Introduction: In a recent decision, the Mumbai Tribunal affirmed the imposition of penalties on a taxpayer under the Black Money Act (BMA) for the non-disclosure of foreign assets in the Schedule FA of Income Tax Returns (ITR). The case of Ms. Shobha Harish Thawani v. Jt. CIT [2023] 154 taxmann.com 564 (Mumbai – Trib.) underscores …
Introduction: In a landmark judgment, the Supreme Court, in the case of US Technologies International (P.) Ltd. v. CIT [2023] 149 taxmann.com 144 (SC), clarified that Section 271C penalties cannot be imposed for belated or non-payment of Tax Deducted at Source (TDS). The ruling sheds light on the strict interpretation of penal provisions and provides …
Continue reading “Supreme Court Ruling: No Penalty Under Section 271C for Belated TDS Remittance”
Introduction In the realm of financial regulations, the Foreign Exchange Management Act (FEMA) plays a pivotal role, particularly for residents outside India holding a Permanent Resident status. This blog aims to shed light on Schedule I and Schedule II of FEMA, focusing on capital account transactions of individuals falling under the purview of Persons Resident …
Introduction: In a remarkable feat, the Central Board of Direct Taxes (CBDT) achieved a historic milestone with an astounding 8.18 crore Income Tax Returns (ITRs) filed for the Assessment Year 2023-2024 by December 31, 2023. This noteworthy achievement, marking a 9% increase compared to the previous year, stands testament to the dedication of taxpayers and …
Continue reading “CBDT Records Unprecedented 8.18 Crore ITRs for AY 2023-2024”
In a recent development, the Directorate General of Foreign Trade (DGFT) has issued Trade Notice No. 36/2023-24 dated December 26, 2023, announcing the extension of the deadline for the mandatory electronic filing of Non-Preferential Certificates of Origin (CoO) through the Common Digital Platform. The new deadline has been set for December 31, 2024. This decision …
Introduction: In the intricate world of taxation, communication from the Income Tax Department can sometimes raise eyebrows and cause a bit of concern. Recently, some taxpayers have received notifications from the department regarding transactions they’ve made. Before you jump to conclusions or feel a wave of panic, let’s delve into what these communications mean and …
Introduction: The Income Tax Appellate Tribunal, Delhi Bench “C,” recently adjudicated the appeal in the case of Kunwar Ayub Ali against the order of the Commissioner of Income Tax (Appeals)-II, Noida. The appeal, filed against the assessment order dated 27.03.2015 under Section 147/148 for the Assessment Year 2009-10, raised substantial issues concerning jurisdiction and the …
Continue reading “Reopening assessment based on mistaken factual premises is unsustainable in law”
Introduction: In a significant development within the realm of income tax jurisprudence, the Income Tax Appellate Tribunal (ITAT), Delhi “A” Bench, comprising Shri Kul Bharat (Judicial Member) and Shri M Balaganesh (Accountant Member), rendered a noteworthy decision on April 17, 2023, in the case of Ajay Kumar Mishra vs DCIT. The appeal, originating from the …
Continue reading “Delay in Filing Form 67 will not disallow Foreign Tax Credit”
Introduction: In the dynamic realm of income tax proceedings, one case has caught our attention – ITA No. 6694/Del/2019. This appeal, brought forth by the taxpayer, challenges the order of the Commissioner of Income-tax (Appeals)-16, New Delhi, dated 26.06.2019, pertaining to the assessment year 2013-14. Let’s delve into the intricacies of this case and understand …
Introduction: In a recent development in the realm of income tax matters, the Income Tax Appellate Tribunal (ITAT) of Delhi Bench ‘E’ delivered a significant judgment on April 12, 2023. The case, involving M.A. Projects Private Limited and the Assistant Commissioner of Income Tax, Central Circle 13, revolved around the imposition of a penalty amounting …
