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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
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CBDT notifies New Income Tax Return Form SARAL II (ITR 1) for Assessment Year 2010-11 for Individuals having income from Salary/Pension/Income from One House Property (Excluding loss brought forward from previous years) / Income from Other Sources (Excluding winning from Lottery and Income from Race Horses). CBDT also notifies Income Tax Return Verification Form ITR-V for Assessment Year 2010-11 for SARAL II (ITR-1) ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature.
We have given our due consideration to the aforesaid submissions of the counsel on the either side. The important fact which is to be borne in mind in the present case is that no advance tax was paid by the assessee at all in the assessment year in question on the plea that such tax was not payable as the assessee had set off the interest income earned
Having heard learned counsel for the parties, we have gone through the impugned orders and given our anxious consideration to the rival submissions.Section 2 (15)of the Act defines charitable purpose and Section 11 (1)of the Act provides exemption to the income derived by the trust applied for the charitable purposes
We have perused the records and considered the rival contentions carefully. The dispute is regarding rate of deduction of tax at source in respect of job work assigned by the assessee to others as an event manager. There is no dispute that the assessee had not deducted tax at source. The dispute is only whether the case of the assessee will be covered u
We have heard the learned representatives of the parties and perused the record. The crux of the matter under consideration whether under the facts and circumstances of the case under consideration there is transfer of asset and same is liable to capital gains or loss. The case of the revenue is that the assessee was not the owner of the plot therefore there was no transfer
It is first contended on behalf of the assessee that the view taken by the CIT that section 80IB(2) also applies to assessee’s claiming deduction under sub-section (10) of the section in respect of housing projects is erroneous and untenable as has been held by the Mumbai Bench of the Tribunal in (a) Parth Corpn. v. ITO [2008] 23 SOT 368 and (b) Shreejee Ratna Corpn. v. ITO
Now coming to the merits of the case, we noticed that the AO levied penalty u/s 271(l)(c) on the ground that the assessee has filed inaccurate particulars of income. What is inaccurate particulars of income within the meaning of provisions of section 271(l)(c) of the Act has been discussed in details by the 1TAT Mumbai Bench in the case of Mimosa Investment Co. Pvt. Ltd
We have heard the rival submissions and carefully perused the record. Admittedly tax was deducted at source and payment was made/deposited within the time provided under the Act and the returns under Form 26Q as well as 24Q were filed with a marginal delay, reckoned from the due date for filing the regular returns as per the old provisions of the Act. It is
SEBI has put in a framework for setting up of new exchange or separate platform of existing stock exchange having nationwide terminals for SME (hereinafter referred to as the ‘Exchange/ SME Exchange’). In order to operationalise the said framework, necessary changes have been made to applicable Regulations, circulars etc. As per the framework, market making has been made mandatory in respect of all scips listed and traded on SME exchange. The following guidelines shall be applicable to the Market Makers on this exchange.
