In a significant judgment offering relief to a taxpayer, the Delhi Bench “SMC” of the Income Tax Appellate Tribunal (ITAT) has allowed the appeal of Ms. Meena Neupane, setting aside an addition of over Rs.24 lakhs made under Section 69A of the Income Tax Act. Background: Demonetization Deposits Trigger Scrutiny The case pertained to the …
Continue reading “ITAT Delhi Provides Full Relief in Demonization-Era Cash Deposit Case”
In a recent judgment that could set an interesting tone for similar cases, the Income Tax Appellate Tribunal (ITAT), Delhi Bench “SMC”, provided partial relief to an assessee in a matter involving cash deposits made during the demonetization period. Background of the Case The appeal was filed by Shri Abhishek, a resident of Rohtak, against …
In a significant development from the Income Tax Appellate Tribunal (ITAT), Delhi Bench, a set of three appeals filed by Bhishm Chauhan, a resident of Faridabad, have seen a partial resolution in favor of the assessee. The tribunal’s ruling sheds light on the importance of procedural fairness, especially in cases involving ex-parte assessments and the …
Introduction The Income Tax Appellate Tribunal (ITAT) Delhi Bench delivered a landmark ruling in Sunil Kumar Jain vs. ITO (ITA No. 2429/Del/2023) on April 15, 2025, quashing reassessment proceedings for the Assessment Year (AY) 2012-13 due to procedural irregularities. This case highlights the critical importance of adhering to statutory requirements under the Income-tax Act, 1961, …
When starting a business with multiple individuals, choosing the right business structure is a critical decision. Two common options are a Limited Liability Partnership (LLP) registration and a Normal Partnership Firm (General Partnership). While both involve collaboration between two or more people to run a business, they differ significantly in terms of legal structure, liability, …
Continue reading “Differences Between an LLP and a Normal Partnership Firm”
The Goods and Services Tax (GST), introduced in India as a unified tax regime, has significant implications for various sectors, including co-operative housing societies. Governed by the Central Board of Indirect Taxes and Customs (CBIC) under the Directorate General of Taxpayer Services, the application of GST to housing societies is a topic of interest for …
Background of the Case Smt. Yamini Kapoor, a Non-Resident Indian (NRI) residing at C-4, 6 Aurangzeb Road, Central Delhi-110001, with PAN CPDPK7608J, contested the CIT(A)’s decision affirming an addition of Rs. 8,51,000 as unexplained cash deposits under Section 69A read with Section 115BBE of the Income Tax Act, 1961 (the Act). The respondent was the …
Background of the Case Sanjeeta Chatterjee, a Non-Resident Indian (NRI) residing in Dubai since December 1997, challenged the orders of the Commissioner of Income Tax (Appeals) [CIT(A)], which upheld additions made by the Assessing Officer (AO) under Section 69A of the Income Tax Act, 1961. These additions stemmed from amounts credited to her Non-Resident External …
Starting a business in India has become increasingly streamlined, thanks to digital advancements. Among the various business structures available, Limited Liability Partnerships (LLPs) stand out for their flexibility and limited liability benefits. Fortunately, the process of LLP registration online has made it easier than ever for Indian entrepreneurs to establish their ventures. In this comprehensive …
Continue reading “A Detailed Guide to LLP Registration Online in India”
Limited Liability Partnerships (LLPs) have become a popular business structure in India due to their flexibility and limited liability benefits. However, to maintain their legal standing, LLPs must adhere to specific regulatory requirements, commonly referred to as LLP annual compliance. For Indian entrepreneurs and business owners, understanding and fulfilling these obligations is crucial to avoid …
Continue reading “Understanding LLP Annual Compliance in India: A Comprehensive Guide”
