The Chennai Income Tax Appellate Tribunal (ITAT) has eliminated the addition of cash deposits made during the demonetization period, despite a violation of RBI notification. The ITAT concluded that the Assessee’s genuine explanation for the source of the cash deposit should not be rejected solely due to the violation of the RBI/Government of India notification …
The Mumbai Income Tax Appellate Tribunal (ITAT) has upheld the order of the Commissioner of Income Tax (Appeals) (CIT(A)) in a case involving a chit fund company. The dispute centered around the addition made by the Revenue on account of the difference between the “foreman commission” and the “agency commission” paid to agents. The CIT(A) …
In a recent decision, the Mumbai Income Tax Appellate Tribunal (ITAT) ruled that an assessee who jointly owns multiple residential properties can still claim exemption under Section 54F of the Income Tax Act. The ITAT observed that the assessee in question was not the exclusive owner of five residential flats, as they were occupied by …
In a recent case, the Mumbai ITAT (Income Tax Appellate Tribunal) has made an important ruling regarding the applicability of Section 69 of the Income Tax Act. The tribunal held that Section 69, which deals with unexplained investments, cannot be applied to on-money paid by a non-resident from foreign sourced income. The case involved a …
Introduction Income tax return (ITR) filing is an essential financial responsibility that individuals and businesses must fulfill. It not only ensures compliance with the law but also allows taxpayers to take advantage of various benefits and exemptions. While the process may seem daunting at first, with the right knowledge and guidance, filing your ITR can …
Introduction Sector 45 in Gurgaon, Haryana, is a vibrant commercial hub that houses numerous businesses and organizations. In such a bustling environment, the role of Chartered Accountants (CAs) becomes indispensable. CAs in Sector 45 play a crucial role in providing financial expertise and guidance to businesses, helping them navigate the complexities of accounting, taxation, and …
Introduction Sector 44 in Gurgaon, Haryana, is a bustling commercial hub that accommodates numerous businesses and organizations. In such a vibrant environment, the role of Chartered Accountants (CAs) becomes crucial. CAs in Sector 44 provide essential financial expertise and guidance to businesses, helping them navigate accounting, taxation, and financial management complexities. This article highlights the …
ITAT Mumbai Bench Rules in Favor of Mattel Toys (India) Pvt. Ltd.: AMP Expenditure Not an International Transaction, No Adjustment for Arm’s Length Price The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has delivered a favorable ruling for M/s Mattel Toys (India) Pvt. Ltd., stating that Advertising Marketing and Promotion (AMP) expenditure does …
Madras High Court Quashes Assessment Order, Grants Personal Hearing in Property Valuation Dispute The Madras High Court has set aside an assessment order and directed the Revenue to provide the Assessee with a personal hearing as required under Section 144B. The case pertains to an Individual Assessee who underwent reassessment proceedings under Section 147 based …
Jhalawar Kendriya Sahakari Bank Ltd., a cooperative society engaged in banking activities in rural areas, failed to submit a statement of financial transaction (SFT) within the prescribed timeframe as mandated by section 285BA read with rule 114E. The bank argued that due to network connectivity issues at some of its 15 branches located in rural …
