During the year, an assessee paid Rs. 67,68,768/- to an Irish company for advertisement services without deducting tax at source. The Assessing Officer disallowed the payment under section 40(a)(i) for non-deduction of tax at source. However, the Commissioner (Appeals) observed that the Irish company had certified that it did not have a Permanent Establishment (PE) …
The Hon’ble Gujarat High Court recently passed a judgment in the case of M/s Devi Products v. State of Gujarat [R/Special Civil Application No. 2288 of 2023 dated February 15, 2023], setting aside the Show Cause Notice (“SCN”) and the consequential order for cancellation of GST Registration issued to the assessee. The court held that …
As a Non-Resident Indian (NRI), filing income tax returns in India can be a complex and daunting task. It is important to avoid common mistakes that can lead to unnecessary penalties and legal issues. Here are some of the top mistakes that Non-Resident Indian (NRI) should avoid while filing their income tax returns. We welcome …
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Acquiring property in India can be a complex process, particularly for those who reside outside the country. Indian citizens living abroad, known as Non-Resident Indians (NRI), are subject to specific regulations when it comes to purchasing or investing in Indian properties. The Foreign Exchange Management Act (FEMA) of 1999 and the notifications issued under it …
The case involves an assessee engaged in the business of readymade garments who declared business income of Rs. 3,05,400 and interest income of Rs. 1,57,086. The assessee also deposited cash Rs. 15,68,000 in the bank, which was not fully explained during the assessment proceedings. The Assessing Officer made an addition of Rs. 3,00,000 to the …
The Assessee claimed that the gifts considered for tax purposes were exempted as they were received from Non-Resident Indians (NRI), and the addition of Rs. 46,44,150/- by the respondent was illegal and unjustifiable. The Assessment Officer held that the NRI gifts were not genuine, and the Income Tax Appellate Tribunal upheld the assessment, confirming the …
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LLP Annual Compliances Limited Liability Partnership (LLP) is a business structure that combines the flexibility of a partnership and the limited liability of a corporation. It was introduced in India in 2008 under the Limited Liability Partnership Act, 2008. An LLP must have at least two designated partners, who are responsible for managing the affairs …
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Foreign Direct Investment (FDI) is allowed in Limited Liability Partnerships (LLPs) in India, subject to certain conditions. LLPs are a relatively new form of business structure in India that were introduced in 2008. This type of business structure is a hybrid of a partnership and a private limited company, which allows for flexibility in management …
The case revolves around the issuance of a new permanent account number (PAN) card to an assessee by mistake, and the subsequent cancellation of the new card upon the assessee’s request. The issue arises when the assessee is served with a show-cause notice alleging that he made transactions using the cancelled PAN without disclosing them …
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The Mumbai ITAT has allowed an individual Assessee’s appeal and held that a mere mention of the residential status as a resident in the original return of income cannot be the sole ground for treating the Assessee as a resident. The Assessee had declared his residential status as non-resident in the income tax return for …
