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The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has overturned an assessment made by the Assessing Officer (AO), which had classified a cash deposit of Rs. 8,00,000 as ‘income from other sources.’ The Tribunal determined that this amount was actually derived from the sale of casuarina trees, leading to the deletion of the […]
The Bombay High Court has clarified that payments made to consultant doctors do not qualify as salary if there is no fixed pay established. Consequently, these payments are subject to Tax Deduction at Source (TDS) under Section 194J of the Income Tax Act, 1961. The Appellant, which is the Revenue, has filed a challenge against […]
The penalty under section 270A of the Income Tax Act, 1961, cannot be levied when the underlying addition is based on the estimation of income, the Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled. The income of the taxpayer Ram Lakhan for A.Y. 2017-18 has been estimated by the Assessing Officer […]
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has exempted late fees imposed under Section 234E of the Income Tax Act, 1961, for the delayed filing of quarterly TDS (Tax Deducted at Source) returns. As per the Tribunal, when the taxpayer has deposited TDS with applicable interest, submitted all the pending quarterly returns […]
The Income Tax Appellate Tribunal (ITAT), Jodhpur bench, dealt with the disallowance of an Input GST claim of ₹37.92 lakh that had emerged because of an incorrect entry made by the Chartered Accountant (CA) of the taxpayer in Form 3CB. The Tribunal ruled that, as the claim had failed for the desire of external verification, […]
The ITAT Jodhpur has ruled that rectification under section 154 of the Income Tax Act, 1961, is allowable where an inadvertent mistake in tax return filing results in double taxation of the same income. The appellant, M/s Jain Natural Pickles Private Limited, encountered a survey u/s 133A of the Income Tax Act, 1961, during which […]
The Bombay High Court has ruled that interest earned on fixed deposits and TDS refunds related to business activities are eligible for deduction under Section 80IA of the Income Tax Act. This decision provides clarity on the classification of these income types in the context of tax deductions. Tax incentives for businesses are being given […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) permitted the claim of Long Term Capital Gains (LTCG) exemption u/s 54 of the Income Tax Act,1961 on the sale of an old flat, as the possession of the new flat was received within the specified period. The taxpayer, Payal Kishore Kulchandani, submitted her return reporting […]
The ITAT Mumbai Bench has ruled that payments made to foreign agents for services provided entirely outside of India do not need to be taxed in India. As a result, businesses are not required to deduct TDS from these payments. The taxpayer, Manisha Kiran Temkar, was in the international merchant trade under the name M/s. […]
