The Income Tax department plans to enlarge its current inquiry into the IPL’s financial transactions to cover all the franchises amidst allegations of murky deals even as it questioned the ‘mystery’ woman and Vijay Mallya’s daughter who works for IPL Commissioner Lalit Modi.
No penalty is imposable in respect of vexed legal issues which are debatable or on which two views/opinions are possible. For imposing penalty under s. 271(1)(c), the twin conditions of furnishing of inaccurate particulars or concealment of income has to be satisfied.
Sweat equity, share buy without consideration to attract gift tax. The Income Tax (I-T) Department has started a three-pronged scrutiny of the material collected during the surveys conducted in the offices of the Indian Premier League (IPL) and its commissioner, Lalit Modi.
S. 254 (2A) empowers the Tribunal to grant stay of recovery of demand for a period not exceeding 365 days. The 3rd Proviso to s. 254(2A) inserted by the Finance Act 2008 provides that if there is a delay in disposing of the appeal within the said period, the order of stay shall stand vacated even if the delay in disposing of the appeal is not attributable to the assessee.
In the said notification, A. In the opening paragraph, -(a) in clause (i), the word “and” wherever it occurs shall be omitted;(b) for clause (ii), the following shall be substituted, namely:-“(ii) chewing tobacco falling under tariff item 2403 99 10 of the said Tariff Act; and(iii) Jarda scented Tobacco falling under tariff item 2403 99 30 of the said Tariff Act,” (c) for the words, brackets and figure “column (6)”, the words, brackets and figures “column (6) or column (7)” shall be substituted;
The committee set up by the Central Board of Direct Taxes (CBDT) is considering various options to retain minimum alternate tax (MAT) with the new proposed base of gross assets. The Direct Taxes code, proposed last year, had recommended shifting the base for calculation of MAT from book profit to gross assets, to make it an investment-linked, and not profit-linked, tax. However, stiff opposition from industry has led to reworking of MAT.
A day after conducting a search operation at the Indian Premier League (IPL) headquarters in Mumbai, the income tax (I-T) department has decided to expand the net and bring all 10 IPL teams under its scanner. The department will now examine who owns and funds all the teams. On Friday, a team of five I-T officials, including two deputy directors, visited the Punjab Cricket Association office in Mohali which houses the IPL franchise Kings XI Punjab. A similar exercise was undertaken at Rajasthan Royals office in Jaipur.
The team of income tax (I-T) officials who, on Thursday, had gone to the office of Indian Premier League (IPL) commissioner Lalit Modi on the 33rd floor of the Four Seasons luxury hotel at Worli were in for a shock. They did not find relevant documents or computer files related to the IPL, its franchises or Modi.
Entities are awarded a certificate of lower deduction or non-deduction of tax at source on receivables under Section 197 of the Income-tax Act, 1961. “This is generally for cases where the tax payee is not profitable or there is likely to be no tax liability on him at the end of the year. However, we have found several cases of misuse,” the source said.
Delhi High Court on Thursday said the National Stock Exchange was a public authority and was bound to reveal information under the Right to Information Act. Justice Sanjiv Khanna dismissed NSE’s plea that it could not be forced to disclose information under the transparency law since it was an autonomous body and not controlled by the government.
