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Income Tax : Allahabad HC quashes two Section 154 tax orders, citing laconic reasoning and violation of natural justice. Fresh hearing ordered....
Income Tax : Supreme Court dismisses Bihar Police Building Construction Corporation's tax appeal due to significant delay....
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Income Tax : Bombay High Court quashes reassessment notice in Teleperformance case due to lack of application of mind in granting approval unde...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
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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...
Tax dispute resolution in the Indian context hasn’t particularly been an encouraging experience. While a portion of this taint could be attributed to complexity of tax laws and efficiency levels of the administrative process, a material reason is delay in seeking resolution due to multiple layers of appeals, which currently is four.
Central Board of Direct Taxes (CBDT), the apex body that administers corporate and personal income-tax, expects a 10-15% year-on-year increase in collections by December 15, the last date for paying the third installment of advance tax, according to CBDT chairman SSN Moorthy. Mr Moorthy, who was in Mumbai on Monday for a review meeting of the department, said the trend so far suggested a high rate of increase in tax collection by December 15.
All taxpayers are assessed u/s.143, u/s.147, u/s.148 and u/s.153 of the Income-tax Act, 1961. After filing of return, when an asses see is being assessed by an Assessing Officer, he/she is required to file his/her submissions before the respective authority during the course of assessment. All these assessments are popularly known as ‘Scrutiny’ assessments. In case of these assessments, the authority before whom these proceedings are going on is supposed to form his opinion after verifying books of accounts, documents, submissions, proofs, evidences, statement of cross-examination of the parties concerned, etc. by bringing on record all or some of these things from the assessee, his/her representative and also by collecting independent evidences, proofs, documents, etc. To collect information, the assessing authority also can call outsiders by taking his/her statement on oath u/s.131 or u/s.133.
S. 14A has been inserted in Chapter IV of the Income tax Act by the Finance Act, 2001, with retrospective effect from 1-4-1962. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee (i.e. exempt income). The operative part of this Section reads as under :
Multinational corporations have been carrying on business in India through private limited companies (‘Indian Companies’) set up by them under the Companies Act, 1956 (‘the Act’). Often, such private limited companies are not subsidiaries of the principal holding company (which has public shareholding), but are step-down subsidiaries of subsidiary companies of such principal holding companies.
The article specified the criteria to determine whether an intra-group service has been rendered by a related entity. Once it has been concluded that a service has been rendered, the second of the two primary issues pertaining to intra-group services needs to be addressed, namely, the amount to be charged for the service rendered.
One of the most widely contested issues by Indian tax authorities during a transfer pricing audit is the amount paid for intra-group services to group companies often referred to as management or intra-group fees/charges. In fact, compensation for intra-group services has been one of the important transfer pricing challenges globally for taxpayer and authorities alike.
In penalty matter under the Central Excise Act, 1944 in the case of Union of India & Others v. Dharmendra Textile Processors & Others, (2007) 295 ITR 244 the Bench of two Judges of the Supreme Court doubted the judgment of other two Judges of the Supreme Court in Dilip N. Shroff v. JCIT, (2007) (291 ITR 519); but because one Coordinate Bench (which means the Bench of the same strength of Judges) cannot over-rule the decision of another Coordinate Bench, they recommended the formation of Larger Bench to the Hon’ble Chief Justice of India.
Notification No. 92/2009 – Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the Notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes number S.O. 732(E), dated 3rd July, 2001, namely:-
Notification No.91/2009 – Income Tax In exercise of the powers conferred by clause (39) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies, – (a) the Organising Committee Commonwealth Games, 2010 Delhi, India as the person;(b) the following income as specified income arising to Organising Committee Commonwealth Games, 2010 Delhi, India from the organising Commonwealth Games, 2010 Delhi, India:-
