Daily digest for Gupta Chandan & Associates, on May 30, 2022

posted: "INCOME TAX : Where there was mere delay in furnishing TDS quarterly statements as employees of assessee bank were not well acquainted with procedure of e-filing of TDS return which was made effective from assessment year 2008-09, penalty imposed under sec" Gupta Chandan & Associates ITAT deleted penalty as assessee's employee wasn't well acquainted with procedure of e-filing of TDS statements May 30 INCOME TAX : Where there was mere delay in furnishing TDS quarterly statements as employees of assessee bank were not well acquainted with procedure of e-filing of TDS return which was made effective from assessment year 2008-09, penalty imposed under section 272A(2)(k) was to be deletedINCOME TAX : Where there was mere delay in furnishing […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/itat-deleted-penalty-as-assessees-employee-wasnt-well-acquainted-with-procedure-of-e-filing-of-tds-statements/ Powered by Jetpack

posted: "INCOME TAX : Where assessee, engaged in business of civil contractors/builders, claimed to have made payment to agents for purchase of raw material such as cement, bricks, etc., in cash in excess of prescribed limit under section 40A(3), since such agents" Gupta Chandan & Associates Sec. 40A(3) disallowance justified as cash payment made to persons who were employee of builder amp; not agents: ITAT May 30 INCOME TAX : Where assessee, engaged in business of civil contractors/builders, claimed to have made payment to agents for purchase of raw material such as cement, bricks, etc., in cash in excess of prescribed limit under section 40A(3), since such agents were actually found to be employees of assessee, assessee would not qualify for exception […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/sec-40a3-disallowance-justified-as-cash-payment-made-to-persons-who-were-employee-of-builder-amp-not-agents-itat/ Powered by Jetpack

posted: "INCOME TAX : Where assessee in return had not shown any rental income of his property and submitted that property was very old and partly damaged and not in a condition to be let out and Assessing Officer rejected explanation and estimated annual letting " Gupta Chandan & Associates AO can't estimate ALV of property without providing any reasonable working determining such value: ITAT May 30 INCOME TAX : Where assessee in return had not shown any rental income of his property and submitted that property was very old and partly damaged and not in a condition to be let out and Assessing Officer rejected explanation and estimated annual letting value of property at Rs. 12 lacs, since Assessing Officer had […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/ao-cant-estimate-alv-of-property-without-providing-any-reasonable-working-determining-such-value-itat/ Powered by Jetpack