Introduction: In a recent case, the Income Tax Appellate Tribunal (ITAT) shed light on the tax implications of joint property ownership when the sale deed does not specify the individual shares of the co-owners. The case of Smt. Shivani Madan v. ACIT [2023] 147 taxmann.com 423 (Delhi – Trib.) serves as a crucial precedent in …
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 …
