LTA claims of employees & Obligation of employers for TDS Compliance
LTA claims of employees & Obligation of employers for TDS Compliance A pertinent question is whether an employer is expected to verify the evidences supporting the Leave Travel Allowances (LTA) claims? The answer lies in Circular No. 8/2013 issued by the CBDT. The Circular provides guidelines for employers regarding their obligations while verifying LTA… […]
Substantive compliance overrides procedural requirements: No Penalty u/s 270A for the simple reason that Assessee did not file Form No. 68 but made application on plain paper
Substantive compliance overrides procedural requirements: No Penalty u/s 270A for the simple reason that Assessee did not file Form No. 68 but made application on plain paper Recently ITAT Kolkata in TERAI FRUITS COMPANY VERSUS ITO, WARD-1(1) , SILIGURI, ITA. No 2099/KOL/2024 Dated January 14, 2025 has held that substantive compliance overrides procedural requirements: No Penalty… […]
AO cannot issue 2nd notice under section 148A (b) as supplement to first notice, raking up new issue without independently satisfying the time lime and monetary limit
AO cannot issue 2nd notice under section 148A (b) as supplement to first notice, raking up new issue without independently satisfying the time lime and monetary limit The assessing officer cannot issue second notice under section 148A(b), as supplement to first notice, raking up new issue. Such notice would be considered as an independent notice,… […]
Addition purely based on third-party non-compliance is unwarranted: ITAT Ahemedabad.
Addition purely based on third-party non-compliance is unwarranted: ITAT Ahemedabad. ITAT Ahemdabad in the case of Dushyant M. Pandya v. DCIT, deleted an addition of ₹10,00,000 made under Section 69A of the Income Tax Act, 1961, treating cash deposits during demonetization as unexplained. It held that addition purely based on third-party non-compliance is unwarranted… […]
Loss on sale of shares on Stock Exchange can be set off against LTCG from sale of unlisted shares if STT is paid on quoted shares even if LTCG on shares Exempt U/s 10(38): ITAT Kolkata
Loss on sale of shares on Stock Exchange can be set off against LTCG from sale of unlisted shares if STT is paid on quoted shares even if LTCG on shares Exempt U/s 10(38): ITAT Kolkata ITAT in the case of Rita Gupta vs DCIT [ITA No. 46/Kol/2014; AY 2014-15; Order dt. 6/6/2024 has… […]
Surcharge on income tax applicable only on income exceeding ₹50 Lakhs and not to be considered for MMR if income is below the limit: ITAT Kolkata
Surcharge on income tax applicable only on income exceeding ₹50 Lakhs and not to be considered for MMR if income is below the limit: ITAT Kolkata In Badamtam Welfare Trust vs DDIT (ITA No. 1919/KOL/2024; Date of Judgement 31/12/2024], Kolkata ITAT has held that surcharge on income tax is applicable only to income exceeding… […]
Discrepancies in reporting in number of Board Meeting in MGT-7A vis a vis Board meetings – ROC imposed monetary penalty on a Company
Discrepancies in reporting in number of Board Meeting in MGT-7A vis a vis Board meetings – ROC imposed monetary penalty on a Company Mismatch in Board Meeting Numbers in FY 2021-22 Filing: Legal Consequences for M/s BE Bold & Confident Careers Private Limited An order dated January 13, 2025, under Section 454 of the… […]
Disallowance of Rebate under section 87A for Small Taxpayers: A Call for Clarity
Disallowance of Rebate under section 87A for Small Taxpayers: A Call for Clarity The IT Act provides a clear carve-out under Section 112A, which denies small taxpayers the rebate on Long Term Capital Gains (LTCG) from the sale of listed shares or securities. However, this restriction does not extend to Short Term Capital Gains (STCG),… […]
Non-appointment of at least one woman director on the board under section 149 – ROC imposed fine on 3 companies
Non-appointment of at least one woman director on the board under section 149 – ROC imposed fine on 3 companies The Registrar of Companies (ROC), Mumbai, vide its adjudication orders dated January 8, 2025, has imposed penalties on three companies and their directors for non-compliance with Section 149(1) of the Companies Act, 2013. This… […]
Intimation under Section 143(1) issued without providing an opportunity to the assessee, violates the principles of natural justice and hence unsustainable: ITAT Banglore.
Intimation under Section 143(1) issued without providing an opportunity to the assessee, violates the principles of natural justice and hence unsustainable: ITAT Banglore. Bangalore Tribunal in the case of Microland Limited (ITA No 1154/Bang/2024) has held that Intimation under Section 143(1) issued without providing an opportunity to the assessee, violates the principles of natural justice… […]
