Income

Repayment of Debt is Application of Income If Such Debt Was Taken as Part of Receipts of Charitable Trust: ITAT [Read Order]

February 7, 2023

Income - Income Limit - IT Act - Rajasthan High Court - Time barred - Re-assessment - Re-assessment Proceedings - Taxscan

Income Limit u/s 149 IT Act not met: Rajasthan HC stays Time barred Re-assessment Proceedings [Read Order]

February 4, 2023

budget 2023 - TDS - Business Trust - nil rates - Income Tax Act - budget 2023 live - union budget 2023 - nirmala sitharaman budget - nirmala sitharaman union budget - nirmala sitharaman - Taxscan

TDS at lower or nil rates extended to Business Trust u/s 194LBA of Income Tax Act: Posits Budget 2023 [Read Finance Bill]

February 3, 2023

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Tax Payment Delayed due to failure of Designated Committee to issue Sanction in an Electronic Form SVLDRS-3,No Interest on Tax Dues: Bombay HC [Read Order]

February 8, 2023

Recently, the High Court (HC)of Bombay has held that no interest shall be paid by the assessee when the respondent failed to issue thesanction through an electronic form SVLDRS -3 under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS). Virtusa Systems (India) Private Limited, the Petitioner challenged the action of the Respondent /Designated Committee […]

No TDS on Software Trading If Sales Tax is Already Remitted: ITAT [Read Order]

February 8, 2023

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently held that no tax is required to be deducted at source on software trading if sales tax is already remitted. Assessee Techknowledgy Interactive Partners P. Ltd is a private limited company engaged in the business of trading in software and software products. They filed the […]

Completion - Investigation - Condition - Eligibility - SVLDR Scheme - SVLDR Scheme 2019 - Bombay High Court - Taxscan

Completion of Investigation not a Condition Precedent for Eligibility under SVLDR Scheme 2019: Bombay HC [Read Order]

February 7, 2023

In a recent judgement, the High Court (HC) of Bombay has held that the completion of the Investigation is not a condition precedent for eligibility under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019. Access Platform Equipments Limited, the Petitioner had applied under seeking benefit thereunder SVLDR Scheme 2019 which has been denied to the […]

Revision Jurisdiction - Conjectures - Suspicions - ITAT - Income Tax - Tax - Taxscan

Initiation of Revision Jurisdiction on Mere Conjectures, Suspicions and Surmises is invalid: ITAT [Read Order]

February 7, 2023

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ), observed that initiation of revision jurisdiction on mere conjectures, suspicions and surmises is invalid. The assessment in the hands of the assessee, Impact Foundation (India), for the year under consideration was completed by the AO under Section 143(3) of the Income Tax Act […]

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Tax Payment Delayed due to failure of Designated Committee to issue Sanction in an Electronic Form SVLDRS-3,No Interest on Tax Dues: Bombay HC [Read Order]

February 8, 2023

No TDS on Software Trading If Sales Tax is Already Remitted: ITAT [Read Order]

February 8, 2023

Completion of Investigation not a Condition Precedent for Eligibility under SVLDR Scheme 2019: Bombay HC [Read Order]

February 7, 2023

Initiation of Revision Jurisdiction on Mere Conjectures, Suspicions and Surmises is invalid: ITAT [Read Order]

February 7, 2023

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