Month: June 2024
ICAI competent to impose restriction on number of tax audits u/s 44AB per year – Supreme Court settles the pending controversy. In a recent judgment, the Hon’ble Supreme Court has upheld the competence of ICAI to impose a restriction on the maximum number of tax audits that could …
CIT(A) should decide the issue on merit rather than suggesting remedial action In a recent judgment, the ITAT Ahmedabad has stated that CIT(A) should decide the issue on merit rather than suggesting remedial action as the powers of CIT(A) are co-terminus with that of the Assessing Officer. ABCAUS …
Not striking-off of limb of penalty u/s 271AAB – ITAT deleted penalty as assessee was not made aware of the specific charge on which the penalty proceedings will be initiated. In a recent judgment, the ITAT Chandigarh has deleted penalty u/s 271AAB for non striking off the limb …
ITAT is required to follow the Hon’ble Jurisdictional High Court instead of orders of Co-ordinate Bench – ITAT In a recent judgment, the ITAT Kolkata has held that Tribunal being subordinate to Hon’ble High Court is required to follow the judgment of the Hon’ble Jurisdictional High Court instead …
TCS Payable not hit by section 43B as it can not be debited in Profit and Loss account and claimed as deduction – ITAT In a recent judgment, the ITAT Amritsar has held that TCS Payable is not hit by the provisions of section 43B of the Income …
Sale of scrap not generated from a manufacturing/mechanical process not liable to TCS u/s 206C of the Act although to be liable seller need not be a manufacturer itself – ITAT In a recent judgment, the ITAT Cochin has held that a seller is liable to deduct TDS …
Why would a CA dissuade an assessee from filing appeal / pursuing legal remedy granted to him under the statute – ITAT refused to condone the delay in filing appeal. In a recent judgment, the ITAT Surat has refused to condone the delay in filing appeal on the …
Excel Income Tax Challan ITNS 280 for FY 2024-25 AY 2025-26 with database facility. Download ABCAUS Income Tax payment Challan No. ITNS 280 This excel Challan ITNS 280 for payment of Income Tax should be used for making payment of income tax on companies (corporation tax) or income …
Penalty u/s 270A for bogus claim of deduction under Chapter VIA upheld by ITAT In a recent judgment, the ITAT Pune has upheld the Penalty u/s 270A and 271(1)(c) for bogus claim of deduction under Chapter VIA ABCAUS Case Law Citation:ABCAUS 4075 (2024) (06) ITAT In the instant …
Merely because word “provision” is used it cannot be said that the same is a provision – ITAT In a recent judgment, the ITAT Cuttack has held that merely because word “provision” is used while making the entry in the books of accounts, it cannot be said that …