No penalty on Income Tax Department for delay in release of utility for filing ITR – Letter by Honest Taxpayer Respected Sir, Govt. in India is charging penalty under section 234F of the IT Act, 1961 for late filing of ITRs by an assessee. But the irony is that the Govt. itself is highly lethargic…

Interesting Ruling on Pure Agent *Ruling on Pure Agent* Authority for Advance Ruling, Maharashtra has replied that the conditions as laid down for pure agent in the GST provision is not fulfilled and hence the reimbursement would be treated as consideration and GST is applicable. It is a composite supply and the rate of principal…

One More : AO cannot make disallowance resulting into a total disallowance u/s 14A, which is more than the exempt income   AO cannot make disallowance resulting into a total disallowance u/s 14A, which is more than the exempt dividend income actually earned by the assessee during the year under consideration Income—Expenditure incurred in relation…

Harsh Judgment : Get ready , Interest is payable on Gross liability and not net tax after set-off. Here is a Ruling on Section 50 which confirms the deep rooted concerns that interest is payable on Gross liability and not net tax after set-off. A draconian interpretation which will effect the masses. Forget logic, law…

FMV u/s 50C can be used to compute capital gains only after giving opportunity of being heard to assessee [2019] 104 taxmann.com 131 (Madras) IT: It is only after hearing objections of assessee, that Fair Market Value of capital asset as per ‘Guidance Value’ can be determined by authorities Section 50C, read with section 48, of the…