Income Tax - Page 2

Gain on sale of Shares held for 16 years as investment cannot be treated as business income

The Commissioner Of Income Tax Vs M/S Jindal Poly Films Ltd. (Allahabad High Court)

The Government of India Ministry of Finance Department of Revenue vide Circular No. 6 of 2016 of the Central Board of Direct Taxes 29th February, 2016 referring to the earlier circular No. 4 of 2009 dated 15th June, 2007 has laid down that in order to reduce litigation, the sale of listed shares would be treated as capital gain if they ar...

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Loan received out of Bogus Share Capital of lender- Unexplained Income?

Anil Chhaganlal Jain Vs ACIT-18(1) (ITAT Mumbai)

If appellant explained source of loans received by it and duly discharges the onus cast on him under section 68 of Income Tax Act 1961 than despite the fact that lender may have raised bogus share capital to advance funds to appellant does not mean that loan received by appellant can be treated as unexplained income under section 68 of I...

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Gift received from a HUF by a member of HUF is exempt from tax

DCIT Vs Ateev V. Gala (ITAT Mumbai)

Relative explained in Explanation to section 56(2)(vi) of the Act includes relatives and as the assessee received gift from his HUF, which is a group of relatives, the gift received by the assessee from the HUF should be interpreted to mean that the gift was received from the relatives therefore the same is not taxable under section 56(2)...

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CCI should Impose penalty on relevant turnover not on whole Turnover: SC

Excel Crop Care Limited Vs CCI (Supreme Court of India)

In fact, some justifications have already appeared in this behalf while discussing the matter on the application of doctrine of proportionality. What needs to be repeated is only that the purpose and objective behind the Act is to discourage and stop anti-competitive practice....

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Trading in Shares/Mutual Funds is not ‘Business’ if Revenue treating same as Investment in Past Years

Pr. CIT Vs M.B. Finmart Pvt. Ltd. (Delhi High Court)

The Court finds that the concurrent findings of both the Commissioner of Income Tax (Appeal) and the ITAT are that the consistent treatment of the said transactions in the books of accounts of the Assessee and the volume and frequency of such transactions did not justify treating the income as business income....

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Statement of Financial transactions – Form 61A filing & Submitting “SFT Preliminary Response”

Income tax department is sending bulk emails to all assesse, for filing of preliminary response and form 61A. We have summarized the SFT filing of preliminary response and form 61A, as under:...

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Posted Under: Income Tax |

Exemption to trust cannot be denied merely for charging fee for Training, Seminars etc

The Fertilizer Association Of India Vs Income Tax Officer (ITAT Delhi)

Mere charging of fee from members or non-members for rendering services like training, conducting seminars would not ipso facto lead to denial of exemption. The dominant object of the assessee remains charitable and the aforesaid activities are only incidental to the main activity of the assessee. Also, the activities of the assessee are ...

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Standard Operating Procedure for cases of Missing Children

This Standard Operating Procedure (SOP) envisages to assist Police, Child Welfare Committee and Juvenile Justice Board in dealing with the cases of missing and found or recovered children....

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Posted Under: Income Tax |

Addition for sale outside books of Accounts without rejecting of books of account not sustainable

CIT Vs Pashupati Nath Agro Food Products Pvt. Ltd. (Allahabad High Court)

Tribunal formed an opinion where once the account books are expected to be maintained in the prescribed accounting standard, the assessing officer could not have made any additions towards the sale of rice treating it to be outside the books of accounts or towards investing in stock of rice and wheat outside the books of accounts....

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ITAT Directive on Fixing of Stay Applications for Hearing

The Registry is directed to fix all the Stay Applications, whatever are received up to Wednesday in each week on the succeeding Friday before the respective Bench. This order be strictly followed....

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Posted Under: Income Tax |
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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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