Tulasi before the tribunal against the order passed under section 250 of the Income Tax Act, 1961 for the […]
In the matter of Meyer Organics Pvt. Ltd. vs. DCIT, the Mumbai Income Tax Appellate Tribunal (ITAT) furnished an important decision for levying the penalties under section 271(1)(c) of the Income Tax Act. The ruling of the tribunal is on the correction of bona fide glitches in the original return in the assessment proceedings. Detailed […]
