Judgement

ITAT opined that merely for non-specifying in the notice as to under which limb the penalty is levied i.e., for concealment of income or furnishing inaccurate particular of income thereof, the penalty cannot be cancelled especially when the assessee who is a non- filer was put to notice which he has understood and has replied to such notice issued by the AO.

Merely non-specifying limb the penalty in Income Tax Notice cannot lead to cancellation of Penalty: ITAT

Articles

A tax residence certificate issued by authorities of a foreign nation cannot be questioned by tax authorities. This was mentioned in a recent judgement issued by ITAT Delhi.

Tax Residency Certificate cannot be questioned by Authorities

Notifications

The Central Board of Direct Taxes (CBDT) has instructed that the Procedure for remedial action where Revenue Audit Objection is accepted should be followed very carefully by the Income Tax Officers. The Process has been prescribed in Instruction No. 7/2017.

Procedure for "remedial action where Revenue Audit Objection is accepted" to be followed carefully: CBDT

ITAT concluded that the above finding of the ld. CIT(A) is in line with the judicial precedents as held consistently including in the judgment of the Hon’ble Gujarat High Court in the case of President Industries (supra), as well as by the decision of the ITAT Delhi Bench in the case of Anil Kumar Bajaj vs. DCIT in ITA No. 4392/Kol/2014; dt. 28/06/2018.

When purchases are not in dispute only the net profit on undisclosed sales can be subjected to tax: ITAT

The reasons based on upon it the audit report was filed belated is explained by the assessee by filling a correct fact on record and the assessee immediately filed the audit report after getting rewriting the books of account and the reason placed on record are the genuine and it may happen to anyone and has to face technical bugs in the system and the delay based on that technical bug in filling the audit report is based on genuine reasons.

Delay in Filing Tax Audit Report as Tally Data got corrupted: ITAT finds reasonable cause and deletes penalty

SAP and IT support services are not in the nature of FTS hence not taxable in India: ITAT

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