Input Tax Credit (ITC) of Rs. 6.14 Lakh Crores Blocked under Rule 86A, Shocking Revelation by RTI Application
Approval granted by superior authority in mechanical manner defeated the very purpose of obtaining approval and need to be quashed: ITAT
No disallowance of input tax credit can be done on the ground that the purchases made by petitioners are from non-existing suppliers
CBDT issued instructions asking AO to upload information on the portal of assessee by 31.12.2021 for AY 2015-16 & 2018-19 for reopening of asstt.
Principal Chief Commissioner directed to hold an enquiry against the concerned erring officers: Court started fixing the accountability
Extension of due dates of Income tax returns & submission of Tax audit reports for FY 2020-21 (AY 2021-22): Appealed by Gujarat Chamber of Commerce & Industry
If the transactions are genuine and supported by valid documents then the ITC cannot be denied: Calcutta High Court
No Date Extension? 3.59 crore Income Tax Returns filed on the new e-filing portal of the Income Tax Department
ITC can be availed on plant & machinery as defined in the explanation to Section 17 i.e., on apparatus, equipment & machinery fixed to earth by foundation or structural support
TDS mechanism cannot be put into practice until identity of the person in whose hands, it is includible as income can be ascertained.
National Chamber of Industries & Commerce, U.P. gave elaborated Pre Budget Memorandum to the Finance Minister Smt. Nirmala Sitharaman: Represented for taxation of agricultural income in the hands of the corporate
Loss on account of forfeiture of advance if incidental to the business of the assessee is allowable as a deduction
