The Mumbai Income Tax Appellate Tribunal (ITAT) has upheld the order of the Commissioner of Income Tax (Appeals) (CIT(A)) in a case involving a chit fund company. The dispute centered around the addition made by the Revenue on account of the difference between the “foreman commission” and the “agency commission” paid to agents. The CIT(A) …
In a recent decision, the Mumbai Income Tax Appellate Tribunal (ITAT) ruled that an assessee who jointly owns multiple residential properties can still claim exemption under Section 54F of the Income Tax Act. The ITAT observed that the assessee in question was not the exclusive owner of five residential flats, as they were occupied by …
In a recent case, the Mumbai ITAT (Income Tax Appellate Tribunal) has made an important ruling regarding the applicability of Section 69 of the Income Tax Act. The tribunal held that Section 69, which deals with unexplained investments, cannot be applied to on-money paid by a non-resident from foreign sourced income. The case involved a …
Introduction Income tax return (ITR) filing is an essential financial responsibility that individuals and businesses must fulfill. It not only ensures compliance with the law but also allows taxpayers to take advantage of various benefits and exemptions. While the process may seem daunting at first, with the right knowledge and guidance, filing your ITR can …
ITAT Mumbai Bench Rules in Favor of Mattel Toys (India) Pvt. Ltd.: AMP Expenditure Not an International Transaction, No Adjustment for Arm’s Length Price The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has delivered a favorable ruling for M/s Mattel Toys (India) Pvt. Ltd., stating that Advertising Marketing and Promotion (AMP) expenditure does …
Madras High Court Quashes Assessment Order, Grants Personal Hearing in Property Valuation Dispute The Madras High Court has set aside an assessment order and directed the Revenue to provide the Assessee with a personal hearing as required under Section 144B. The case pertains to an Individual Assessee who underwent reassessment proceedings under Section 147 based …
Jhalawar Kendriya Sahakari Bank Ltd., a cooperative society engaged in banking activities in rural areas, failed to submit a statement of financial transaction (SFT) within the prescribed timeframe as mandated by section 285BA read with rule 114E. The bank argued that due to network connectivity issues at some of its 15 branches located in rural …
Introduction Filing income tax returns (ITR) is a critical responsibility for businesses, ensuring compliance with tax laws and facilitating the assessment of their financial activities. The process of filing ITR for businesses involves several complexities, including different tax regulations, deductions, and reporting requirements. This article aims to provide a comprehensive guide to filing income tax …
Introduction Filing income tax returns (ITR) is an essential obligation for every taxpayer, ensuring compliance with the tax laws of their respective countries. Traditionally, the process of filing ITR involved lengthy paperwork and visits to tax offices. However, with the advent of technology, taxpayers can now file their ITR conveniently and securely online. This article …
Introduction In the digital age, technology has transformed various aspects of our lives, including how we handle financial matters. One area that has undergone a significant revolution is income tax filing. Gone are the days of filling out cumbersome paper forms and standing in long queues at tax offices. Today, taxpayers have the convenience of …
