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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...
The assessment is framed u/s. 153A of the IT Act, which is specifically meant for computation of undisclosed income, which is found during the course of search. The assessee in order to circumvent the provisions of law have tried to reduce the amount in question out of total undisclosed income determined in the course of search by claiming a bad debt which was never claimed in the regular books of account or in the original return of income filed u/s. 139(1) of the IT Act.
Gujarat’s Income Tax department has detected allegedly undisclosed income of Rs 111 crore during a I-T survey on a transport and logistics firm. On the basis of evidences gathered and inquiries conducted, the taxpayer group has surrendered Rs 111 crore as undisclosed income, an I-T official said, adding the survey was conducted at three premises of the firm, involving around 25 I-T officials.
The Tribunal is not authorized to extend stay of demand beyond maximum period of 365 days. The decision of Tribunal to extend stay of demand beyond 365 days amounted to contravention of provisions of the law.( Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited v. CIT (ITA. No. 160&161/2012)]
While the gift is given by a person to another person who is personally related to him, the remission of trading liability takes place in business relationships. Normally, the remission of trading liability takes place only due to adverse business situation faced by a business concern.
It appears that the entire statements and averments constitute culpable laches and negligence on the part of the departmental official. There is no whisper as to what steps have been taken against the negligent officials. The Supreme Court has cautioned not to give any undue and unlimited concession to the appellant, who happens to be a Government department. In a recent pronouncement the Supreme Court has stated that time has come to reexamine the aspect of extending latitude to the Government department. The Supreme Court has observed that in the era of modern technology there is no difficulty on the part of the department to take reasonably prompt action.
Even though assessee is following the cash system of accounting, following the decision of the Hon’ble Supreme Court in the case of Commissioner of Income tax. v. Shoorji Vallabhdas & Co, 46 ITR 144 relied on by the Counsel before the Bench that mere advance received does not partake the character of income, it is necessary to examine whether the advances are in the nature of revenue receipt or not. Not only that the amounts accrued to the applicant out of the advance received in the assessment year 2005-06 were already transferred to professional income and were assessed as such.
The assessee is an approved Developer of SEZ. The only activity carried on by the assessee is developing a sector specific SEZ. It has leased out the developed plots to the entrepreneurs who had obtained the letter of approval from the competent authority. Sec.80-IAB provides that setting up of a SEZ is the business of developing SEZ. Therefore, the assessee is not expected to perform any other activity than developing of a SEZ to qualify for deduction. In the facts and circumstances of the case, we find that the lower authorities are not justified in refusing deduction under sec.80-IAB. The claim of deduction made by the assessee under sec.80-IAB is in accordance with law. The assessing authority is directed to give the deduction.
Explore the ITAT Bangalore judgment on global e-business operations vs. DDCIT. Learn about tax implications and obligations for reimbursement payments.
Finance Act, 1992 made suitable amendments to the Wealth Tax Act and sec. 2(ea)(v)(b) defines “urban land”. But it does not clearly explain the status of agricultural lands situated in urban areas. In spite of that, the income tax authorities were giving exemptions to such lands till recently. This was evidenced by a document downloaded from that National Website of the Income Tax Department of India, a copy of which is attached. The said document which showed the Tax Obligation under Wealth Tax Act, clearly stated by a note “Agricultural land situated in urban area is not liable to wealth-tax”. This html document was downloaded on 06/05/2010. But, subsequently, this document has been removed from the Website. Quite coincidentally, the tax authorities have commenced taxing such urban agricultural lands citing that the Act does not exempt such lands.
In the present case, according to the Finance Minister presenting the Bill, a valid piece of legislation has been wrongly interpreted by the Tribunal. We have already pointed out that according to the existing law, if a valid piece of legislation is wrongly interpreted by the Tribunal, the aggrieved party should move higher judicial forum for correct interpretation. As pointed by the Apex Court in the case of Pritvi Cotton Mills Ltd (supra), the legislature does not possess or exercise power to reverse the decision in exercise of judicial power.
