Category: Income Tax
CBDT exempts International Financial Services Centre (IFSC) from TCS under sub-section (1H) of u/s 206C Sub section (1H) of Section 206C of the Income Tax Act, 1961 (the Act) provides that every seller, who receives any amount as consideration for sale of any goods of the value or …
Addition of income or levy of taxes or denial of exemption would be a burden of the Revenue Authority – ITAT In a recent judgment, ITAT Jodhpur while holding that the land was not situated within municipal limits, observed that under the present statutory scheme, it is the …
Revenue cannot approbate and reprobate at the same time-ITAT deleted addition of commission on alleged bogus sale and purchase In a recent judgment, ITAT Delhi held that the Revenue cannot approbate and reprobate at the same time and deleted addition of commission on alleged bogus sale and purchase. …
ITAT allows deduction for employment of new workmen u/s 80JJAA by way of submission despite not filing revised return of income. In a recent judgment, ITAT Rajkot has upheld the order of the CIT(A) allowing deduction respect of employment of new workmen u/s. 80JJAA claimed by way of …
Addition u/s 68 for cash collection from exhibition of films in the theaters deleted as the amount was duly recorded in books of account. In a recent judgment, ITAT Chennai has deleted the addition u/s 68 towards cash collection from exhibition of films in the theaters as the …
No deduction of income-tax under Chapter XVII on payments received by a credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited MINISTRY OF FINANCE(Department of Revenue) Notification No. 2/2025 New Delhi, the 2nd January, 2025 (INCOME-TAX) S.O. …
No deduction of income-tax under Chapter XVII on the payments received by the National Credit Guarantee Trustee Company Limited MINISTRY OF FINANCE (Department of Revenue) Notification No. 1/2025 New Delhi, the 2nd January, 2025 (INCOME-TAX) S.O. 19(E).—In exercise of the powers conferred by sub-section (1F) of section 197A …
No deduction of tax to be made under the provisions of section 194Q of the said Act by a buyer, in respect of purchase of goods from a Unit of International Financial Services Centre- CBDT MINISTRY OF FINANCE(Department of Revenue) Notification No. 3/2025 New Delhi, the 2nd January, …
Revision u/s 263 upheld as AO accepted creditworthiness of lender merely on the basis of acknowledgement of ITRs In a recent judgment, ITAT Pune has upheld the revision u/s 263 where Assessing Officer accepted the creditworthiness of the lender merely on the basis of the copies of the …
Delay of 1 and ½ years cannot be considered as inordinate delay unless negligence or want of due diligence on the part of assessee is shown – ITAT In a recent judgment, ITAT Cuttack while condoning the delay in filing appeal observed that delay of 1 and ½ …
