An arrangement was allegedly made where the OC would supply the fibre, and the CD would convert it into yarn through Shree ...

It’s not easy, though. Rich countries like the U.S. want flexibility; poorer ones want protection. Companies fight ...

Both the appeals pertain to different assessees and arise against different orders of the Commissioner of Income Tax (Appeals ...

The assessee argued that this lack of clarity in the penalty initiation stage rendered the entire proceedings invalid.

The Ugar Sugar Works Kamgar & Dr. Shirgaokar Shaikashanik Trust Nokar Co-op Credit Society appealed against the Commissioner of Income Tax (Appeals)’s order, which upheld the Assessing Officer’s ...

A central issue raised was the failure of the Assessing Officer to clearly identify the specific clause under Section 270A (9) that justified the classification of the under-reported income as ...

Mumbai dealt with appeals concerning penalties levied under Section 271(1)(c) of the Income Tax Act, 1961, for Assessment Years 2010-11, 2011-12, and 2014-15. The assessee, a pharmaceutical ...

ITAT emphasized that in absence of specific mention of the clause under Section 270A (9), the penalty proceedings are flawed. This view aligns with precedents like Schneider Electric South Asia Ltd.

This appeal has been filed by the assessee, challenging the order of the learned Commissioner of Income Tax (Appeals)-54, Mumbai (‘ld.CIT (A) for short), passed u/s.250 of the Income Tax Act, 1961 ...

The penalty was initiated by the Assessing Officer on the grounds of under-reporting of income due to misreporting. However, the ITAT noted that the penalty notice issued under Section 270A did not ...

Heard both the parties at length. Case file perused.

By opting for the scheme, the professional gets the following benefits: Income of the professional opting for the scheme will be computed on presumptive basis, i.e. @ 50% of the total gross receipts ...