Reasons recorded were vague and scanty and the approval has been granted mechanically – ITAT quashed the Reassessment Assessment
Reasons recorded were vague and scanty and the approval has been granted mechanically – ITAT quashed the Reassessment Assessment Kolkata ITAT held that “Considering the above facts and circumstances, we are of the view that the reopening of assessment has been invalidly made on two grounds (1) reasons recorded were vague and scanty and… […]
Tax demands due to non-reflection of the ITC in GSTR 2A/GSTR 2B despite paying the same to the seller – Landmark order by High Court
Tax demands due to non-reflection of the ITC in GSTR 2A/GSTR 2B despite paying the same to the seller – Landmark order by High Court One of the most common issue faced by multiple taxpayers is of tax demands due to non-reflection of the input tax credit in GSTR 2A/GSTR 2B despite paying the… […]
Unsigned notices are void ab initio and cannot confer jurisdiction or attract any legal consequence
Unsigned notices are void ab initio and cannot confer jurisdiction or attract any legal consequence Recenlty, ITAT, Delhi Quashes Penalty for Non-Compliance of Invalid Unsigned Notices Under Section 272A(1)(d). Let us have a Short Overview of the case: Ramesh Gandhi and Rajesh Gandhi filed appeals against penalty orders passed under Section 272A(1)(d) of the… […]
AO must independently form a reasoned belief while initiating proceedings u/s 147: Bombay HC
AO must independently form a reasoned belief while initiating proceedings u/s 147: Bombay HC In its recent pronouncement in the matter of Principal Commissioner of Income Tax v. Agfa India Pvt. Ltd., ITA No. 1857 of 2018, the Hon’ble Bombay High Court affirmed the decision rendered by the ITAT, Mumbai. The High Court unequivocally… […]
Unsecured loans from trustees without prior approval from the Charity Commissioner: ITAT directed CIT (E) for giving Permanent Registration
Unsecured loans from trustees without prior approval from the Charity Commissioner: ITAT directed CIT (E) for giving Permanent Registration There are various cases in the recent years where the permanent registration application of the charitable trust is rejected for the reason that the trust has accepted the loans without permission from charity commissioner as mandated… […]
Private Discretionary Trust: Surcharge is applicable at respective surcharge slab rate: SB- Mumbai ITAT
Private Discretionary Trust: Surcharge is applicable at respective surcharge slab rate: SB- Mumbai ITAT Recently, Special Bench of Mumbai ITAT in the case of Aaradhya Jain Trust Vs ITO [SB decision] was dealing with the issue of levy of surcharge in Private Discretionary Trusts case? It has observed that the way CPC programs are devised, when… […]
Lack of Jurisdiction and Non-Application of Mind by AO: ITAT declared Reassessment Proceedings as invalid, deleted addition of Rs. 12.39 Cr done U/s 68
Lack of Jurisdiction and Non-Application of Mind by AO: ITAT declared Reassessment Proceedings as invalid, deleted addition of Rs. 12.39 Cr done U/s 68 Let us have a Short Overview of the case wherein the ITAT declared Reassessment Proceedings as invalid and deleted Addition of Rs. 12,39,90,680/- done under section 68, as under: 1. Facts:… […]
GST ITC Refund on Exports with Tax Payment: Points & Precautions
GST ITC Refund on Exports with Tax Payment: Points & Precautions Here are some practical Points & Precautions for GST ITC Refund on Exports with Tax Payment Point No. 1: Ensure Correct Export Invoice Details Action: When raising an export invoice, ensure it has: Correct GSTIN (for registered buyers, if applicable). Exact invoice number and… […]
ITAT granted relief with regard to the jewellery of the married daughter kept at parent house
ITAT granted relief with regard to the jewellery of the married daughter kept at parent house ITAT DELHI:- PREM PRAKASH SETHI VERSUS ACIT, CENTRAL CIRCLE-14 NEW DELHI ITA No. 1741/Del/2021 Dated: 13-6-24 was dealing an issue as to whether Credit of jewellery of belonging to married daughter to the extent of 500 gms is… […]
ITAT Quashed the Assessment order as Actual Income Escapement was below ₹ 50 Lakhs
ITAT Quashed the Assessment order as Actual Income Escapement was below ₹ 50 Lakhs Recently, the ITAT has quashed the assessment Order as AO Reopened Case for AY 2015-16 Alleging Income Escapement Above ₹50 Lakhs, But Actual Escapement Was below ₹ 50 Lakhs, Making Reopening Invalid” The Income Tax Appellate Tribunal (ITAT) concluded that the notice issued under Section… […]
