P.S. Jagdish Vs DCIT (ITAT Chennai) We noted that the return of income filed by the assessee was processed by CPC, Bengaluru and intimation u/s.143(1) of the Act was issued on 05.03.2012 (which is not disputed by Revenue). Admittedly, the AO passed rectification order on 20.06.2016. The claim of the assessee is that the rectification […]
ITO Vs GRA Enterprises (ITAT Delhi) Assessing Officer while framing the assessment notice observed that the assessee had received total unsecured laon expenditure of Rs. 22,21,29,723/-, during the year out of which an amount of Rs. 950,000,00/- was received from M/s Telecare Network India (P), a closely held company having its office at Zen House, […]
Smt. Chander Kanta Maheshwari Vs ITO (ITAT Delhi) Deduction under section 54F of the Act can be claimed to the extent of amount of capital gain utilized till the filing of the return under Section 139(4) of the Act. As in the instant case, the ld. Commissioner allowed the deduction under Section 54 of the […]
Ram Avtar Bansal Vs ITO (ITAT Delhi) The assessee was asked to explain the source of cash deposited in the aforementioned bank accounts. In his reply, the assessee accepted that the gross receipts of Rs. 60,02,800/- belong to him and simultaneously submitted a revised return on 18/1/2015. The gross receipts were shown as income from […]
Minimum Alternative Tax (Section 115JB) MAT Stands for Minimum Alternative Tax, he objective of introduction of MAT is to bring into the tax net “zero tax companies” which in spite of having earned substantial book profits and having paid handsome dividends, do not pay Any tax due to various tax concessions and incentives provided under […]
आयकर रिफंड जारी करना विभाग की उपलब्धि नहीं बल्कि संकेत है टीडीएस टीसीएस नियमों को तर्कसंगत बनाने की: आयकर विभाग द्वारा बड़ी शान से मीडिया, ट्विटर, फेसबुक, इंस्टाग्राम, आदि पर बताया जाता है और प्रेस विज्ञप्ति दी जाती है कि इतने रुपये आयकर रिफंड के रूप में जारी किए गए. लेकिन सच तो ये है […]
With every budget comes expectations and hope. Hope for better tomorrow and prosperous future. Budget is a document for future but it has a interesting past too ,so let go through some interesting facts about budget. 1. The first Indian budget was presented by James Wilson on 18th February 1869 , however first budget for […]
IRDAI (Surety Insurance Contracts) Guidelines, 2022 shall be applicable to all Insurers registered under the Insurance Act, 1938, to transact the business of general insurance and Surety Insurance, subject to compliance with eligibility criteria as set out in these guidelines.
Habitate Realtech P. Ltd. Vs DCIT (ITAT Delhi) When it is a fact on record that the business fund lying idle with the assessee was invested in fixed deposit for earning some income which can be utilised in the business at the time of need, it has to be held that the interest income is […]
C. Joseph Vijay Vs State of Tamil Nadu (Madras High Court) HC held that it is difficult to suggest that the petitioner had acted with malafide and with deliberate intention and thus, the observation made by the learned single Judge, apart from being unwarranted, are irrelevant to decide the issue. The order of the writ […]
