ITAT Mumbai held that when part refund is granted it should be first adjusted towards outstanding interest and then against the tax payable. Interest u/s. 244A of the Income Tax Act directed to be calculated accordingly.
ITAT Ahmedabad held that additional interest under section 244A(1A) is applicable where there is a delay in granting the refund due to the assessee. Provisions of addition interest are effective prospectively from 01.06.2016.
ITAT Ahmedabad held that imposition of penalty u/s. 271(1)(c) of the Income Tax Act justified as deduction was claimed u/s. 54EC and 54F of the Income Tax Act by furnishing inaccurate particulars.
ITAT Mumbai held that accommodation entries in the nature of bogus unsecured loans is liable to be added as unexplained under section 68 of the Income Tax Act. Accordingly, addition u/s. 68 confirmed.
ICAI members can pay their membership/COP fees immediately after submitting the KYM form without waiting for approval. Contact the KYM team for assistance.
Direct Tax Vivad Se Vishwas Scheme 2024 comes into effect on October 1, 2024, per Notification No. 103/2024 from the Ministry of Finance, Department of Revenue.
Clause (f) of Section 19 of the Competition Amendment Act 2023 comes into effect on 19th September 2024, as per the Ministry of Corporate Affairs notification.
As of September 17, 2024, direct and advance tax collections show significant growth compared to the previous fiscal year.
Learn about the Invoice Management System (IMS) on the GST Portal, enabling taxpayers to manage and reconcile invoices effectively from October 14.
The NFAC mandates using ITBA for priority case recommendations, emphasizing compliance with CBDT guidelines for faster appeal disposal.
