We know that provisions of sections 147 to 151 of the Income Tax Act, 1961 deal with Reassessment of and escaped assessment of income of an assessee. Income Tax Officer under these provisions reassess by reopening the cases assessed earlier on the believe that incomes or profits or gains chargeable to income tax has escaped […]
Understanding the tax implications of selling a car after 6 years of personal use. Learn whether the gain is taxable under the Income Tax Act, 1961.
We know that a Contract Of Insurance is based on utmost good faith. It means, while at the time of applying for insurance the insured has disclosed all material facts and other required details to the insurance company and vice-versa. The facts disclosed by an insured will help insurance company to decided risk exposure and […]
Kapil Kumar Agarwal Vs DCIT (ITAT Delhi) Whether It Is Necessary To Start Construction of New House After The Date of Sale of Original Assets For Claiming Exemption Under Section 54F Held that : Section 54F is a beneficial provision and should be liberally interpreted. An assessee who has purchased a house property is entitled […]
Summons issued under section 50(2) of the Act has nothing to do with the regulations as defined under the Regulatory Rules. The rules are referable only to proceedings for adjudication and not to pre-adjudication proceedings. In fact, section 50(2) does not refer to an accused at all.
Understanding the importance of re-insurance in the insurance industry. Learn about the rights and benefits it offers to both insurers and insured parties.
We know that Bank Fixed Deposits /Recurring deposits are the most trusted instruments for savings in our country. The people generally wants to deposit their hard earned money in bank in FDs/RDs. These instruments generated interest income and same is a good source of income for senior citizens. The banks and government have came with […]
Initiation of Corporate Insolvency Resolution Process (CIRP) under section 7 and 9 of the Insolvency and Bankruptcy Code, 2016 can be maintained even if Company’s name has been struck off by the Registrar of Companies (ROC).
K. P. Abdul Majeed Vs ACIT (Kerala High Court) The next question is as to the commission which could have been assessed at the hands of the assessee for which also the assessee refused to state anything as to the actual percentage. The assessee’s contention is that the same should be confined to that fixed […]
Rupesh Rashmikant Shah v. UOI (2019) 417 ITR 169 / 182 DTR 203 / 310 CTR 826 / 266 Taxman 474 (Bom.)(HC) Sub: Whether Compensation awarded by Motor Accident Claims Tribunal – Interest on compensation awarded up to date of order of Tribunal or Court is taxable . FACTS OF THE CASE: Petitioner when he […]
