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In a ruling, the Income Tax Appellate Tribunal (ITAT) Jaipur has ruled in the appellant’s favour, setting aside the order of the Principal Commissioner of Income Tax (PCIT) u/s 263 of the Income Tax Act, 1961. It was discovered by the tribunal that PCIT has overlooked various submissions incurred by the taxpayer breaking the norms […]
The Income Tax Appellate Tribunal ( ITAT ) Rajkot Bench sent a case back to the Assessing Officer (AO) for fresh adjudication, expressing that the authorities losses to perform inquiry for unsecured loans amounting to Rs.1.82 crore and Rs.1 crore. The tribunal marked that the additions under section 68 of the Income Tax Act, 1961, […]
The Supreme Court’s decision in Union of India v. Rajeev Bansal has been interpreted by the Delhi High Court to explain the time duration surviving u/s 149 of the Income Tax Act, 1961 for issuing reassessment notices. The period between 20 March 2020 to 30 June 2021 would not be included in the limitation, because […]
Punjab Finance, Planning, Excise and Taxation Minister Harpal Singh Cheema said that the state had recorded an 11.87% increase in net Goods and Services Tax (GST) collection up to January in the existing fiscal year, exceeding the national average of 10 per cent. Punjab has reported a significant increase in its revenue, with excise taxes […]
The decision of the Commissioner of Income Tax(Appeals)[CIT(A)] has been carried by the Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) permitting the tax deducted at Source (TDS) credit of ₹168.61 crore, noting discrepancies in 26AS form due to late payment of TDS and revised filings, and asked the AO to verify the credit. On […]
It was carried by the Kerala High Court that cash in a bank account is a ‘property’ liable for provisional attachment u/s 281B of the Income Tax Act. The Division Bench of Justices Sathish Ninan and Shoba Annamma Eapen stated that “the mere fact that a Bank account is not explicitly provided under Section 281B […]
The assessment order has been set aside by the Pune Bench of Income Tax Appellate Tribunal ( ITAT ) which was computed under the new regime quoting that the return was submitted under the new regime and requirements u/s 115 BAC not fully satisfied. The taxpayer Akshay Nitin Malu is an individual who is in […]
A bench of the Gujarat High Court has quashed the tax liability notices issued via the GST department that ask for recovering the tax on the GIDC plots transferred to third parties from their original allottees. The court ruled that GST does not apply to these transactions and rejected the government’s appeal to stay the […]
As per Kerala High Court, it mentioned that the notice against a dead person is not true and the participation of the statutory heirs of the deceased in the proceedings doesn’t make it legal. The Division Bench of Justices A.K. Jayasankaran Nambiar and K.V. Jayakumar noted that “the consent of the parties cannot confer jurisdiction […]
