Income Tax - Page 20

Penalty cannot be levied on a basis other than what it was in Quantum Appeal

Indermal Manaji Vs. The Commissioner of Income Tax (Bombay High Court)

S. 271(1)(c): If the basis on which penalty is initiated by the AO and the basis on which the quantum is confirmed on merits by the Tribunal are different, penalty cannot be levied ...

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CIT not entitled to withdraw Sec. 12A registration for non charitable activities

CIT Vs Mumbai Metropolitan Regional Iron and Steel Market Committee (Bombay High Court)

Commissioner has invoked its powers under Section 12(AA)(3) of the Act. The said powers are circumscribed by the limitations imposed under Sub Section 3 of Section 12AA of the Act. The Commissioner, nowhere has given the finding that the activities of the Respondent­ institution are not genuine one or that the said activity carried out a...

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Powers of AO and Appellate Authorities to consider bonafide claims beyond the window available for revising the return of income

A moot question is whether a Tax Payer is allowed to make fresh claims beyond the due date of revising the return of income? Various judicial precedents have held that the Appellate Authorities as well as Assessing authorities have the jurisdiction to exercise their discretion whether or not to permit such additional claims raised for the...

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Posted Under: Income Tax |

Snippet on taxability of capital reduction

Capital reduction is a commonly adopted tool by companies for re-engineering their capital structure. The need for reducing share capital may arise owing to a number of reasons, such as returning excess funds to the shareholders, adjustment of accumulated losses, minority squeeze out, improving EPS, producing a more efficient capital stru...

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Posted Under: Income Tax |

Tax and Interest Subsidy Benefit on Home Loan

Are you looking for a home loan? If yes, then this is the right time to apply for the same. If your annual income is up to INR 18 lakh, you are now eligible for interest subsidy on home loans under the Pradhan Mantri Awas Yojana (PMAY). The interest subsidy is allowed under the new […]...

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Posted Under: Income Tax |

Section 115J AO does not have jurisdiction to go behind net profit shown in profit and loss account

Pr CIT Vs Bhagwan Industries Ltd (Bombay High Court)

The present Appeal pertains to Assessment year 2004­05. The learned counsel for the Appellant submits that Tribunal was not justified in not accepting the re­working of the book profits by the Assessing Officer as per the provisions of Section 115JB of the Income Tax Act....

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No TDS required to to be deducted on Reimbursement of expenses against separate bills to C&F agents

ACIT (TDS) Vs St. Mary's Rubbers Private Limited (ITAT Cochin)

Reimbursement of expenses against separate bills to C&F agents doesn't require TDS and hence no dis allowance u/s 40(a)(1a)... ITAT Cochin bench held in the case of St. Mary's Rubbers dismissing revenue's appeal...

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ITAT – taking virtual reality a bit too seriously ?

ABB FZ - LLC, Bangalore Vs. Dy.DIT , Bangalore (ITAT Bangalore)

A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

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Reopening proceeding without following law must be quashed to save assessee from unnecessary harassment

KSS Petron Private Ltd Vs. ACIT (Bombay High Court)

Assessment Order is without jurisdiction as the law laid down by the Apex Court in GKN Driveshafts (supra) has not been followed, then there is no reason to restore the issue to the Assessing Officer to pass a further/fresh order. If this is permitted, it would give a licence to the Assessing Officer to pass […]...

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Addition cannot be made merely based on document which is silent as to payer and payee

CIT Central-3 Vs Praveen Juneja (Delhi High Court)

The ITAT noted that document was silent as to payer and payee of amount in question nor does it disclose that payment was made by cheque or cash nor it is proved that document is in handwriting of assessee or at least bears his signatures....

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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.

Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place.
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