Background of the Case The Income Tax Appellate Tribunal (ITAT), Ahmedabad, “C” Bench, delivered its judgment on January 24, 2025, in the case of Kshama Sanjay Tripathi (Appellant) vs. The Income Tax Officer, Ward-4(2)(2), Ahmedabad (Respondent). This judgment pertains to an appeal filed by the assessee for the assessment year 2010-11. The core issues revolved …
An appeal has been filed by the Assessee challenging an order passed by the Learned Commissioner of Income Tax (Appeals) [“Ld. CIT(A)”], National Faceless Appeal Centre (NFAC), Delhi, concerning the assessment year 2014-15. The appeal revolves around the interpretation and application of Section 54EC of the Income Tax Act, specifically regarding the eligibility for exemption …
Introduction The Income Tax Appellate Tribunal (ITAT), Mumbai, in its recent ruling on ITA No. 1739/Mum/2024, delivered a significant judgment in favor of the appellant, Smt. Shanti A. Motwane. The case pertained to the assessment year (A.Y.) 2013–14 and was adjudicated by a bench comprising Ms. Kavitha Rajagopal (Judicial Member) and Smt. Renu Jauhri (Accountant …
This appeal, filed by Mr. Ashok Kumar Pandey, pertains to the assessment year 2013–14 and challenges the order passed by the National Faceless Appeal Centre (NFAC), Delhi, under Section 250 of the Income Tax Act, 1961. The dispute primarily revolves around the determination of the appellant’s residential status under the provisions of the India-USA Double …
The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” recently deliberated on a notable case concerning the taxation regime opted by Mr. Akshay Nitin Malu, a businessman engaged in cloth manufacturing. This case, ITA No.1651/PUN/2024, pertained to the assessment year 2022–23 and presented a critical examination of the taxpayer’s choice between the old and new …
The Goods and Services Tax (GST) framework has introduced several enhancements to the reporting of Harmonized System of Nomenclature (HSN) codes in Table 12 of GSTR-1/1A. These changes aim to streamline compliance and improve the accuracy of tax reporting, with phased implementation starting from November 2022. Below is a detailed overview of the advisory on …
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The E-Way Bill is an important compliance mechanism under GST (Goods and Services Tax) in India, designed to ensure smooth movement of goods while preventing tax evasion. It is applicable to the transportation of goods exceeding ₹50,000 in value. The generation of an E-Way Bill is necessary for the movement of goods across states and …
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The Central Government, acting on the recommendations of the 54th GST Council, issued Notification No. 22/2024-CT on October 8, 2024. This notification introduced a significant amendment allowing registered persons to file applications for rectification of demand orders related to wrongful availment of Input Tax Credit (ITC) under specific conditions. Key Provisions of Notification No. 22/2024-CT …
The Income Tax Department frequently runs campaigns and issues clarifications regarding the reporting of foreign assets and foreign income in the income tax return. This indicates that, in the future, the Income Tax Department will take strict action if foreign income and assets are not reported in the income tax return. Recently, the Income Tax …
1. What is Form 15CB? Form 15CB is a certification issued by a Chartered Accountant (CA) in situations where payments exceeding ₹5 Lakh in a financial year, chargeable to income tax, are made to a Non-Resident (excluding companies) or a Foreign Company, and no certificate under Section 195/197 from the Assessing Officer is obtained. This …
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