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ITAT Confirms Taxability of Trust Receipts u/s 56(2)(x) of Income Tax Act citing Inclusion of Non-Relatives as Beneficiaries [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed an appeal filed by the assessee, upholding the Principal Commissioner of...

Tax Liability of Charitable Trust Dismissed: ITAT Remands Matter back to CIT(A) for Reconsideration...

A Comprehensive Case Analysis of Gift Tax

Customs Authorities Fail to Detail Contemporaneous Import Data for Increased CD to Company: CESTAT...

ITAT Quashes Penalty under Section 271(1)(c), Directs AO to Reconsider Quantum Addition [Read Order]

Big Update: CBIC extends GSTR-1 Filing Due Date Amid GST Portal Issues [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date of Goods and Services Tax ( GST ) Return GSTR-1 ( GST Returns ) filing to January 13, 2025 for regular filers and to...

Lack of Opportunity of Being Heard: ITAT quashes Revision Order u/s 263 [Read Order]

The Income Tax Appellate Tribunal (ITAT), Surat Bench, has set aside a revision order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act, 1961. The...

Lack of Opportunity - Lack of Opportunity of Being Heard - Being Heard - ITAT - ITAT quashe - Revision Order - taxscan

Benefit u/s 19 of Limitation Act Applicable on Last Payment Made by Corporate Debtor Within Period of Limitation: NCLAT [Read Order]

In a recent case, the Delhi bench of the National Company Law Appellate Tribunal (NCLAT)has held that the operational creditor was obviously entitled to the benefit of an extension of limitation...

Section 19 of Limitation Act - Limitation Act - Applicable on Last Payment - Corporate Debtor - NCLAT - Benefit Section19 of Limitation Act - taxscan

ED unearths 10,000 Crore International Black Money Operation Run by CAs and Hawala Operators using 98 Shell Companies

The Enforcement Directorate ( ED ) has recently busted an international web of black money laundering, involving an amount to the tune of ₹10,000 Crore. The operations had been facilitated by...

Enforcement Directorate - ED - ED case on International Black Money - Hawala Operators - TAXSCAN

Relief to Shri Sai Baba Sansthan Trust: Bombay HC halts Reopening Income Tax Assessment of A.Y. 2014-15 [Read Order]

The Bombay High Court granted relief to the The Shri Saibaba Sansthan Trust - Shirdi (Saibaba Trust), preventing the Revenue from reopening the assessment of the Trust for the Assessment Year (A.Y.) ...

From Planning to Presentation: How is the Union Budget Prepared?

Have you ever wondered what happens to the taxes you pay? Why do we still have poverty in India? Why am I paying taxes when the roads and infrastructure still need huge improvement? These are...

Union Budget - Budget - How is the Union Budget Prepared - taxscan

CIT(E) Rejects S. 12AB Claim Citing Related Party Transactions Without Considering Society's Replies: ITAT Remands Matter for Proper Hearing [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) remanded the matter concerning the rejection of a society’s application for registration under Section 12AB of the Income Tax Act, 1961...

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