AO didn’t adequately considered the evidence in the form of allotment letter and the timing of the agreements: ITAT, Mumbai deleted addition U/s 43CA
AO didn’t adequately considered the evidence in the form of allotment letter and the timing of the agreements: ITAT, Mumbai deleted addition U/s 43CA Income Tax Appellate Tribunal, Mumbai in the case of Arihant Associates (ITA No. 702/Mum/2024) highlights the importance of accurately applying tax provisions related to real estate transactions. The appeal concerns… […]
Who are required to file GST Annual Return despite filing monthly returns?
Who are required to file GST Annual Return despite filing monthly returns? 1. GST Annual Return i.e. GSTR 9 is basically an annual return which is to be filed by the taxpayers registered under the GST Act. 2. It contains the details of the inward and outward supplies made during the financial year…. […]
CBDT Advisory for accurately completing Schedule Foreign Assets and reporting income from foreign sources in their ITRs.
CBDT Advisory for accurately completing Schedule Foreign Assets and reporting income from foreign sources in their ITRs. The CBDT has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in their ITRs. As part of this campaign, informational messages… […]
How Government is ensuring enhanced tax collection: An overview of few tax amendment of recent past
How Government is ensuring enhanced tax collection: An overview of few tax amendment of recent past 1. LTCG tax on equity introduced (2018): 10% tax on gains over ₹1 lakh without indexation benefit – Such LTCG was earlier tax-free. 2. Corporate tax rate cut (2019): Reduced to 22% for companies and 15% for new… […]
No independent investigation conducted – ITAT Surat curtailed addition of cash deposit done during demonetization period
No independent investigation conducted – ITAT Surat curtailed addition of cash deposit done during demonetization period Here is an interesting case of cash deposits during demonetization period. The case detail is as under: Case Name: Sureshbhai Bhiukhabhai Patel vs. Income Tax Officer, Ward-1, Bardoli by ITAT Surat Appeal No.: ITA No. 657/SRT/2024 Date: November 14, 2024… […]
CBDT launches a campaign to enhance compliance and awareness for the upcoming assessment year.
CBDT launches a campaign to enhance compliance and awareness for the upcoming assessment year. On November 16, 2024, the Central Board of Direct Taxes (CBDT) launched a campaign aimed at enhancing taxpayer compliance and awareness for the upcoming assessment year. This initiative focuses on assisting taxpayers in accurately completing the Schedule Foreign Assets (FA)… […]
Bombay High Court: Writ Courts cannot act as Appellate Bodies to correct factual errors
Bombay High Court: Writ Courts cannot act as Appellate Bodies to correct factual errors Hindustan Unilever Ltd. (WRIT PETITION NO. 4325 OF 2024) Facts: 1. HUL acquired the trademark “Horlicks” (India HFD IP) from GSK’s foreign entities under an assignment deed dated April 1, 2020. 2. The payment of Rs. 3045.14 crores was made… […]
Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 9A/10/10B/10BB for Assessment Year 2018-19 and subsequent assessment years
Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 9A/10/10B/10BB for Assessment Year 2018-19 and subsequent assessment years The copy of the circular is as under: The post Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 9A/10/10B/10BB for Assessment […]
Whether exemption in the case of leave encashment is applicable to resignation too?
Whether exemption in the case of leave encashment is applicable to resignation too? 1. As per Section 10(10AA) of the Income Tax Act, the leave encashment exemption at the time of their retirement, whether superannuation or otherwise is restricted to Rs. 25,00,000 [amended by Finance Act 2023]. 2. The word ‘otherwise’ covers the case of… […]
Expenses incurred for payment of foreclosure premium of loan is allowable as business expenditure U/S 37(1): Madras High Court
Expenses incurred for payment of foreclosure premium of loan is allowable as business expenditure U/S 37(1): Madras High Court M/s. EIH Associated Hotels Limited (T.C.A.No.1249 of 2010) Facts: 1. The assessee sought to restructure its finances by foreclosing an existing loan and replacing it with a fresh loan at a lower interest rate. 2. … […]
