Newly notified Section 16(5) opens the door for revisiting denied ITC claims for specific periods – Kerala HC Ruling
Newly notified Section 16(5) opens the door for revisiting denied ITC claims for specific periods – Kerala HC Ruling Kerala High Court’s Significant Direction on Input Tax Credit (ITC) which can be considered as a landmark Ruling. The Kerala High Court has issued a noteworthy direction in a case involving the denial of Input… […]
Since Appellant acted in a bona fide manner and made necessary adjustments by the end of the financial year, there is no liability of interest under section 201(1A): ITAT Mumbai
Since Appellant acted in a bona fide manner and made necessary adjustments by the end of the financial year, there is no liability of interest under section 201(1A): ITAT Mumbai Mumbai Tribunal in the case of GE Shipping ITA 2771/Mum/2024 has held that since Appellant acted in a bona fide manner and made necessary… […]
Penny stock addition deleted by ITAT Mumbai as no role has been attributed and/or established qua rigging of the shares
Penny stock addition deleted by ITAT Mumbai as no role has been attributed and/or established qua rigging of the shares Recently, Hon’ble Mumbai ITAT in case of Shri Mahaveer Kanwarlal Ranka in ITA No.224/M/2024 dated 29.11.2024 has deleted the LTCG Addition on penny stock by observing that no role of Assessee has been attributed… […]
Interest reimbursed to the sister concerns is not an income & there is no statutory obligation to deduct TDS under Section 194A: ITAT Mumbai
Interest reimbursed to the sister concerns is not an income & there is no statutory obligation to deduct TDS under Section 194A: ITAT Mumbai ITAT Mumbai in the case of KD Lite Developers Pvt. Ltd. v. DCIT (ITA 5305, 5325, 5357, 5356, 5354/Mum2024) has held that interest reimbursed to the sister concerns is not… […]
Liabilities disclosed in the balance sheet by the assessee, if acknowledged and supported with evidence, cannot be treated as remission or cessation of liability under Section 41(1) of the Income-tax Act, 1961: ITAT Delhi
Liabilities disclosed in the balance sheet by the assessee, if acknowledged and supported with evidence, cannot be treated as remission or cessation of liability under Section 41(1) of the Income-tax Act, 1961: ITAT Delhi The ITAT, Delhi Bench in the case of Golden Moment (P.) Ltd v. ACIT has held that liabilities disclosed in the… […]
Income offered by Husband and Wife separately in the ITR & TDS credit claimed by Husband Only: ITAT Mumbai allows the TDS Credit
Income offered by Husband and Wife separately in the ITR & TDS credit claimed by Husband Only: ITAT Mumbai allows the TDS Credit A very interesting common issue was there before ITAT Mumbai regarding TDS credit from sale of immovable property jointly held with wife wherein income is offered in the ITR of both… […]
What PAN 2.0 Means for you: Top 10 Takeaways for Taxpayers
What PAN 2.0 Means for you: Top 10 Takeaways for Taxpayers The Income Tax Department has launched PAN 2.0 to improve the efficiency of assigning and maintaining Permanent Account Numbers (PAN). It is a groundbreaking initiative that redefines how the PAN operates within India’s dynamic digital and financial ecosystem. With a dedicated financial allocation of ₹1,435 crore,… […]
Mere Disagreement Doesn’t Justify invocation of Section 263 Revision Power: Madras HC
Mere Disagreement Doesn’t Justify invocation of Section 263 Revision Power: Madras HC EIH Associated Hotels Limited Vs CIT (Madras High Court) Appeal Number : T.C.A. No. 1249 of 2010 Facts: 1. An order of assessment was passed on 30.11.2007 in respect of AY 05 – 06. While so, notice u/s 263 of the Income… […]
Taxability of ESOPs:
Taxability of ESOPs: 1. Meaning of ESOPs: As per Section 2(37) of Companies Act, 2013 “employees stock option” means, the option given to the employees including directors to purchase, or to subscribe for, the shares of the company at a future date at a pre-determined price. 2. Taxability as a perquisite: When an employee… […]
No liability where contract is cancelled before supply of goods
No liability where contract is cancelled before supply of goods The assessee entered into an agreement with the vendor for purchase of goods. The assessee paid an advance amount to the vendor and also paid the GST on advance amount. The vendor paid the GST amount to the Government from the advance amount received… […]
