Income Tax - Page 2

HC explains Law on reopening to assess alleged Bogus Capital gains from penny stocks

Purviben Snehalbhai Panchhigar Vs ACIT (Gujarat High Court)

Purviben Snehalbhai Panchhigar Vs ACIT (Gujarat High Court) In the present case the Assessing Officer has heard the material on record which would prima facie suggest that the assessee had sold number of shares of a company which was found to be indulging in providing bogus claim of long term and short term capital gain. […]...

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In case of Encumbered Property, Stamp Duty value cannot be adopted as Sale Value

Sir Mohd. Yusuf Trust Vs ACIT (ITAT Mumbai)

Where property held by assessee was encumbered and, thus, she was not absolute owner of property, while computing capital gain arising from transfer of such a property, market value of property as taken for purpose of payment of stamp duty could not be adopted as sale consideration by applying provisions of section 50C....

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It is mandatory to link your PAN with Aadhaar?

Link your Aadhaar with PAN today to enjoy seamless Income Tax services online How to link your PAN with Aadhaar Through SMS facility Send SMS to 567678 or 56161 in following format: UIDPAN<SPACE><12 digit Aadhaar><Space><10 digit PAN> Example : SMS to 567678 or 56161: UIDPAN 111122223333 AAAPA9999Q Through a-filing...

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Disallowance U/s 40(a)(ia) cannot be made for shortfall due to difference of opinion as to taxability

DCIT Vs Morgan Stanley (I) Capital (P) Ltd. (ITAT Mumbai)

DCIT Vs Morgan Stanley (I) Capital (P) Ltd. (ITAT Mumbai) Conclusion: Where there was any shortfall due to any difference of opinion as to taxability of any item or nature of payments falling under various TDS provisions, assessee could be declared to be an assessee-in- default under section 201, however, no disallowance could be made [&h...

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Income from leave and licence fee was property income not a business income

DCIT Vs. Magnus Properties (P) Ltd. (ITAT Mumbai)

Income derived by assessee from leave and licence fee was to be treated as income from house property not as business income as assessee company’s primary object was not to construct, develop and lease property out for earning rental income but to engage itself as real estate developer....

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Capital gain on transfer of land notified for establishing industrial park was liable to tax as it was non-agricultural land

Shraddha Bagla Vs ITO (ITAT Mumbai)

Assessee was not entitled to claim exemption from capital gains on transfer of rural agricultural land as State Government had notified the said land for establishing industrial park and consequently, the land had become non-agricultural urban land....

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Assessment against a non-existent entity is nullity in the eyes of law

Vertex Customer Management India Pvt. Ltd. Vs DCIT (ITAT Delhi)

Framing of an assessment against a non-existent amalgamating entity was not procedural irregularity but a jurisdictional defect not covered under section 292B, therefore, assessment made by AO was nullity in the eyes of law and the same was liable to be quashed....

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Validity of exclusive method of accounting for valuing closing stock

DCIT Vs. Ms. Adani Gas Ltd. (ITAT Ahmedabad)

Assessee was justified in following exclusive method of accounting for valuation of closing stock as entire exercise was tax neutral and there was no impact on the profitability of assessee due to method of accounting followed. ...

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Huge Investment with no Income Source: ITAT upheld Addition

ITO (Exemptions) Vs M/s. Synergy Finlease Pvt. Ltd. (ITAT Delhi)

In present case there are evidences and material to show that the shareholder company was only a paper company having no source of income, but had made substantial and huge investment in the form of share application money....

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AD-Hoc determination of ALP by TPO Not Sustainable in Law

Ms CLSA India Private Limited Vs DCIT (ITAT Mumbai)

Ms CLSA India Private Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that AD-Hoc Determination of Arm’s Length ALP) Price By Transfer Pricing Officer (TPO) Not Sustainable in Law. FACTS – Assessee is a subsidiary of Credit Lyonnais Securities Asia, Netherland. Return of assessee was selected for scrutiny and international transaction ...

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Latest Income Tax News

Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961.

Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates.

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