SUMMARY OF CASE LAW Where the individual is resident in the previous year, but was not a resident in India in 9 out of 10 previous years preceding the year or was in India for a total period of 730 days or more in seven previous years then his residential status will be that of [...]

SUMMARY OF CASE LAW Mere non-acceptance of explanation offered by the assessee cannot form a basis for the satisfaction of ITO to the effect that the assessee has concealed particulars of his income; he must have some definite evidence to refuse the assessee’s claim or evidence or explanation.  CASE LAW DETAILS Decided by: ITAT, MUMBAI [...]

Any person from or through whom the non-resident is in receipt of any income directly or indirectly can be treated as an agent of the non-resident; the sole requirement of section 163(1)(c) is that only the non-resident should receive income directly or indirectly from or through the person of India.

NEW TDS AND TCS PAYMENT AND INFORMATION REPORTING SYSTEM- NOTIFICATION NO. 858(E), DATED 25thMARCH, 2009 PUBLISHED IN OFFICIAL GAZETTE CIRCULAR NO. 02 / 2009, DATED 21-5-2009 The Finance Act, 2008 inserted a new sub-section (1A) in section 143 of the Income-tax Act, 1961 empowering the Board to make a scheme for centralised processing of returns [...]

SUMMARY OF CASE LAW Interference of the High Court in findings of fact would be justified only if it appears to it that the conclusions arrived at by the ITAT are palpably perverse. CASE LAW DETAILS Decided by: HIGH COURT OF DELHI, In The case of: CIT v. K. J. Business Centre , Appeal No. : [...]

SUMMARY OF CASE LAW The relationship between the assessee-airlines and the travel agent is one of principal and agent; the supplementary commission which is the amount retained by the travel agent is commission within the meaning of section 194H read with Explanation (i) to the said section; the difference between the full value of the [...]

SUMMARY OF CASE LAW The proceedings under section 147 cannot impinge upon items which have no connection or relation with items of income and/or expenditure which form the basis of a notice under section 148(1).  CASE LAW DETAILS Decided by: HIGH COURT OF DELHI, In The case of: Jay Bharat Maruti Ltd. v. CIT, Appeal [...]

SUMMARY OF CASE LAW Normally, on the placing of funds in banks on short-term or long-term deposits, the interest income derived from those sources would be “income from other sources”; but it is not so easy to decide that interest income is always assessable under the head “income from other sources”; each case has got [...]

  SUMMARY OF CASE LAW The assessee may make an imprudent business decision but the same itself does not empower the Revenue to disallow legitimate and bona fide business expenditure.  CASE LAW DETAILS Decided by: ITAT, `D’ BENCH, AHMEDABAD, In The case of: Shivganga Builders Pvt. Ltd. v. ACIT, Appeal No. : ITA NO. 1189/AHD/2004, [...]

After its attempt to tax industrialist Nusli Wadia on his land deals ran into trouble, the income tax department is exploring another avenue. Two years ago, the I-T department demanded Rs 31 crore as tax for the money Wadia made by selling around 110 acres of land at Mindspace along the Goregaon-Malad Link road. Wadia’s appeal [...]