Show cause not giving minimum seven days to respond to proposed variation – Assessment order set aside In a recent judgment, the Hon’ble High Court has set aside the assessment order passed by not giving minimum prescribed time of seven days to respond to show cause for proposed …
ITD Chandigarh invites empanelment of Cost Accountants u/s 142(2A) for FY 2024-2026. Last date to apply is 30/04/2024 The Income Tax Department (West Bengal & Sikkim), Patna has issued a notice inviting applications from Cost Accountants for empanelment u/s 142(2A) of the Income Tax Act, 1961 for the …
Even a single instance of loan given can be considered as money lending business for bad debts allowance – ITAT In a recent judgment, the Hon’ble ITAT has allowed deduction for bad debts written off holding that even a single instance of loan given to single party can …
Service Tax Liability admitted Before Cut-off Date amounts to “quantified” under Sabka Vishwas (Legacy Dispute Resolution) Scheme- Allahabad High Court In a recent judgment, the Hon’ble Allahabad High Court has held that when Service Tax Liability was communicated and admitted by the assessee before cut-off date, it was …
Voluntary ex-gratia compensation not taxable u/s 17(3)(i). Department has to confine to the grounds taken in appeal – ITAT Voluntary ex-gratia compensation not taxable u/s 17(3)(i). Department has to confine to the grounds taken in appeal and not permitted to set up altogether a new case. ABCAUS Case …
When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine – ITAT In a recent judgment, ITAT has set aside addition u/s 68 and held that When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine. …