Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that income earned by the assessee from sub-letting of property under leave and license agreement for a temporary period is taxable under the head income from other sources and not under the head business income since the sub-letting was not an object of the assessees’ business.
The Kolkata bench of ITAT recently held that TDS provisions under the Income Tax Act, 1961 are applicable to payments made under an oral agreement.
Sri Jagmohan Sharma Vs. JCIT (ITAT Kolkata) The transactions between these family members are neither loans nor deposit and purely a family system and purely a family requirement to help each other in the needy hours, for example medical help, education help and expenses to run the family. That is, one member of the family […]
Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently quashed the order passed by the lower authorities disallowing the claim of the assessee towards leave encashment for the reason that the order of the High Court invalidating Section 43(f) of the Income tax Act 1961 was not stayed by the Supreme Court.
Shri Balaji Builders Kakinada Vs ACIT (ITAT Visakhapatnam) Merely because books of account could not be traced at the time of survey/search, it could not be presumed that the books of account were not maintained unless all the efforts were made by AO. Further As per the provisions of section 153C of the Act, it […]
The Kolkata bench of ITAT recently held that penalty cannot be levied since show cause notice issued in the present case under Section 274 of the Income Tax Act does not specify the charge against the assessee as to whether it is for concealing particulars of income or furnishing inaccurate particulars of income.
A partial withdrawal of accumulated pension wealth of the subscriber, not exceeding twenty-five per cent. of the contributions made by the subscriber and excluding contributions made by employer, if any, at any time before exit from National Pension System subject to the terms and conditions, purpose, frequency and limits specified below:-
ITO Vs. M/s Nupur Carpets Pvt. Ltd. (ITAT Kolkata) We note that the AO treated net ‘surplus’ as business income instead of capital gains on the ground that the assessee carried out business of share trading as evident from large volume of transactions and systematic, organized, repeated and regular activity in shares with a clear […]
An advance ruling helps the applicant in planning his activities which are liable for payment of GST, well in advance. It also brings certainty in determining the tax liability, as the ruling given by the Authority for Advance Ruling is binding on the applicant as well as Government authorities. Further, it helps in avoiding long drawn and expensive litigation at a later date.
Notification No. 04/2018- Customs (N.T.) In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) No. 92/2017-Customs (N.T.), dated the 28th September, 2017, published vide number G.S.R. 1210(E), dated the 28th September, 2017, namely : —
