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GSTN notified the incorporation of the GST e-way bill 2 Portal by NIC on June 1, 2024, through an issue advisory on May 28, 2024. Accessible at (https://ewaybill2.gst.gov.in), this portal shall function in parallel with the main E-Way Bill portal (https://ewaybillgst.gov.in), ensuring high availability and quick synchronization of e-way bill details. The new portal keeps […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) stated that the date of possession of the new property is to be deemed as the date of acquisition and the taxpayer is entitled to deduction u/s 54 of the IT Act on the purchase of the new property. The bench of Raj Kumar Chauhan (Judicial […]
The Kerala High Court ruled that the land in question was utilized for agricultural purposes, which yielded agricultural income, which in turn was exempt from income tax u/s 10(1) of the IT (Income Tax) Act. No material produced by the petitioner is there that suggests that the loan amount claimed during the assessment year in […]
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 […]
A Delhi Court convicted and sentenced a woman to 6 months in jail for not filing a return on income of Rs 2 crores. This case is related to the complaint filed via the Income Tax Office (ITO) alleging that TDS (tax deducted at source) amounting to Rs. 2 lakh was deducted against the receipt […]
In response to an appeal made in the case of Sanjay Kukreja versus ACIT against the rejection of the claim for deduction u/s 80IA by the Income Tax department, the New Delhi ITAT, on Tuesday, reversed the decision, directing the assessing officer to allow claimed deduction on the grounds that filing of audit report with […]
The auditor failed to file the audit report including the return of income the Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) ruled while asking to permit an exemption under section 11 of the Income Tax Act, 1961. In this matter, the taxpayer, Karma Falya Trust filed an income tax return for Assessment Year […]
Delhi High Court in a judgment stressed the importance of complying with the statutory needs laid out in Section 74 of the Tamil Nadu Goods and Services Tax Act, 2017 (TNGST Act), in the case of Balaji Electrical & Hardwares Vs State Tax Officer (ST). The very ruling has set a precedent, assuring that the […]
The income tax department permitted the trusts and institutions, which filed audit reports for the AY 2023-24 in wrong forms, to file documents in valid forms by March 31. As per section 119 of the IT act, the income tax department has extended the due date for filing audit report forms 10B/10BB such as trust, […]
