Introduction: The Income Tax Appellate Tribunal, Delhi Bench, recently ruled on the matter of Reloy Shield Private Limited (the appellant) against the Deputy Commissioner of Income Tax, Circle 19 (1), New Delhi (the respondent). The appeal, registered as I.T.A. No. 972/Del/2023, pertains to the assessment year 2020-21 and challenges the order of the Commissioner of …
Continue reading “Income Tax Appellate Tribunal Decides on Employee Contribution to PF and ESI”
Introduction: Taxpayers often find themselves entangled in the complex web of income tax notices and litigations, navigating through a myriad of rules, regulations, and legal nuances. In such intricate scenarios, the services of a qualified Chartered Accountant (CA) become indispensable. CAs play a pivotal role in assisting taxpayers in understanding, responding to, and resolving income …
Introduction Tax planning and compliance are integral components of financial management, impacting both businesses and individuals. Navigating the complexities of tax laws and regulations requires expertise, and this is where Chartered Accountants (CAs) play a pivotal role. In this comprehensive exploration, we will delve into the multifaceted ways in which CAs contribute to tax planning …
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Introduction: In the complex landscape of finance and taxation, businesses and salaried employees alike rely on the expertise of chartered accountants (CAs) to navigate the intricate web of financial regulations and ensure compliance. Chartered accountants play a pivotal role in providing a range of services that go beyond mere number-crunching, offering strategic financial guidance, risk …
Introduction In a recent appeal, the taxpayer contested an order dated 03.03.2023, issued by the Ld. NFAC, New Delhi, pertaining to the Assessment Year 2017-18. The crux of the matter revolved around the addition of Rs. 12,72,500, representing a cash gift received by the taxpayer during her marriage. The appeal was based on several grounds …
The appeal under consideration stems from a dispute regarding the order dated 30.01.2023 issued by the Commissioner of Income Tax (Appeals)-26, New Delhi, pertaining to the Assessment Year 2018-19. The Revenue has contested several grounds, challenging the Commissioner’s decision to annul the addition of Rs. 16,33,34,250/-, which was initially imposed by the Assessing Officer under …
Introduction: In the ever-evolving landscape of tax regulations, businesses often find themselves trapped in disputes with tax authorities. One such interesting case is the appeal filed by Clove Garden Food & Beverages against the order dated 14.03.2023 of the Ld. Commissioner of Income Tax (Appeals) NFAC Delhi (“CIT(A)”) for the Assessment Year (“AY”) 2018-19. As …
Introduction: In a recent legal milestone, the petitioner has successfully contested an order dated December 22, 2017, issued by the Income Tax Officer under Section 179 of the Income Tax Act, 1961. This particular order implicated the petitioner for alleged tax liabilities arising from M/s. Kaizen Automation Pvt. Ltd. (KAPL) for the assessment years 2008-09 …
Continue reading “Tax Shield for Directors: No Recovery Unless Guilty of Neglect or Breach”
In the era of digital governance, the Income Tax department has introduced the ‘e-proceeding’ facility, revolutionizing the traditional assessment proceedings. This initiative aims to simplify communication between the assessing authority and taxpayers through electronic means, eliminating the need for physical visits to Income-tax offices. Understanding E-Proceedings: A Game-Changer The ‘E-Proceedings’ functionality is a key feature …
Continue reading “Faceless Income Tax Procedures: A Comprehensive Guide”
Introduction: As the complexities of income tax regulations continue to evolve, so do the mechanisms for ensuring accuracy and transparency in tax assessments. A recent development in this realm is the provision under sub-section (20) of section 155, which empowers taxpayers to rectify errors related to the credit of tax deducted at source in the …
