Income Tax - Page 30

ITAT allows Employee’s Contribution to PF/EPF paid after Due Date

Doosan Power Systems India P.Ltd. Vs DCIT (ITAT Chennai)

Doosan Power Systems India P.Ltd. Vs DCIT (ITAT Chennai) We find that issue of belated payment of employees contribution to PF & ESI is allowable expenditure u/s.43B of the Act or not is no longer res integra. The Hon’ble Supreme Court in the case of M/s.Vinay Cements Ltd. (supra) and also in the case of […]...

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Section 14 of Limitation Act Applies to Application under Section 7 of IBC: SC

Sesh Nath Singh Vs Baidyabati Sheoraphuli Co-Operative Bank Ltd. (Supreme Court)

Sesh Nath Singh Vs Baidyabati Sheoraphuli Co-Operative Bank Ltd. (Supreme Court) An Adjudicating Authority under the IBC is not a substitute forum for a collection of debt in the sense it cannot reopen debts which are barred by law, or debts, recovery whereof have become time barred. The Adjudicating Authority does not resolve disputes, i...

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Machinery part replacement expense not resulting in production capacity increase is revenue expense

Jaya Hind Industries Limited Vs DCIT (ITAT Pune)

Jaya Hind Industries Limited Vs DCIT (ITAT Pune) which is used in the robotic arms forming part of high pressure die casting machines can be allowed as revenue expenditure. The factual submissions made on behalf of the appellant are that the expenditure was incurred on replacement of Gripper which is part of robotic arms forming […...

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ITAT treated same transaction in case of Co-Owners differently: HC remits back for reconsideration

Amjad Ahmedbhai Sheikh Vs ACIT (Bombay High Court)

Amjad Ahmedbhai Sheikh Vs ACIT (Bombay High Court) We find that the assessee and Shri Narendra Kanhaiyalal Parikh were joint purchasers of agricultural land by virtue of sale-deeds dated 23.03.2004 and 29.04.2004. After converting the same for non-­agricultural use, various plots came to be sold. Prima-facie we find that as the co-owner ...

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ITAT allows depreciation on Goodwill

Geodis Overseas Pvt. Ltd. Vs DCIT (ITAT Delhi)

Geodis Overseas Pvt. Ltd. Vs DCIT (ITAT Delhi) We find, the AO, in the instant case, disallowed depreciation on goodwill on the ground that the assessee has not become the sole logistic service provider to IBM India, the value of workforce does not facilitate the smooth carrying on of the business of the assessee and […]...

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President Assents Finance Act 2021

No. 13 OF 2021 28/03/2021

The Finance Bill, 2021 was introduced in Lok Sabha on 01st February 2021 and passed by Lok Sabha on 23rd March 2021 with 127 new amendments in comparison to bill presented in Lok Sabha on 01st February 2021. Rajya Sabha returned the Finance Bill 2021 without any new amendment on 24th March 2021 which completes […]...

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Reopening based on investigation wing info without independent application of mind by AO was invalid

R.S. Shares & Securities Ltd. Vs ITO (ITAT Delhi)

R.S. Shares & Securities Ltd. Vs ITO (ITAT Delhi) It is well settled law that validity of the reassessment proceedings is to be determined on the basis of the reasons recorded for reopening of the assessment. Copy of the same is filed at pages 2 to 4 of the Paper Book. The AO in the […]...

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HC remits order passed by Tribunal ex-parte without considering earlier order

Vodafone Idea Ltd. Vs Commercial Tax Tribunal (Allahabad High Court)

Vodafone Idea Ltd. Vs Commercial Tax Tribunal (Allahabad High Court) The ex-parte nature of the order apart, at present, it does stand out that the Tribunal has taken two divergent views in the case of the assessee itself, inasmuch as, in the earlier order, the Tribunal had clearly opined that the goods that have been […]...

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Overview of Residential status -Resident & Non-Resident Indian

Hello readers, Today I discuss very interesting and confusing topic after amendment in Finance Bill 2020– Residential Status- Resident & Non-Resident Indian in very simplified manner.. Now first question comes in our mind why it is important to determine residential status- Residential status is important as on basis of which we...

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Posted Under: Income Tax |

Section 147: Reasons for formation of opinion should have a rational connection with formation of belief

Synfonia Tradelinks Pvt Ltd Vs Income Tax officer (Delhi High Court)

Synfonia Tradelinks Pvt Ltd Vs ITO (Delhi High Court) 1. The reasons which lead to the formation of opinion or belief that the assessee’s income chargeable to tax has escaped assessment should be inextricably connected. In other words, the reasons for the formation of opinion should have a rational connection with the formation of the [...

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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.
Get all the latest news on income tax with Taxguru. We will offer you all the insight and details about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars.

At Taxguru, we give a cohesive understanding off all income tax related circulars. We keep updating all the circulars as and when issued by the income tax department. You could view online or you can download all the latest news on Income Tax and circulars free of cost.

Find all the latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything.

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