The issue under consideration is whether the assessment order passed without serving of the notice u/s 143(2) on correct address as mentioned in ITR is considered as Valid order?
ITAT hold that payment of TDS by the assessee would relate back to the date of presentation of cheques by the assessee to the banker. Accordingly, TDS-CPC, Ghaziabad is directed to revise the aforesaid intimation by taking the date of tender of cheques by the assessee as the actual date of payment and re-compute interest payable by the assessee, if any. The interest demand u/s 220(2) being consequential in nature, may also be recomputed. Resultantly, the appeal filed by the assessee allowed.
The issue under consideration is whether the investment made on renovation of new residential house is eligible for exemption u/s 54F?
The issue under consideration is whether the Assessment Order against non-existent entities will be considered as valid in law?
The issue under consideration is whether the initiative of insolvency proceedings against Tata Chemicals is sustain even if the corporate debtor has not complied with the procedural aspects?
whether non furnishing of scrutiny report to the assessee and then passing an adverse order based on the said scrutiny report is justified in law?
The Income Tax Department has carried out simultaneous search and seizure operations on 2nd September, 2020 in the case of three prominent businessmen in Srinagar and Kupwara. These operations have, prima facie, led to the detection of huge amount of undisclosed income, seizure of unaccounted assets and incriminating evidence and involvement in benami transactions by these three groups.
The data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax returns. To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 w.e.f. 1st July, 2020 further amended Income-tax Act, 1961 to lower the threshold of cash withdrawal to Rs. 20 lakh for the applicability of TDS for the non-filers and also mandated TDS at the higher rate of 5% on cash withdrawal exceeding Rs. 1 crore by the non-filers.
Ganesh Benzoplast Ltd. Vs Union of India (Bombay High Court) Facts- Government made standard marking of IS 252:2013 mandatory on caustic soda from 03.04.2018. Consignment containing caustic soda was imported by the petitioner vide bill of entry dated 01.11.2018. BIS licence was issued vide licence dated 30.09.2019. It was alleged that the said import was […]
The present Writ Petitions relate to restriction of the amount of Input Tax Credit (ITC) predominantly on the head of (a) Prior sufferance of Taxes; (b) ITC on reversal on wastage; and (c) Ineligible claim of ITC on goods.
