Income Tax - Page 5

Arbitrator cannot Lift Corporate Veil: Delhi HC

Sudhir Gopi Vs Indira Gandi National Open Univercity and ANR. (Delhi High Court)

Decision of the arbitral tribunal to pierce the corporate veil is fundamentally flawed. It falls foul of the fundamental policy of Indian law that recognises that a company is an independent juristic person....

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No Benefit under IDS 2016 if Search initiated after launching of scheme

Surendra Pal Singh Sahni Vs The Director General of Income Tax (Rajasthan High Court)

Court be very slow in interpreting the statutes where intention legislature is to curb the evasion of tax. This is a peculiar where the Government has granted the benefit under the only to the persons who are not covered under Section and other proceedings....

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Section 50C applicable on sale value of depreciable asset

M/s. Abhideep Chemicals Vs PR CIT-14 (ITAT Mumbai)

Section 50C is a measure provided to bridge the gap as it was found that the assessee were not correctly declaring the full value of consideration or in other words resorting to the practice of under valuation. Further, the decision of Special Bench in the case of ITO vs. United Marines Academy (supra) has made it clear that section 50C w...

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Bogus share capital: AO must scrutinise documents produced by assessee, addition cannot be done merely on report of investigation wing

Pr. Commissionr of Income Tax Vs. Laxman Industrial Resources Pvt. Ltd. (Delhi High Court)

The Income Tax Appellate Tribunal’s (ITAT) order upholding the Appellate Commissioner’s opinion that the additions made in the course of reassessments were unsustainable, were challenged by the Revenue. The reassessment notice was issued to the assessee for AY 2002- 03 on the ground that information received from the Investigation Win...

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No TDS On Salaries Reimbursed Under Secondment Agreement

Director of Income Tax Vs M/s. Marks & Spencer Reliance India Pvt. Ltd. (Bombay High Court)

Click here to join Online GST Certification Course Jointly by GST Professionals & 1] We have heard Mr. Pinto appearing on behalf of Revenue in support of this appeal. 2] In paragraphs 4.1 and 4.2 of this memo of appeal, the Revenue says that the facts are as under:- “4.1 The Assessing Officer, from […]...

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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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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.

At Taxguru, we give a cohesive understanding off all income tax related circulars. We keep updating all the circulars as and when issued by the income tax department. You could view online or you can download all the latest news on Income Tax and circulars free of cost.

Find all the latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything.

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