100 % Penalty cannot be imposed if Show Cause Notice is issued under section 73
100 % Penalty cannot be imposed if Show Cause Notice is issued under section 73 In the High Court of…
Income Tax
Bonafide error in filing return – No loss of revenue – Technicalities should not come in the way for allowing rectification: Mum HC
Bonafide error in filing return – No loss of revenue – Technicalities should not come in the way for allowing…
Financial Intelligence Unit- India: An overview
Financial Intelligence Unit- India: An overview Introduction: Financial Intelligence Unit – India (FIU) is the central, national agency responsible for…
Recipient cannot be held liable for circulating bogus invoices by the Supplier.
Recipient cannot be held liable for circulating bogus invoices by the Supplier. The Hon’ble Calcutta High Court in the…
DRC 03 made in Protest by Taxpayer to be treated as Appeal Pre-Depsoit by Revenue: Bombay HC
DRC 03 made in Protest by Taxpayer to be treated as Appeal Pre-Depsoit by Revenue: Bombay HC The copy…
ITAT Chennai dismisses appeal for late filing beyond 8 years:
ITAT Chennai dismisses appeal for late filing beyond 8 years: Adithya Ferro Alloys Pvt. Limited Vs AO (ITAT Chennai)…
Check Income tax portal now: Pending tax demand of up to RS 1 lakh per individual waived by govt
Check Income tax portal now: Pending tax demand of up to RS 1 lakh per individual waived by govt …
CBDT Order for nullifying Income Tax Demand up to Rs. 25,000/-
CBDT Order for nullifying Income Tax Demand up to Rs. 25,000/- The copy of the order is as under:…
ROC imposed penalty on auditors for non-disclosure of required information in financial statements
ROC imposed penalty on auditors for non-disclosure of required information in financial statements ROC levied penalty of Rs.1.50 lakhs…
Contract Farming: Whether eligible for exemption under Income Tax Act?
Contract Farming: Whether eligible for exemption under Income Tax Act? Introduction: Agriculture income earned by individuals and HUF is…
Housing loan & Tax Treatment of Pre-Construction Period Interest
Housing loan & Tax Treatment of Pre-Construction Period Interest Query 1] We have booked an under construction flat for Rs.…
Key Changes in ITR 6 applicable to companies for AY 2024-25
Key Changes in ITR 6 applicable to companies for AY 2024-25 CBDT has notified Income-tax Return Form 6 for…
How is the Income Tax Act regulating business practices to ensure timely Payments to MSME?
How is the Income Tax Act regulating business practices to ensure timely Payments to MSME? MSME are growth engines…
CBIC attempts to put a curb on unnecessary litigations
CBIC attempts to put a curb on unnecessary litigations There are various instances wherein the unnecessary litigation is carried…
Income from sale outside India not taxable
Income from sale outside India not taxable The copy of the order is as under: 1707371999-ITA NO. 2401…
Madras HC Directs Unblocking of ITC under Rule 86A for Lack of Written Reasons
Madras HC Directs Unblocking of ITC under Rule 86A for Lack of Written Reasons In a recent landmark judgment,…
When Purchases Have Been Sold and Sales Have Been Accepted, Whether the Corresponding/Same Purchases Can be Added to Income?
When Purchases Have Been Sold and Sales Have Been Accepted, Whether the Corresponding/Same Purchases Can be Added to Income? When…
Whether order u/s 148A(d) can travel beyond the grounds noted in Notice u/s 148A(b) of the Income-tax Act,1961 ?
Whether order u/s 148A(d) can travel beyond the grounds noted in Notice u/s 148A(b) of the Income-tax Act,1961 ? …
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