The Tax Talk

CBDT issues SOP for handling writ petitions where assessment is made under the Faceless Assessment Scheme 2019 or penalty is passed under Faceless Penalty Scheme, 2021 if NaFAC/CBDT is one of the respondents

July 30, 2021 0 Comments

CBDT issues SOP for handling writ petitions where assessment is made under the Faceless Assessment Scheme 2019 or penalty is passed under Faceless Penalty Scheme, 2021 if NaFAC/CBDT is one of the respondents Date: 26-7-2021 National Faceless Assessment Centre, Delhi 2nd Floor, Jawaharlal Nehru ...

TDS

Failure of TDS by the deductor: Deductee cannot be denied the TDS Credit

July 30, 2021 0 Comments

Failure of TDS by the deductor: Deductee cannot be denied the TDS Credit There is a landmark judgment by the Madras HC which has held that the TDS credit cannot be denied to the taxpayers even if the payer after ...

Income Tax

Members base cannot exceed 50 in case of AOP

July 30, 2021 0 Comments

Members base cannot exceed 50 in case of AOP Query) How many number of members can be there in an AOP? Can we add the new member's in existing AOP ? Opinion : 1. New members can be admitted as members of AOP subject ...

IT Judgement

Validity of disallowance of partners remuneration under section 40(b) on income declared during survey

July 29, 2021 0 Comments

Validity of disallowance of partners remuneration under section 40(b) on income declared during survey Short Overview Where assessee offered additional income based on some incriminating documents found during the survey, AO was not justified in treating same as undisclosed income ...

Income Tax

Foreign travel expenses claimed in respect of wife not allowable if wife wasn’t an employee of assessee’s concern

July 29, 2021 0 Comments

Foreign travel expenses claimed in respect of wife not allowable if wife wasn’t an employee of assessee’s concern P. Amarnath Reddy v. ACIT - [2021] 128 taxmann.com244 (Madras). Short Overview of the case: Assessee filed return of income. During assessment proceedings, Assessing Officer ...

Income Tax

If there is no positive credit standing in the electronic credit ledger on the date of the order, passed under Rule 86-A, that order would be read to create a lien upto limit specified

July 29, 2021 0 Comments

If there is no positive credit standing in the electronic credit ledger on the date of the order, passed under Rule 86-A, that order would be read to create a lien upto limit specified RM DAIRY PRODUCTS LLP VERSUS STATE ...

Income Tax

Amendment by FA 2013 to include HUF within scope of Sec. 54B relief is clarificatory in nature: ITAT

July 29, 2021 0 Comments

Amendment by FA 2013 to include HUF within scope of Sec. 54B relief is clarificatory in nature: ITAT Shri Sitaram Pahariya (HUF) [2021] 127 taxmann.com 618 (Agra - Trib.) Short Overview of the case: Word assessee used in section 54B, had always included HUF and ...

Income Tax

Consultancy fees paid for studying & preparing a strategy to reduce cost of production is eligible for deduction: HC

July 29, 2021 0 Comments

Consultancy fees paid for studying & preparing a strategy to reduce cost of production is eligible for deduction: HC Telco Construction Equipment Co. Ltd [2021] 127 taxmann.com 488 (Karnataka) Short Overview of the case: Where assessee claimed expenses on account of consultancy fee paid for ...

Income Tax

Interest on Compulsory acquisition of land & its plea of its spreading over different years

July 29, 2021 0 Comments

Interest on Compulsory acquisition of land & its plea of its spreading over different years There was an interesting issue before the Madras HC with regard to the taxation of Interest on Compensation from compulsory acquisition of land. In such a case, one ...

Income Tax

Sec. 68 additions justified if assessee failed to prove identities & creditworthiness of investors: HC

July 29, 2021 0 Comments

Sec. 68 additions justified if assessee failed to prove identities & creditworthiness of investors: HC SRM Systems and Software (P.) Ltd [2021] 127 taxmann.com 298 (Madras) Where assessee company allotted shares and received share capital of certain amount, since assessee did not furnish any ...

Income Tax

Failure of Deductor to pay TDS, payee cannot be denied the TDS Credit

July 28, 2021 0 Comments

Failure of Deductor to pay TDS, payee cannot be denied the TDS Credit [2021] 128 taxmann.com 230 (Madras) HIGH COURT OF MADRAS Ashok Kumar B. Chowatia v. Joint Commissioner of Income Tax (TDS), Chennai Short Overview of the case: The case pertains to Section 205 of the Income-tax ...

Income Tax

sum received by the assessee on sale of additional FSI, is not exigible for long term capital gains and the same is to be excluded under normal provisions of the Act

July 28, 2021 0 Comments

sum received by the assessee on sale of additional FSI, is not exigible for long term capital gains and the same is to be excluded under normal provisions of the Act BATLIBOI LTD. vs. DEPUTY COMMISSIONER OF INCOME TAX (2021) 35 ...

Income Tax

If there is an inseparable and the intention is to carry on the business of letting out the commercial property then rental income us taxable as “Profits and gains of business or profession”.

July 28, 2021 0 Comments

If there is an inseparable and the intention is to carry on the business of letting out the commercial property then rental income us taxable as "Profits and gains of business or profession". Short Overview of the case: Issue is of ...

Income Tax

Entire amount of sales cannot be taxed in the hands of the assessee as unexplained cash credit

July 28, 2021 0 Comments

Entire amount of sales cannot be taxed in the hands of the assessee as unexplained cash credit ITAT AHMEDABAD SAKET M. JAIN (HUF) VERSUS THE PR. COMMISSIONER OF INCOME TAX-2, AHMEDABAD. ITA No. 579/AHD/2019 Short Overview of the case: It was a case of ...

GST

New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers.

July 28, 2021 0 Comments

New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers. 27/07/2021 GSTN has implemented a new functionality on taxpayers’ dashboards with the following features: The taxpayers can now see the exact Annual Aggregate Turnover (AATO) for the previous ...

Income Tax

Kudos for excellent Representation by Maharashtra Tax Practitioners’ Association on issues faced by Taxpayer & Professionals on New Income Tax Portal

July 28, 2021 1 Comment

Kudos for excellent Representation by Maharashtra Tax Practitioners’ Association on issues faced by Taxpayer & Professionals on New Income Tax Portal Maharashtra Tax Practitioners’ Association SS/MTPA/IT representation 21-22/0721 Dated: 14th July 2021 To, Shri. Narendraji Modi, Prime Minister of India, South Block, Raisina Hill, New Delhi – 110 011 Ref: New Income-tax ...

Income Tax

62 Income which are exempt from Tax u/s 10

July 28, 2021 0 Comments

62 Income which are exempt from Tax u/s 10 Here is a list of total 62 income which is totally tax free from income tax Agriculture Income [Section 10(1)] Amount received out of family income, Hindu Undivided Family (H.U.F.) [Section ...

GST

Non reflection in GSTR 2A cannot be the reason for denial of ITC

July 27, 2021 0 Comments

Non reflection in GSTR 2A cannot be the reason for denial of ITC Kerala High Court in the case of St. Joseph Tea Company Ltd. Vs State Tax Officer has concluded that non reflection in GSTR 2A cannot be the ...

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CBDT issues SOP for handling ...

Failure of TDS by the ...

Members base cannot exceed 50 ...

Validity of disallowance of partners ...

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CBDT issues SOP for handling writ petitions where assessment is made under the Faceless Assessment Scheme 2019 or penalty is passed under Faceless Penalty Scheme, 2021 if NaFAC/CBDT is one of the respondents

Failure of TDS by the deductor: Deductee cannot be denied the TDS Credit

Members base cannot exceed 50 in case of AOP

Validity of disallowance of partners remuneration under section 40(b) on income declared during survey

Foreign travel expenses claimed in respect of wife not allowable if wife wasn’t an employee of assessee’s concern

If there is no positive credit standing in the electronic credit ledger on the date of the order, passed under Rule 86-A, that order would be read to create a lien upto limit specified

Amendment by FA 2013 to include HUF within scope of Sec. 54B relief is clarificatory in nature: ITAT

Consultancy fees paid for studying & preparing a strategy to reduce cost of production is eligible for deduction: HC

Interest on Compulsory acquisition of land & its plea of its spreading over different years

Sec. 68 additions justified if assessee failed to prove identities & creditworthiness of investors: HC

Failure of Deductor to pay TDS, payee cannot be denied the TDS Credit

sum received by the assessee on sale of additional FSI, is not exigible for long term capital gains and the same is to be excluded under normal provisions of the Act

If there is an inseparable and the intention is to carry on the business of letting out the commercial property then rental income us taxable as “Profits and gains of business or profession”.

Entire amount of sales cannot be taxed in the hands of the assessee as unexplained cash credit

New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers.

Kudos for excellent Representation by Maharashtra Tax Practitioners’ Association on issues faced by Taxpayer & Professionals on New Income Tax Portal

62 Income which are exempt from Tax u/s 10

Non reflection in GSTR 2A cannot be the reason for denial of ITC

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