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The submission of Income Tax Form No. 10BA is compulsory for claiming deductions under Section 80GG of the Income Tax Act, 1961, the ITAT in Bangalore held. The taxpayer is unable to comply with this need. Consequently, the ITAT (Income Tax Appellate Tribunal) asked the Assessing Officer (AO) to allow the deduction once the form […]
The decision of the Commissioner of Income Tax (Appeals) (CIT (A)) is upheld by the Mumbai ITAT to annul an addition made, quoting a discrepancy between Form 26AS and the Profit & Loss Account, attributable to the declaration of service tax amounts. On 27/11/2012 when the assessee filed its income tax return the case appeared, […]
The Bombay High Court, actual carrying on of agricultural operations is not a critical condition for determining that the parcels of land were agricultural lands. The order has been quashed by the bench of Justice K. R. Shriram and Justice Dr. Neela Gokhale and remanded the case for passing the fresh assessment order. The AO […]
The Jodhpur Bench of Income Tax Appellate Tribunal (ITAT) ruled that the taxpayer, the legal owner, is not liable for TDS under Section 194C, where a declaration under Section 194C(6) accompanying a PAN is received via the payees who have the vehicle, but they are not registered owners. The bench of S. Seethalakshmi (Judicial Member) […]
The Income Tax Appellate Tribunal (ITAT) Chennai in a ruling has dismissed the appeal by the Revenue (Assistant Commissioner of Income Tax) and the Cross Objections by the assessee, Prakash Ferrous Industries Private Limited, against the order of the Commissioner of Income Tax (Appeals) 18, Chennai on 23.03.2023 for the assessment year 2020-21. The Foundation […]
The Delhi bench of the ITAT recently made a significant ruling. It said that individuals can claim deductions for capital gains, even if they haven’t deposited into a capital gain account scheme. The case involved assessee, Sarita Gupta, a resident individual, of whom information was received by the Assessing Officer that the assessee’s dad sold […]
Paying employees is the process of payroll. It comprises opting for a payroll schedule, calculating salaries, wages, and taxes, and ensuring that everything gets finished precisely and within the stipulated time. Payroll management could facilitate your legal compliance obligations under local, state, and federal laws. All business owners should comply with the payroll since overtime, […]
The Chennai ITAT referring to CBDT Circular no. 10/2014, stressed that if an undertaking is transferred to another undertaking excluding the way of amalgamation and demerger and in other cases, the transferee undertaking will be qualified for deduction for the remaining unexpired period under section 80IA(4)(iii) of the Income Tax Act. The Bench, Manmohan Das […]
During remanding the matter the Madras High Court ruled that the refund claim needed to be examined and determined established on the documents related to the claiming of the ITC and the export of the product on zero-rated grounds. The petitioner has incurred the GST refund claims on time and cannot be faulted for the […]
