Mere Difference in Trade Creditor Closing Balance Cannot Justify Section 68 Addition When Purchases Are Accepted, Rules ITAT The ITAT Delhi Bench has clarified that an addition under Section 68 of the Income Tax Act cannot be made merely because there is a difference in the closing balance of a trade creditor when the purchases,…
ITAT Remands Section 80GGC Donation Case for Fresh Hearing Due to Non-Consideration of Case on Its Merits The ITAT Mumbai remanded the case of a bogus exemption claim under Section 80GGC on the donations made to a political party. The tribunal held that the lower appellate authority had dismissed the appeal of Sarika Ravka merely…
Received Dividend, Loan, or Buyback Proceeds? Decode Deemed Dividend Under Section 2(22) with Practical Examples Have you received Dividend or something else from company during the year? & don’t know about the tax treatment of certain transactions done by company towards its share-holders for distributing the profits via different ways. Then this article is for…
ITAT Holds A Taxpayer Must Be Granted Minimum 7-Day Time Limit to Respond A Section 148(b) Notice The ITAT Bangalore invalidated the entire reassessment proceedings, holding that a taxpayer must be granted a minimum of 7 and a maximum of 30 days’ time limit to respond to a notice issued under Section 148A(b) of the…
How to Pay Income Tax Offline Using Pay at Bank Counter Facility The taxpayers have been using net banking, Unified Payments Interface, or debit cards to pay their taxes. Apart from that, there is another way available for the eligible taxpayers to pay their taxes, which is known as Pay at Bank Counter, wherein the…
ITAT Rules GST Refund Is Not Taxable Income; Deletes Rs 2.34 Crore Addition on Recovery-of-Asset Principle The ITAT Bangalore deleted the Rs 2.34 crore addition, holding it non-taxable since GST was not debited to the profit and loss account. It ruled a refund is a recovery of an asset, not income. The Central Processing Centre…
ITAT Deletes Section 271B Penalty for Non-Filing of Tax Audit Report Due to Bona Fide Belief The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has deleted a penalty of Rs. 1.50 lakh imposed on Stargate Enterprises Private Limited under Section 271B of the Income Tax Act for not obtaining a tax audit report…
ITAT Deletes Rs 75.22 Lakh Addition, Says Unverified Excel Sheet Cannot Prove Cash Property Deal The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the appeal of taxpayer Vijay Kumar Manchanda and deleted an addition of Rs. 75.22 lakh made by the Income Tax Department for the Assessment Year 2016-17. The assessee…
ITAT Allows Mine Development Expenses as Revenue Expenditure Under Section 37 The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) held that mine development expenditure incurred by a mining contractor is allowable as revenue expenditure under Section 37(1) of the Income Tax Act, 1961 and cannot be forced into the amortisation mechanism under Section…
ITAT Quashes Rs 5.44 Lakh TDS Demand on SBI Over Leave Fare Concession Payments for Foreign Travel The ITAT Ahmedabad, in a recent significant ruling, has allowed the two appeals of SBI for AYs 2016-17 and 2017-18, holding that the TDS demand of Rs 5.44 lakh on Leave Fare Concession payments for foreign travel was…
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