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.
The fact remains that the actual amount received was offered for taxation. It is only on the basis of the deemed consideration that the proceedings under s. 271(1)((c) started. The Revenue has failed to produce any iota of evidence that the assessee actually received one paise more than the amount shown to have been received by him.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992, as amended, read with paragraph 1.3 of the Foreign Trade Policy, 2009-14 the Central Government hereby makes the following amendments in respect of Sl. No. 179 of Schedule 2 of ITC(HS) Classifications of Export and Import Items.
As a taxpayer, you may have some very legitimate grievances relating to your income-tax matters of settlement of your claims. You may, for example, feel that the Income Tax Department owes you a certain refund of tax but it is not doing enough to hear your grievance of complaint nor taking action to redress it. […]
The Council at its 324th Meeting held in April, 2013 decided that with effect from 1st July, 2013 fee for the General Management and Communication Skills (GMCS) Course i.e. existing GMCS Course, GMCS – I and GMCS – II courses shall be Rs. 5,500/- per participants for each course.
Doubts have been raised regarding classification of products commercially referred to as Tablet Computers under the Customs Tariff which is harmonised with the Harmonized Commodity Description and Coding System, commonly known as HS Nomenclature. The two major competing headings are 8517 and 8471.
Thus obviously, it is only on account of deeming provisions of section 50C, the AO has made the addition by adopting the sale consideration of Rs.5, 19,77,000/-, being the value adopted for the purpose of stamp valuation. The revenue has also not shown as to how the assessee could be held to have actually received this amount which is in excess of the amount of Rs.2,51,50,000/-.
President of India has given assent to Finance Bill 2013 on 10.05.2013 and on assent the Finance bill has become the Finance Act,2013 (No. 17 of 2013). The act has given effect to the financial proposals of the Central Government for the financial year 2013-2014. Finance Act, 2013 contains the amendment in Income Tax Rates, […]
ITR 1 (offline/online) for AY 2013-14 is available for e-Filing – Income tax Department has released ITR 1 for Filing of Return for the Assessment Year 2013-14/ Financial Year 2012-13. Download ITR- 1 for AY 13-14 / FY 2012-13 for Online Filing of Income tax Return
Ground no.2 about the deduction in respect of property tax amounting to Rs. 2.03 lakh and ground no.3 against the confirmation of disallowance of Rs. 3,96,243 being various expenses incurred against the house property income were not pressed by the learned AR. Both these grounds stand dismissed.
Finance Act 2013 Has Inserted New Rules For Computation Of Net Agricultural Income & Amended The Definition Of Net Agricultural Income Vide Section 2(13)(c). Text of Such Rules & section Are As Follows:- Rules for Computation of Net Agricultural Income Rule 1.—Agricultural income of the nature referred to in sub-clause (a) of clause (JA) of […]
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