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Income Tax : Understand the concept of an assessee under the Income Tax Act, its classifications, roles, responsibilities, and available tax be...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Stay on top of important compliance deadlines including GST, ESI, PF, SEBI, and Income Tax filings, with detailed due dates and fo...
Income Tax : Confused about the TDS rate on rent under Section 194-IB for FY 2024-25? Learn when to apply 5% or 2% based on the Union Budget 20...
Income Tax : Plan your finances before March 31 with this year-end tax checklist. Learn about old vs. new tax regimes, investments, deductions,...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : The writ petitioner impugns the order dated 27 March 2018 in terms of which the respondent has come to reject applications filed b...
Income Tax : Delhi High Court held that reopening of an assessment under section 147 of the Income Tax Act merely on the basis of communication...
Income Tax : ITAT Raipur held that dismissal of appeal by CIT(A) without disposing off on merits, merely on account of non-prosecution is unjus...
Income Tax : ITAT Delhi deleted additions made on alleged bogus purchases by Rama Hygienic Products Pvt. Ltd., citing lack of evidence and reli...
Income Tax : Delhi High Court held that provision of section 292B doesn’t include passing of order u/s. 148 overlooking error apparent on the...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Mere possession of money, bullion, jewelery or such valuable article or thing per-se would not be sufficient to enable the competent officer to form a belief that the same had not been or would not be disclosed for the purpose of the Act. What is required is some concrete material to enable a reasonable person to form such a belief.
Conduct of ACIT10(1) Mumbai as well as CIT10 Mumbai is highly deplorable. Once the jurisdiction to assess the petitioner was transferred by the CIT10 Mumbai from ACIT10(1) Mumbai to DCIT Circle1(2) Pune by order dated 22.11.2011 it was totally improper on the part of ACIT10(1) Mumbai to request the CIT¬10, Mumbai to pass a corrigendum order with a view to circumvent the jurisdictional issue.
No doubt in a normal situation, so far as matters capable of two views being taken will be outside the ambit of section 154. However, right now, we are dealing with interpretation of section 10(10C) and so far as this interpretation is concerned, law laid down by Hon’ble Calcutta High Court is that an interpretation in favour of the assessee is to be adopted.
Appellant had sought higher deduction of tax at source by annexing TDS certificates and not reflecting the income as shown in the TDS certificates in its return of income. The Tribunal on consideration of all facts had come to the conclusion that remanding the matter to the Assessing Officer would not serve any purpose, as the appellant had consciously claimed credit of tax deduction on the basis of the TDS certificates and even enclosed the same along with the return of income, but failed to show it, as a part of the income.
Though the order of the AO was erroneous, the same was not prejudicial to the interest of the revenue as no part of the capital gain became taxable because of loss of exemption u/s.11(1A) of the Act. Since the order sought to be revised u/s.263 of the Act was erroneous but not prejudicial to the interest of the revenue, jurisdiction u/s.263 could not have been invoked by the CIT. We hold accordingly and quash the order u/s.263 of the Act. The appeal of the Assessee is allowed with the above directions and computation.
AO and the CIT(A) did not make any effort to verify the confirmations, identity and creditworthiness of the creditors in question and they also ignored the fact that the transaction of cash credits received and its repayment were made through bank and we also hold that the authorities below did not bring any incriminating material or evidence against the assessee trust to establish that the amount shown in the balance sheet as cash credits amounting to Rs.1,70,000 actually belonged or was owned by the assessee trust itself.
We are dealing with cases where though the amount was not deposited by the due date under the Welfare Acts, it was definitely deposited before furnishing the returns. We see no reason to make any distinction between the employees’ contribution or the employers’ contribution.
The proclamation of sale and holding a public auction are only the initial steps towards sale of immovable property of a tax defaulter to recover such amount through sale of his properties. The highest bidder, whose offer is accepted, during such public auction, has the responsibility to deposit 25 per cent of the purchase money on spot, failing which, the acceptance of offer stands revoked.
Sub-rule (3) of rule 18DA itself provides the consequence of violation of sub-rule (2). As per sub-rule (3), if at any stage it is found that any provisions of the Act or the rules have been violated, the prescribed authority specified may withdraw the approval so granted. Therefore, if there is a violation of sub-rule (2), the prescribed authority has to take action against the assessee by withdrawing the approval.
Notification No. 49/2012-Income Tax Whereas the annexed Protocol amending the Agreement between the Government of the Republic of India and the Government of the Republic of Uzbekistan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital
