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Archive: 19 July 2024

Posts in 19 July 2024

Benefits of E-Filing for Tax Saving Investments in India

July 19, 2024 822 Views 0 comment Print

Learn about the benefits of e-filing for tax saving investments in India, including ELSS, PPF, and more. Understand how e-filing can help you save time, reduce errors, and ensure compliance with tax laws.

Kerala GST: Clarification on Processing Scrutiny Notices Under Section 61

July 19, 2024 714 Views 0 comment Print

Kerala GST clarifies scrutiny notice processing under section 61 of KSGST Act 2017. DSTOs/ASTOs to handle notices post-restructuring. Guidelines for issuing SCNs provided.

ITAT Directs Assessee to Prove Creditor’s Identity and Creditworthiness

July 19, 2024 453 Views 0 comment Print

Explore the detailed case of Sankpal Developers vs. ITO (ITAT Mumbai) regarding the treatment of unsecured loans under Section 68 of the Income Tax Act, 1961. Understand the implications of proving creditworthiness and genuineness in tax assessments.

Without incriminating material, additions cannot be made to completed/unabated assessments

July 19, 2024 642 Views 0 comment Print

Detailed analysis of ACIT Vs Mansha Agencies Pvt Ltd (ITAT Mumbai) case where Mumbai ITAT rules that additions can’t be made in unabated assessments without incriminating material. Read the full text of the ITAT Mumbai order.

Delhi directs CBDT to process section 10(46) Exemption application of NOIDA  Authority

July 19, 2024 294 Views 0 comment Print

Read the detailed Delhi High Court judgment where NOIDA’s loans are deemed non-commercial, making it eligible for Section 10(46) IT Act exemption.

Addition for loans taken in earlier years: ITAT remands matter back to AO 

July 19, 2024 870 Views 0 comment Print

Explore Arun Babulal Shah Vs CIT (ITAT Mumbai) case where unsecured loans and business losses are analyzed. Detailed ITAT Mumbai order overview, analysis, and conclusion.

Reopening Based on Wrong Facts or assumptions is Invalid: ITAT Mumbai

July 19, 2024 678 Views 0 comment Print

Read the full text of the ITAT Mumbai order in Laxman Gore Shreshtha Vs DCIT. Analysis of reassessment based on incorrect details and implications for assessment under Income Tax Act.

Kolkata ITAT Rules Technical Error No Basis to Deny Section 80G Approval

July 19, 2024 294 Views 0 comment Print

Detailed analysis of North Eastern Social Research Centre vs. CIT(Exemption) case by Kolkata ITAT. Learn how technical errors in application didn’t affect Sec 80G benefits.

Section 56(2)(vii)(c) not applicable to bonus shares as no Transfer of Property

July 19, 2024 1200 Views 0 comment Print

Detailed analysis of DCIT vs Tangi Facility Solutions Pvt Ltd case by ITAT Chennai regarding taxation of bonus shares under Income Tax Act. Understand ITAT’s ruling and implications.

CERT-In Advisory on Microsoft Windows Outage Due to CrowdStrike

July 19, 2024 2364 Views 0 comment Print

Critical issue: Windows hosts crashing with BSOD after CrowdStrike Falcon Sensor update. Learn how to fix and prevent further outages. Updated info inside.

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