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Income Tax : The Finance Act (No. 2), 2024, has brought a significant change by imposing a time limit on TDS correction statements. Until now, ...
Income Tax : Budget 2025 highlights income tax changes, revised tax slabs, TDS amendments, IFSC incentives, updated return filing limits, and d...
Income Tax : The Income Tax Bill 2025, set to replace the 1961 Act, redefines the role of Chartered Accountants in tax compliance and represent...
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Delhi High Court clarifies Nokia India’s tax reassessment after a notice was issued in the name of a non-existent company, align...
Income Tax : Supreme Court rules on penalty under Section 271E of the Income Tax Act in CIT vs. Jai Laxmi Rice Mills. Find out how assessment o...
Income Tax : Visakhapatnam ITAT allowed a Section 54F capital gains exemption, even though the assessee didn't deposit the sale proceeds in a s...
Income Tax : Bombay High Court holds that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenueâ€...
Income Tax : ITAT Mumbai rules that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenue’s app...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
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...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
CIRCULAR NO-07/2011, The Board had issued Circular No.7/2007 and 23.10.2007 laying down the procedure for refund of tax deducted at source under section 195 of the Income Tax Act, 1961 to the person deducting tax at source from the payment to a non-resident.
V.R.A. Cotton Mills (P) Ltd. Vs. UOI (P & H HC)- The date of receipt of notice by the addressee is not relevant to determine, as to whether the notice has been issued within the prescribed period of limitation. The expression serve means the date of issue of notice. The date of receipt of notice cannot be left to be undetermined dependent upon the will of the addressee. Therefore, to bring certainly and to avoid attempts of the addressee to evade the process of receipt of notice, the purpose of the statute will be better served, if the date of issue of notice is considered as compliance of the requirement of proviso to Section 143(2) of the Act. In fact that is the only conclusion that can be arrived at to the expression ‘serve’ appearing in Section 143(2) of the Act.
DCIT v. Bank of America NT & SA (ITAT Mumbai) – Tribunal held that interest received on income tax refund can be set-off against the interest paid on delayed payment of income tax and only net amount is to be taxed. The issue before the tribunal was that Whether interest income received by the taxpayer on income tax refund can be set-off against delayed payment on income tax? Whether the taxpayer can offer the net interest received as income?
The Tata Power Company Limited Vs ACIT- The Tribunal reiterated that the incidence of liability to pay DDT arises the moment such dividend is distributed (declared) and any subsequent events can have no bearing on such liability, even if such event renders dividend non-Âtaxable in the hands of the recipient. It was not possible to extend the same analogy laid down by the cases cited pertaining to tax-ability of dividend in the hands of shareholder to a case of refund of DDT already paid by the Company declaring dividend.
SC refers Appeal by Ram Jethmalani against purported inaction of Government to arrange for recovery of large sums of money deposited by Indian citizens in foreign banks to Honourable the Chief Justice of India.
On the date of filing of the present application before us relating to the rights and obligations arising out of the contract dated 10.5.2006 entered into by the applicant, in so far as it relates to the question posed in this application, was pending before the concerned assessing officer. We re-emphasize that merely because a questionnaire in general terms is served or a questionnaire raising specific issues is served as a further step towards completing the assessment, cannot lead to the position that the question sought to be raised before us is not pending before the assessing officer when the return of income is filed. We are, therefore, satisfied that the allowing of this application under section 245 R(2) of the Act for giving a ruling under section 245R(4) of the Act is barred by virtue of the proviso to section 245R (2) of the Act. The application is, therefore, rejected.
It is very important to have the knowledge of provisions of deemed dividend under section 2(22)(e) of the Income tax act, 1961 before making any transaction with the closely held companies.
Maa Vaishno Devi Ginning Pressing Udhyog Dhamnod Vs. DCIT (ITAT Indore) – No evidence was either found during survey or explained by the assessee which could establish that the surrendered income was earned from industrial undertaking. There is a uncontroverted finding in the impugned order that no purchase bills, sale bills, ginning charges bills, pressing charges bills were found during survey operation which remained to be recorded in regular course of business of industrial undertaking, therefore, there is no basis for claiming the surrendered income to be generated from/derived from the industrial undertaking. There is further finding that no entry tax, sales-tax, other taxes were found paid by the assessee on such unrecorded transactions, therefore, the onus is clearly on the assessee to substantiate its claim which has not been discharged.
By way of this appeal, the Assessing Officer has challenged correctness of CIT(A)’s order dated 29th March 2010, in the matter of assessment under section 143(3) of the Income Tax Act, 1961 for the assessment year 2 004-05, mainly on the following ground:
Assessee has been following cash system of accounting and this method has been regularly employed by the assessee in recording its day today business transaction. It is not a case where the assessee has been maintaining its accounts of day to day business under the mercantile system of accounting and thereafter prepares accounts in accordance with cash system of accounting for income tax purposes. The AO has placed strong reliance on the decision of the ITAT Delhi in the case of Amarpali Mercantile Pvt. Ltd.(supra).
