Notice under section 148 was issued upon assessee by AO for reassessing the cash deposit as undisclosed income, following approval from the Joint Commissioner of Income Tax (JCIT).
Assessee, a resident of USA, filed his return claiming refund of Rs.58,57,820/-. During assessment year, assessee had sold two properties for consideration of Rs.1,95,00,0000/- and Rs.72,36,552/- respectively.
Department had challenged the finding of Tribunal on the issue as to whether the income received by the Kerala Cricket Association during the assessment years 2010-11, 2012-13, and 2013-14 would partake of the nature of exempted income going by the provisions of Section 2(15) of the Act
Understand the Ahmedabad ITAT ruling that payments for certification services by foreign entities are not taxable in India without a fixed place of business. Full order analysis.
Due to flaws in the customs’ valuation process and procedural lapses, HC favoured assessee for bringing into India a gold chain with pendant in which diamonds were embedded in accordance with Baggage Rules 1998.
Read the detailed analysis of Telangana High Court’s judgment on Himani Navaratan Oil, Gold Turmeric Ayurvedic Cream, and other products. Understand the classification under APGST Act and implications.
The payments, totaling INR 15,59,64,867 for technical assistance and INR 1,99,57,161 as royalty on sales to associated enterprises, came under scrutiny during income tax assessments.
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Assessee was engaged in diamond manufacturing, trading, and windmill power generation, had claimed deductions under sections 35DD and 80IA(4)(iv) during scrutiny assessment. Despite furnishing all details, AO issued a notice for reassessment, alleging income escapement related to the deduction under section 80IA.
Income Tax Settlement Commission (ITSC) had authority to make additions to the declared income of taxpayers as ITSC’s role was not confined to regular assessments but extended to holistic evaluations of the disclosures and additional income brought to its notice through settlement proceedings.
