Who is Eligible: Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he can claim tuition fees paid of only two children’s. The Deduction is available for any two children.

We may notice the judgment of Apex Court in CIT v. United Trading & Construction Co., [2001] 247 ITR 819 that there is nothing in Section 24 of the Finance (no. 2) Act which prevents the Income Tax officer, if he is not satisfied with the explanation of the assessee about the genuineness of sources of amounts found credited in his books to add them to the assessee’s income amount in spite of these having already been made the subject matter of the declaration made by the depositors/creditors. This point, thus, also goes against the appellant.

The discrepancies brought on record have culminated into rejection of the books result could not wash away the fact finding insofar as the assessee continues to be a local authority which it was prior to Assessment Year 2003- 04. The submissions of the learned Counsel for the assessee on the issue of the learned CIT(A) upholding the status of the assessee by the Assessing Officer as Artificial Juridical Person and not a local authority

The provisions of Penalty levied u/s 272B of Income Tax Act, 1961 are prospective i.e. it is applicable from the date of insertion of sub-clause (iv) to section 139A(5B) of the Act i.e. 01.06.2006.

We are a practicing CA firm. We are operating from one rented premises, which belongs to Wife of one of the partner? The Partner’s wife recently raised the bill for rent of 9 months i.e. from 1st April 2012 to 31st December 2012 as one bill on 31.12.2012. No Payment towards the rent been made till 31st December 2012. Now the firm wants to take the credit of Service tax on Rent against its service tax liability for the quarter ending on 31.12.2012. Please suggest.

The Bonds are issued in the form of tax-free, secured, redeemable, non-convertible bonds and the interest on the Bonds will not form part of the total income as per provisions u/s. 10 (15) (iv) (h) of I.T. Act, 1961

In the instant case, after the search was conducted on 23rd February 2006, it was found that for the assessment year 1995-96, the respondent-assessee had not filed its return of income by the due date. It is only when block assessment proceedings were initiated by the assessing officer, that the assessee filed its return for the said assessment year on 11th July, 1996 under Section 158BC of the Act, showing its total income as Rs.7,02,768/-.

Moto Vehicle Act mandates that during the period of lease, the vehicle be registered, in the certificate of registration, in the name of the lessee and, on conclusion of the lease period, the vehicle be registered in the name of lessor as owner.

Supreme Court, in Guruvayoor Devaswom Managing Committee v. C.K. Rajan [2003] 7 SCC 546 though laid down the following guidelines in relation to public interest litigations:- (i)  The Court in exercise of powers under Article 32 and Article 226 of the Constitution of India can entertain a petition filed by any interested person in the [...]

In cases where the service provider received any part of the consideration in non monetary form or by way of reimbursement , such item did not figure in the invoice raised, thereby depressing the real value of taxable service.