"27 December 2022" Archive

Order passed in cryptic manner cannot make it erroneous

Smt. Nagina Kochar Vs PCIT (ITAT Chandigarh)

Held that the mere fact that the assessment order has been passed in a cryptic manner, by itself cannot make the order erroneous or pre-judicial to the interest of Revenue Accordingly revisionary powers under section 263 of the Income Tax Act not invocable....

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Expenditure towards transfer of share is allowable as per section 48

Pallav Pandey Vs ACIT (ITAT Delhi)

ITAT Delhi held that expenditure incurred wholly and exclusively towards transfer of shares is allowable transfer expenses as per section 48 of the Income Tax Act....

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No scope of tax evasion merely on account of expiry of e-way bill

Tvl.Thiruvannamalaiyar Transport Vs Deputy State Tax Officer (Madras High Court)

Madras High Court held that the expiry of e-way bill doesn’t create any scope of tax evasion Accordingly there can be no revenue loss in absence of tax evasion Only penalty up to INR 5000 can be levied....

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Delay interest not leviable as TDS deposited on time but bank failed to remit immediately to department

National Insurance Co. Ltd Vs ACIT (ITAT Kolkata)

ITAT Kolkata held that interest u/s 201(1A) of the Income Tax Act for late deposit of TDS amount is not leviable as TDS amount was duly deposited within the due date however, due to technical glitch the bank could not remit the amount immediately to the account of the department....

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Deduction of TDS or payment via account payee cheque doesn’t justify non-genuine transaction

Bhagwab Mahavir Education Foundation Vs DCIT (ITAT Surat)

ITAT Surat held that mere deduction of TDS or mere payment by account payee cheque doesn’t make non-genuine transaction a genuine one....

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Penalty u/s 271(1)(b) not leviable if reasonable cause shown by Assessee

Nirav J. Ravani Sanghavi Vs DCIT (ITAT Rajkot)

ITAT Rajkot held that as notices were served to e-mail ID of old income tax practitioner of the assessee, assessee was not aware of the issuance of the same and hence didn’t replied Held that penalty u/s 271(1)(b) of the Income Tax Act cannot be imposed when assessee proves that there was reasonable cause for the failure....

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Regulatory Impact of Blockchain Technology on Auditing Practices

Blockchain technology is a digital ledger that is used to record and store transactions. The technology is decentralized, meaning that it is not controlled by any one individual or organization. This makes it a secure option for recording and storing transactions. 1. What is Blockchain Technology? Blockchain technology is a distributed da...

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Posted Under: Income Tax |

Rejection of appeal due to delay of one day is a hyper technical & pedantic view

Sunil Kumar Vij Vs Union of India and others (Himachal Pradesh High court)

HC Held that, rejection of appeal merely because of delay of one day is such a hyper technical and pedantic view of the matter to hold that even the delay of one day would be fatal to the maintainability of the appeal....

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Highlights of Notification 26/2022 Central Tax dated 26th December 2022

Notification 26/2022 – Central Tax dated 26th December 2022 Key Highlights Registration 1. OTP Current Proposed OTP shall be sent to mobile number and E-mail Address registered with GST Portal OTP shall be sent to mobile number and E – mail address linked to PAN 2. Application for Registration under GST is complete only when […...

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Posted Under: Income Tax | ,

Practical Aspects of Incorporation of IFSC Company In India

PRACTICAL ASPECTS OF INCORPORATION OF IFSC COMPANY IN INDIA Incorporation of IFSC Company in India and Practical Steps of MCA Form Spice Part A and Part B Basic Introduction: International Financial Services Centre (IFSC) An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance,...

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Posted Under: Income Tax |

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March 2023