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Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
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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 : ITAT Surat remands penalty case under Section 271B to AO, ruling that bank transactions alone cannot determine turnover. Fresh con...
Income Tax : ITAT Mumbai restores MITC Metals case for fresh adjudication, ruling that assessment order was not void ab-initio despite ongoing ...
Income Tax : Explanation to Section 14A has only a prospective effect from April 1, 2022, and cannot be retrospectively applied to earlier asse...
Income Tax : ITAT Ahmedabad dismisses Somnath Kelavni Mandal's income tax appeal due to continuous absence in proceedings. Case pertains to une...
Income Tax : ITAT Delhi held that provision of section 43A of the Income Tax Act not invocable when there is only reinstatement of fluctuation ...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Income Tax : Delhi Building and Other Construction Workers Welfare Board receives tax exemption on cess, fees, and interest income under Sectio...
Where Land Revenue records showed no crop was cultivated and no agricultural activity was undertaken on the land owned by the assessee before sale thereof and assessee produced no evidence of user for agricultural purposes other than sketchy and vague statements of neighbours, denial of deduction by AO under section 54B deserved to be upheld.
We are of the opinion that there is nothing to suggest that all the primary facts were not disclosed by the assessee at the time of original assessment completed u/s 143(3) of the Act nor any failure on the part of the assessee to disclose fully and truly all the material facts has been ascribed in the circumstances narrated before us. It cannot be said that the assessee suppressed any material facts. It is well-settled that if a notice under sect ion 148 of the Act has been issued without the jurisdictional foundation u/s 147 of the Act being available to the AO, the notice and the subsequent proceedings will be without jurisdiction and thus, liable to be struck down
Hon’ble Delhi High Court that in the case of C.I.T. vs. Pawan Kumar Gupta (2009) 318 ITR 322 (Del.) in the context of issue of notice u/s 143(2) in block assessment, which are in pari materia to proceedings u/s. 148, wherein it has held that section 143(2) is a mandatory provision whether one looks at it from the standpoint of a regular assessment or from the standpoint of an assessment under Chapter XIVB. Section 143(2) has no application in a situation where the Assessing Officer, on receipt of the return of undisclosed income in the Form No. 2B from the assessee, is satisfied with the same as reflecting the true state of affairs then it is not necessary for him to embark upon any further enquiry or investigation but where the Assessing Officer is not inclined to accept the return of undisclosed income filed by the assessee, the procedure in section 143(2) has to be followed.
For the assessment year 2006- 07, the Assessing Officer vide order dated 23rd March, 2009 had imposed penalty of Rs. 10,70,000/- under Section 271D of the Income Tax Act, 1961 (Act, for short). This penalty was levied on account of Rs. 21,97,500/- received in cash by the respondent- assessee from Pradeep Aggarwal and Kaveri Aggarwal. The Assessing Officer, in this connection, has referred to the assessment order in the quantum proceedings wherein the nature and character of the aforesaid deposit/ transaction has been discussed in detail and the terms loan and deposit were examined. The Assessing Officer has recorded that the authorized share capital of the respondent assessee company was Rs. 1,00,000/- only.
Supreme Court in Vodafone International (dated 20 January 2012) considered its decisions in the matters of McDowell reported in (1985) 3 SCC 230, Azadi Bachao reported in (2004) 10 SCC 1 and the Mathuram Agarwal reported in (1999) 8 SCC 667 and concluded that where the transaction is not genuine but a colourable device there could be no question of tax planning. Supreme Court makes it very clear that a colourable device cannot be a part of tax planning.
Ahead of the Annual Union Budget later this Week, Select Committee of the Parliament, which has scrutinized the Direct Tax Code Bill (DTC), likely to replace Income Tax Law of 1961 has recommended some very significant tax reforms and tax payer’s friendly measures.
Notification No. 5(4)-B(PD)/2011 It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. F. 16(1)-PD/75, dated 30th June, 1975, shall with effect from 1st December, 2011 and until further orders, bear interest at 8.6% (eight point six per cent) per annum
Download Income Tax Calculator for Salaried Employee for Financial Year (FY) 2011-12, 2010-11, 2009-10 / Assessment Year 2012-13, 2011-2012, 2010-2011 in excel format category wise , Male/Female/Sr Citizen Age 60=
Tds Rates for financial year 2011-12 and assessment year 2012-13 – The Rate Chart for the Financial Year 2011-12 i.e. Assessment Year 2012-13 is tabulated below. TDS Rates for the Financial Year 2010-11 is also same.
An order of assessment in case of ICICI bank Ltd (ICICI) was passed in March 1999 u/s 143(3) wherein deduction claimed u/s Section 36(1)(vii) and 36(1)(viia) and in respect of foreign exchange rate difference was allowed. The first reassessment was carried out in February 2000 for reworking a deduction under Sec 80M. Thereafter, a second reassessment was carried out in March 2001 for reworking of the deduction under Section 36(1)(viii). In March 2003, the Commissioner u/s 263 sought to revise assessment to disallow deduction u/s 36(1 )(vii) and 36(1 )(viia) and in respect of foreign exchange rate difference.
