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In the matter of Pilani Industrial Corporation Limited Vs ACIT, heard by the Income Tax Appellate Tribunal (ITAT) Delhi, the issue is of cash deposits at the time of the demonetization period. The petitioner, Pilani Industrial Corporation Limited, argued against the assessment order of the Assessing Officer (AO) for the treatment of cash deposits amounting […]
Introduction- The Income Tax Appellate Tribunal (ITAT) Hyderabad in a judgment gives transparency on the applicability of section 115BBDA of the Income Tax Act, 1961 to domestic companies. The matter, Meenakshi Ventures and Holdings India Private Limited vs. The Income Tax Officer centred on whether the provisions of Section 115BBDA, which assesses additional tax on […]
The Madras High Court in a ruling held that a new SCN u/s 148 of the Income Tax Act, 1961 will be issued for the problems not raised before. The department was asked to provide a fresh order u/s 148A(d) after regarding the reply of the taxpayer. A Single bench of Justice Senthilkumar Ramamoorthy held […]
The Supreme Court has asked the centre that during the investigation do not use “threat and coercion” against traders for recovery of Goods and Services Tax (GST) and instead convince them to clear the dues voluntarily. No provision is there under the law which authorises the authorities to exert force for payment of outstanding dues, […]
For the Assessment Year 2024-25 nearly 800,000 income tax returns have been filed earlier as the Central Board of Direct Taxes enabled functionalities for commonly used income tax returns from April 1 in the current year. Since the eligible taxpayer has begun using the chance to smash the last-minute rush, over 829,000 ITR had been […]
The Mumbai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that the taxpayer is qualified for CENVAT credit on inputs and input services utilised for the production of electricity, which are transferred to its sister unit at Urse free of charge. The bench of Ajay Sharma (Judicial Member) witnessed that no allegation […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that the addition could not be deleted for the only cause that the section under which the addition is made is cited incorrectly and that it is essential to look into the merits of the case. The bench of Anikesh Banerjee (Judicial Member) and Padmavathy […]
Income Tax Appellate Tribunal (ITAT) Delhi’s recent decision in the matter of Oriental Bank of Commerce vs. ACIT (ITAT Delhi) has influential implications for the treatment of bad debts claimed by the bank u/s 36(1)(vii) of the Income Tax Act, 1961. The petition related to the AY 2017-18 and was filed against the order of […]
The order is been quashed by the Madras High Court as the chance of hearing was denied due to the failure of the taxpayer to tap on the pertinent button. The personal hearing is required to be extended but the taxpayer may lose to tap on the pertinent button, a bench of Justice Mohammed Shaffiq […]
