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Income Tax : Circular No. 19/2024 offers clarifications on the eligibility and settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024....
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Income Tax : The Ministry of Finance grants approval to IIIT Hyderabad for scientific research under the Income Tax Act, effective from 2024-25...
Income Tax : Overview of steps in the ITBA Assessment Module for passing assessment orders, including income computation, feedback, and order g...
The assessee is a wholly owned subsidiary of Samsung Electronics Company Ltd. The assessee filed the return of income for AY 2015-16 on 30.11.2015 declaring a total income of Rs. 238,85,10,090/-.
Thus, penalty is not warranted on issues where a substantial question of law exists, indicating that the matter is not free from doubt. Accordingly, we quash the penalty order under section 271(1) (c) of the Act.
The AO added excise duty and sales tax to the total turnover while excluding lease rent and other incomes, categorizing them as “Income from Other Sources” rather than “Business Income”.
Bombay High Court held that delayed payment of refund burdens public exchequer with interest amount and also causes serious prejudice to the assessee. Accordingly, delayed payment of refund causes serious prejudice to both revenue and assessee.
ITAT Pune held that penalty under section 271(1)(c)/ 271AAB of the Income Tax Act imposable even in case of voluntary disclosure or declaration or surrender per se of income. Accordingly, appeal filed by revenue allowed.
ITAT Ahmedabad held that CIT(A) dismissed the appeal due to non-compliance of the opportunities granted to the assessee. Accordingly, cost of Rs. 10,000 imposed on the assessee and matter remanded back to CIT(A).
ITAT Jaipur remanded the matter back to the file of AO since ex-parte order was passed due to non-appearance/ non-furnishing of response since assessee died during pendency of the proceedings.
ITAT Bangalore held that since assessee filed voluminous documents in paperbooks during the course of hearing before ITAT, the matter is remitted back to CIT(A) for consideration of documents furnished by the assessee and fresh decision as per law.
ITAT Surat held that employee’s contribution towards PF and ESI cannot be allowed if it is deposited after the due dates under those Acts but before filing of return. Accordingly, disallowance u/s. 36(1)(va) confirmed and appeal dismissed.
Delhi High Court held that Resale Price Method (RPM) is the most appropriate method when reseller imports goods from its Associated Enterprise (AE) and the goods are sold in the same condition without any value addition.
