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The Kerala High Court has made a significant decision regarding the powers of the jurisdictional appellate Commissioner to grant stay of demand. The court has ruled that the introduction of the faceless scheme has stripped the authority of the power to grant stay, and thus directed the National Faceless Appeal Centre to provide a link…
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A total of 23 Registered Unrecognized Political Parties, 35 bogus intermediary entities and 3 major exit providers were jointly called as RUPP group of Ahmedabad. A search operation on RUPPs revealed that the donation is received by RUPPs through the cheque/RTGS/NEFT in the RUPP’s bank account .This money is then re-routed through various layers, and…
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Updates in the Offline Utility for ITR’s There have been some updates to the new offline ITR utility for ITRS in AY 2021- 22. For starters, JSON is now in use instead of the XML file format for pre-filled data or the utility-generated file for the upload instead. Furthermore, users can now import draft ITR…
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The Union Budget 2023-24, the Central Government of India has initiated the Vivad Se Vishwas Scheme aimed at providing relief to the Micro, Small, Medium Enterprises (MSMEs) during the Covid-19 pandemic. As a result, the Ministry of Finance’s Department of Expenditure has undertaken the necessary measures to implement the programme, which shall extend assistance to…
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The issue of whether partial payment made by a declarant under the Income Declaration Scheme (IDS) would get forfeited in similar circumstances came up for consideration before the Supreme Court in Hemalatha Gargya Vs. Commissioner of Income Tax, A.P. & Anr. [2002]. While the court held that the time limits prescribed under the IDS were…
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Recently, the Delhi Bench of the Income Tax Appellate Tribunal (TAT) ruled that an employee cannot demand his employer to remit the Deducted Tax at Source (TDS) with regard to foregone salary as per a settlement agreement signed between the employer and the employee before the accrual of the same. The case involved an ex-Chief…
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The goal is to enable a more investor-friendly environment and better tax compliance. The minister expressed confidence that the online gaming sector would attract foreign investment once the discussions on taxation and regulation are finalized. These discussions are taking place at the ministerial level in the OS1 Council, anchored by Sitharaman and comprising finance ministers…
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The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, recently set aside an assessment order by holding that the cash deposited in the bank account of the assessee is not enough to form a “belief of escapement of income” by the Assessing Officer (AO). This ruling was made in response to an appeal filed by the…
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In a recent decision, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has made it clear that revisional power under Section 263 of the Income Tax Act, 1961 cannot be used to reopen the assessment proceedings. The case involved the State Bank of India, which had filed its return of income on 29.09.2008…
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