In a recent decision the Kerala High Court observed that there is no provision in the Income Tax Act, 1961 to extend limitation of thirty days for filing objection against the draft assessment order. Petitioner/assessee
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) dismissed appeal due to non-appearance and failure to submit documentation for exemption claim under Section 54 of the Income Tax Act 1961 The Assesse declared
The Pune bench of the Income Tax Appellate Tribunal ( ITAT ) observed that Interest expenditure incurred on capital allowable as deduction under Section 24 of Income Tax Act 1961 and not part of cost
The Allahabad High Court has held that Form 10 under Income Tax Rules, 1961 supplied after limitation but before completion of assessment has to be considered. M/S Maa Bhagwati Shiksha Samiti, the petitioner is a
The Surat Bench of Income Tax Appellate Tribunal (ITAT) has held that the Internet subscription expenses incurred for members of housing society are not eligible for deduction under Section 57 of Income Tax Act, 1961.
The Pune Income Tax Appellate Tribunal (ITAT) has recently held that the difference between amounts shown in Form No.26AS and reflected in Profit and Loss Account could not be brought to Income Tax. Assessee Kritija
The Income Tax Appellate Tribunal (ITAT), Rajkot bench has held that theprovisions of section 172 of the Income Tax Act, 1961 relating to levy andrecovery of tax from foreign shipping companiesdoes not cover payments to
The Income Tax Appellate Tribunal (ITAT) in the PwC case held that dividend-bearing securities should be considered for disallowance under Rule 8D(2)(iii) of the Income Tax Rules. The appellant PricewaterhouseCoopers Private Limited is in the
The Madras High Court quashed the addition of Rs. 23 Crores under section 68 of the Income Tax Act, 1961 as it was added without any evidence. The Court remanded the matter for reconsideration by
In a significant ruling the Madras High Court observed that Tax Recovery Officer under the Income Tax Act, 1961 is not empowered to declare sale made in favour of third party as void. As the
The Supreme Court dismissed a special leave petition (SLP) in a matter regarding the ruling concerning the reimbursement of service tax not to be included in aggregate of amounts in clauses (a) and (b) of
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) in the case Income Tax Officer v. M/s Escorts Cardiac Disease Hospital Society wherein held that Income Tax exemption allowable on sponsorship receipt received
Justices Antony Dominic and Dama Seshadri Naidu of Kerala High Court, in CIT v. M/S Flytxt Technology P. Ltd. Technopark Campus, Kariavattom, held that exemption under section 10B of the Income Tax cannot be a
The GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. Along with the GSTR 9C audit form, the taxpayer will also have
The Chhattisgarh High Court in M/s. Ardent Steel Limited vs. ACIT & Anr. held that reassessment proceeding must be initiated within the time limit prescribed under Section 149(1)(b) of the Income Tax Act, 1961. The