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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.
Recently SC held that in exercising legislative power, the legislature by mere declaration, without anything more, cannot directly overrule, revise or override a judicial decision. It can render judicial decision ineffective by enacting valid law on the topic within its legislative field fundamentally altering or changing its character retrospectively.
‘On money’ received by the assessee did not have the character of income but was only an advance like the one received through cheque. Both will become part of the sale consideration to the assessee simultaneously on either handing over the possession of the flats or on execution of transfer deed whichever happens earlier.
The dividend can be received or deemed to have been received only by shareholder of the company, therefore, the provisions of section 2(22)(e) enlarging the scope of dividend under the express deemed dividend cannot be invoked in case of a person who is not a shareholder of the company who has advance the loan.
Tribunal in this above case decided two debatable issues. Firstly that the mistake can be rectified after assessment attained finality and assessee had accepted the assessment order. The same is decided by the tribunal in the light of decision of apex court.
Electronic verification code means a code generated for the purpose of electronic verification of the person furnishing the return of income as per the data structure and standards specified by Principal Director General of Income-tax (Systems) or Director General of Income‑tax (Systems).’
Information Technology (IT) industry has grown multi folds in last 2 decades in India. It is one of the most revenue generating sector for government, job creating sector for individuals. The taxability of Software/Solutions/Clouds has always been a litigative area because of difficulty in its classification as goods or service due to its inherent nature […]
Whether Cenvat credit on Inputs can be denied when defect in raw material is detected after it undergoes certain process of manufacturing and whether it can be said that such raw material has not been used in the manufacture of final product?
Lump-sum payments are covered under the term royalty. The agreement postulated grant of permission to use or right to use intellectual property rights or knowhow and it is not a case of outright sale.
Karnataka High Court held In the case of The CIT & ITO vs. Smt. B S Shanthakumari that the purpose of provisions u/s 54F is to ensure that assessee who received capital gains would invest the same by constructing a residential house and once it is established that consideration so received on transfer
Notification No. 2/2015 – Income Tax The Electronic Verification Code (EVC) would verify the identity of the person furnishing the return of income (hereinafter called ‘Verifier) and would be generated on the E -filing website https: //incometaxindiaefiling.gov.in or as otherwise indicated.The EVC can be used by a Verifier being an Individual to verify his Income Tax Return or that of an HUF of which he is the Karta in Income Tax Return Form 1, 2, 2A, 3, 4 or 4S
