Income Tax - Page 2

AO cannot tax Notional interest on interest-free advance if advance is made out of interest free funds

DCIT Vs. ETHL Global Capital Ltd. (ITAT Mumbai)

Since assessee had not claimed any expenditure in its computation of income, there was no scope for dis allowance under section 14A as dis allowance under the section can be made only when deduction of certain expenditure is claimed....

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S. 138(1): Central Govt specifies Joint Secretary (Ops.), NATGRID

Notification No. 54/2017-Income Tax (21/06/2017)

In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, the Central Government, hereby specifies Joint Secretary (Ops.), NATGRID, Ministry of Home Affairs, Government of India, for purposes of the said clause....

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CBDT notifies specified authority to furnish info to NATGRID

F.No. 225/300/2016/ITA.II (21/06/2017)

To facilitate the process of furnishing information, Principal Director General of Income-tax (Systems) would enter into a Memorandum of Understanding ('MOU') with NATGRID which inter-alia, would include the mode of transfer of data, maintenance of confidentiality...

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100% Deduction in Respect of Profits from Housing Projects

Who can claim deduction under this section? Any assessee (may be an individual, HUF, firm, company or any other person) can claim deduction under this section....

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Posted Under: Income Tax |

Tax Provisions for Housing Finance Companies (HFCs)

The Income Tax Act, 1961 does not contain specific provisions relating to Housing Finance Companies (HFCs). Thus, all the general provisions for computation of income shall apply to HFCs. It can also be established that as the main source of income of HFCs is interest, income will be computed under section 28 to 43 of the Income Tax Act, ...

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Posted Under: Income Tax |

AO has no power to review entire assessment order on debatable issues and to make additions in order U/s.154

M/s City Clinic Pvt. Ltd. Vs. ACIT (ITAT Chandigarh)

Hon'ble Supreme Court in the leading case, ITO vs. Volkart Brothers [(1971) 82 ITR 50 (SC)] has held that a mistake apparent on the record must be an obvious and patent mistake and not something which can be established by a long drawn process of reasoning on points on which there may conceivably be two opinions....

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Commission paid against Guarantee by Directors in violation of RBI guidelines is not allowable

Eastman Industries Ltd. Vs A.C.I.T., Circle 10(1) (ITAT Delhi)

Assessing Officer to examine from the original bank documentations/ agreements/ sanction letter and to ascertain whether the requirement of non-payment of commission to the guarantors was incorporated in the terms and conditions of bank for sanctioning of credit limit or whether any undertaking to this effect was taken from the company or...

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If transactions are at ALP no further income can be said to be attributable to assessee in India from PE

Taj TV Ltd. Vs. Additional Director of Income Tax (ITAT Mumbai)

Assessee- company was engaged in business of broadcasting of sports channel, namely Ten Sports across globe, including India. Its subsidiary (Taj India) was appointed as exclusive distributor of TV Channel Ten Sports to cable operators and other permitted systems on principal-to-principal basis....

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Sale of Attached Property after 3 years not barred by Limitation when Settlement Commission order not become Final

Rajiv Yashwant Bhale Vs The Principal Commissioner of Income (Bombay High Court)

In a recent ruling, the division bench of the Bombay High Court held that the assessee cannot claim that the sale of attached property is time-barred under Rule 68B of the Second Schedule, where he has applied to Settlement Commission for extension of time for payment of demand as per Order of Settlement and his application is pending and...

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Assessee can claim expense on removal of encumbrance created by ancestors

Smt. Maniza Jumabhoy, Vs Asst. Commissioner Income of Tax (ITAT Hyderabad)

Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II During the course of appellate proceedings, the representative of the assessee submitted that the expenditure towards proportionate compensation of Rs. 79,36,350/- is allowable u/s. 48(1) of the Act, as upon succession of the impugned property, the ass...

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Latest Income Tax News

Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961.

Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates.

Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place.
Get all the latest news on income tax with Taxguru. We will offer you all the insight and details about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars.

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