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 …
Introduction Navigating the intricate web of income tax disputes, the Income Tax Appellate Tribunal (ITAT) in Delhi, comprising Shri Shamim Yahya, Accountant Member, and Ms. Astha Chandra, Judicial Member, recently deliberated on an appeal (ITA No.2299/Del./2018) for the assessment year 2011-12. The appellant, Navneet Dutta, challenged the order of the ld. CIT (Appeals)-21, New Delhi, …
Continue reading “Navneet Dutta vs ACIT, Circle 67 (1), New Delhi.”
Introduction In the ever-evolving landscape of taxation, disputes between taxpayers and tax authorities are not uncommon. One such case recently came before the Income Tax Appellate Tribunal, Delhi Bench ‘A’, New Delhi. Let’s delve into the details of the case between Mr. Akhil Kumar Bansal and the Income Tax Officer for the Assessment Year 2017-18, …
Continue reading “A favorable Judgement on Cash Deposit during Demonetization by Taxpayer”
Is there any compliance if an assessee revises its estimate of income for advance tax? Yes, there is a provision for an assessee to revise the estimate of income for advance tax. The assessee can update the income estimate and pay advance tax before the specified due dates without the need to file the revised …
Continue reading “FAQs on Advance Tax: A Guide to Advance Tax Calculations”
1. What are the key regulations governing the deduction of tax at source on rent payments? The deduction of tax from rent payments is mandated by specific sections of the Income-tax Act, namely section 194-I and section 194-IB. 2. What constitutes “rent” under these sections? 3. Who is responsible for deducting tax at source (TDS) …
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Who is mandated to file a TDS return under Section 194-IA? Any buyer involved in the payment of sales consideration for the acquisition of immovable property is required to deduct tax under Section 194-IA. This deduction is applicable only if the seller, receiving the payment, is a resident in India. When does Section 194-IA come …
Continue reading “Understanding Section 194-IA and TDS Filing: A Comprehensive Guide”
Tax regulations in India impose certain responsibilities on individuals and entities involved in the transfer of virtual digital assets. Section 194S outlines the obligations related to tax deduction at source for such transactions. This provision applies to both residents and non-residents who are responsible for making payments in consideration for the transfer of virtual digital …
Continue reading “Understanding Tax Deduction for Virtual Digital Assets under Section 194S”
