![Penalty cant Stand Alone where underlying Quantum Addition is set aside by Competent Authority: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Penalty-Quantum-Addition-Competent-Authority-ITAT-Taxscan.jpg "Penalty cant Stand Alone where underlying Quantum Addition is set aside by Competent Authority: ITAT [Read Order]")
Penalty can't Stand Alone where underlying Quantum Addition is set aside by Competent Authority: ITAT [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal( ITAT ) held that the penalty under section 271(1)(c) of the Income Tax Act would not stand...
![Marriage Gifts / Cash received through Banking Channel cannot be treated as source for Cash Deposits: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Marriage-Gifts-Cash-received-through-Banking-Channel-Cash-Deposits-ITAT-Taxscan.jpg "Marriage Gifts / Cash received through Banking Channel cannot be treated as source for Cash Deposits: ITAT deletes Addition [Read Order]")
![Interest on Late Payment of TDS does not constitute Business Expenditure: ITAT disallows Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Interest-Late-Payment-TDS-Business-Expenditure-ITAT-Deduction-taxscan.jpg "Interest on Late Payment of TDS does not constitute Business Expenditure: ITAT disallows Deduction [Read Order]")
![LLP can Form a Partnership Firm with an Individual or Other Persons: Kerala High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/04/LLP-Partnership-Firm-Kerala-High-Court-Taxscan-1.jpg "LLP can Form a Partnership Firm with an Individual or Other Persons: Kerala High Court [Read Judgment]")
![No TDS applicable on Surrogacy payments: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Surrogacy-payments-TDS-ITAT-taxscan.jpeg "No TDS applicable on Surrogacy payments: ITAT [Read Order]")
Income Tax: Computation of Books Profit invalid where Gross Taxable Income and Total income are Nil, rules ITAT [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has held that the computation of Books Profit under section 115JB of the Income Tax Act is not warranted where Gross Taxable Income,...
![Income Tax: Computation of Books Profit invalid where Gross Taxable Income and Total income are Nil, rules ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Computation-of-Books-Profit-Gross-Taxable-Income-Total-income-ITAT-Taxscan.jpeg "Income Tax: Computation of Books Profit invalid where Gross Taxable Income and Total income are Nil, rules ITAT [Read Order]")
Provisional Direct Tax collections for FY 2020-21 show growth of almost 5%: Finance Ministry
​​​​​​The provisional figures of Direct Tax collections for the Financial Year 2020-21 show that net collections are at Rs. 9.45 lakh crore. The net Direct Tax collections include Corporation Tax...
Govt notifies Agriculture Infrastructure & Development Cess: Amends Excise Notifications [Read Notification]
The Government notified the amendment in 9 Excise notifications to add reference of Agriculture Infrastructure & Development Cess, a new levy proposed by the Union Finance Minister in her budget...
![Govt notifies Agriculture Infrastructure & Development Cess: Amends Excise Notifications [Read Notification]](https://www.taxscan.in/wp-content/uploads/2021/04/Excise-notifications-Agriculture-Infrastructure-Development-Cess-Taxscan.jpg "Govt notifies Agriculture Infrastructure & Development Cess: Amends Excise Notifications [Read Notification]")
GST: CBIC issues Advisory on Payment of Tax by Taxpayers under QRMP Scheme, for the month of March 2021
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued Advisory on Payment of Tax by Taxpayers under QRMP Scheme, for the month of March 2021. All taxpayers having aggregate turnover...
No Notice for Payment of Service Tax / GST to be issued to Lawyers: Orissa HC directs GST Commissioner to issue clear instructions [Read Order]
The Orissa High Court has directed the Commissioner GST to issue clear instructions to all the officers in the GST Commissionerates in Odisha that no notice demanding payment of service tax/GST will...
![No Notice for Payment of Service Tax / GST to be issued to Lawyers: Orissa HC directs GST Commissioner to issue clear instructions [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/notice-payment-of-service-tax-GST-Orissa-HC-GST-Commissioner-instructions-Taxscan.jpg "No Notice for Payment of Service Tax / GST to be issued to Lawyers: Orissa HC directs GST Commissioner to issue clear instructions [Read Order]")
ITAT upholds ALP of corporate guarantee as determined 0.43% p.a, directs the AO to vacate the upward transfer pricing adjustment [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench upheld the Arm’s Length Price (ALP) of corporate guarantee as determined 0.43% per annum and directed the AO to vacate the upward transfer...
![ITAT upholds ALP of corporate guarantee as determined 0.43% p.a, directs the AO to vacate the upward transfer pricing adjustment [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/ITAT-ALP-corporate-guarantee-AO-upward-transfer-pricing-adjustment-Taxscan.jpg "ITAT upholds ALP of corporate guarantee as determined 0.43% p.a, directs the AO to vacate the upward transfer pricing adjustment [Read Order]")