Joint Development Agreements Under Scanner: Common Tax Mistakes Landowners Are Making
Joint Development Agreements Under Scanner: Common Tax Mistakes Landowners Are Making Joint Development Agreements (JDAs) have come under increased verification and scrutiny by the Income Tax Department in recent over the last couple of months. Several landowners who entered into such arrangements years ago are now receiving queries and notices, often to their surprise…. […]
NEW TAX REGIME ALLOWED DESPITE INADVERTENT SELECTION OF OLD REGIME
NEW TAX REGIME ALLOWED DESPITE INADVERTENT SELECTION OF OLD REGIME Here is one judgement wherein CIT(A) has allowed the assessee’s claim under the New Tax Regime u/s 115BAC, even though the Old Regime was inadvertently selected, and deleted the consequential demand. Though the order by CIT (A) don’t set the precedent, still the content… […]
Interest on the income-tax refund received was eligible for deduction under Section 80IA: ITAT
Interest on the income-tax refund received was eligible for deduction under Section 80IA: ITAT Recently, an ITAT has held that interest on the income-tax refund received was eligible for deduction under Section 80IA The issue involved was that the CIT(A) upheld the Assessing Officer’s disallowance of the deduction under Section 80IA(4)(iii) of the Income-tax Act,… […]
Partners can offer income for taxation under section 44AD or 44ADA? – A landmark order by ITAT Delhi
Partners can offer income for taxation under section 44AD or 44ADA? – A landmark order by ITAT Delhi In a recent Delhi ITAT (SMC) decision (AY 2018-19), the assessee (a CA & working partner) offered 50% of partner’s remuneration under Section 44ADA. The AO + NFAC (CIT(A)) denied the benefit saying: “remuneration is received as partner, not as “individual professional receipts”, and… […]
Condonation granted for a period of 14 years in filing appeal for AY 2010-11
Condonation granted for a period of 14 years in filing appeal for AY 2010-11 Delay Condonation Approach adopted in one of the case by the CIT (A). Though the order by CIT (A) don’t set the precedent, still the content may be relevant for the tax professionals and taxpayers. Let us have a short… […]
Gujrat HC finally takes a view on condonation of delay in GST appeals
Gujrat HC finally takes a view on condonation of delay in GST appeals Under GST law, Section 107 prescribes time period of 3 months for filing first appeals & further condonable period of 1 month upon showing sufficient cause. Courts on condonation beyond statutory period: Almost all the HCs have held that appeals filed… […]
Presence of Religious Objects Not a Bar to Section 80G Approval: ITAT Clarifies the 5% Rule
Presence of Religious Objects Not a Bar to Section 80G Approval: ITAT Clarifies the 5% Rule A recurring controversy in charitable taxation is whether a trust having religious objects can be denied approval under section 80G. In a welcome and legally sound ruling, the ITAT has reiterated that mere presence of religious objects in… […]
PF INTEREST AFTER RESIGNATION: FACT VS. FICTION
PF Interest After Resignation: Fact vs. Fiction For many employees, leaving a job brings a wave of paperwork and financial questions. One of the most common points of confusion involves the Employees’ Provident Fund (PF). A frequent concern is whether a PF account stops earning interest once monthly contributions cease. Recent clarifications regarding EPFO… […]
Addition Under Section 69C Cannot Rest on Borrowed Satisfaction: ITAT Mumbai Draws a Clear Line
Addition Under Section 69C Cannot Rest on Borrowed Satisfaction: ITAT Mumbai Draws a Clear Line The tendency of the tax department to make additions merely on the strength of third-party investigations has once again been checked by judicial scrutiny. In a significant ruling, the Mumbai Bench of the ITAT has held that addition under… […]
CPC’s Mechanical Adjustments Under Section 143(1): When Form 29B Is Not Even Applicable
CPC’s Mechanical Adjustments Under Section 143(1): When Form 29B Is Not Even Applicable In recent weeks, a worrying trend has emerged from the Centralized Processing Centre (CPC) that deserves urgent attention from both taxpayers and the tax administration. Intimations proposing adjustments under section 143(1)(a) are being issued mechanically, even in cases where such adjustments… […]
