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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
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Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
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Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
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Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
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Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
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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...
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From the above second proviso to Section 92C(2), it is evident that if the variation between the arm’s length price and the price at which international transaction was actually undertaken does not exceed the specified percentage, then only the price at which the international transaction has actually been undertaken shall be deemed to be arm’s length price. Thus, the benefit of tolerance margin would be available only if the variation is within the tolerance margin. Once the variation exceeded the tolerance margin, then there would be no benefit even up to tolerance margin. Then, the ALP as worked out under Section 92C(1) shall be taken as ALP without any benefit of tolerance margin.
The Special Judge for CBI cases, Visakhapatnam has convicted Sri Akella Venkata Subramanya Sastry, the then Income Tax Officer, Eluru, West Godavari District (Andhra Pradesh) U/s 13(2) r/w 13(1) (e) of P.C Act 1988 in Disproportionate Assets case and sentenced him to undergo Five Years Rigorous Imprisonment with fine of Rs.10,000/-. The Special Judge […]
The demand uploaded by AO’s on the CPC Portal together with demand in IRLA is way short of the total demand reported in CAP-I. And the demands uploaded, are sometimes incorrect or non-existent leading to grievances and causing aberrations in projection of total collection figures.
Assessing Officer committed an error in resorting to explanation to section 73 of the Act. The issue before him was whether the income earned by the assessee through sale of shares should be taxed as business income or should be treated as capital gain. Such issue had to be decided on the basis of the question whether the assessee is involved in any business of buying and selling shares or had purchased and sold the shares by way of investment.
Issue of whether the petitioner fell within the category of a ‘scientific research association’ or in the category of ‘other institution’ partly doing scientific research should be considered by the central government afresh in the manner indicated above and in accordance with law. To enable this, we are setting-aside the notification dated 12.04.2007 and direct the central government to decide this question afresh within three months. The central government will examine the observations above as also the requirements of Rule 5D of the Income Tax Rules, 1962. The writ petition is disposed of accordingly.
Tribunal deleted the addition made on account of difference of balances of Rs.14,03,85,459/-. The Tribunal after considering the explanation of the assessee-respondent and the findings of the CIT(A), recorded the reconciliation statement substantiated by necessary evidence which had been furnished by the respondent assessee. The remand report of the Assessing Officer was also called for here. In absence of any difference in details and reconciliation statement furnished by the assessee, the CIT(A) deleted the addition and the same came to be confirmed by the Tribunal. There being no material to take a contrary view & as both the authorities have concurrently held to delete the said addition, we find on reason to interfere in this question.
The facts of the case are that the assessee is a jeweller and it is in this business for the last number of years. There was a search at the assessee’s premises by the DRI on 13th Feb., 1993 in which they found that the assessee had purchased silver weighing 1,913.295 kgs. and the same was seized. The stand of the assessee was that it had purchased silver of 194.25 kgs. from M/s Dilipkumar Hirachand, Jalgaon and the balance 1,713.80 kgs. through the agent in Mumbai who arranged the purchases of this quantity from 18 NRIs who had brought it from Middle-East countries. The DRI did not accept the contention of the assessee and seized the entire silver on the contention that the assessee did not prove that it was a legal purchase.
Period of six months as provided in Sub-section (2) of Section 12AA is not mandatory. Though the word ‘shall’ has been used but it is well known that to ascertain whether a provision is mandatory or not, the expression ‘shall’ is not always decisive. It is also well known that whether a statutory provision is mandatory or directory has to be ascertained not only from the wording of the statute but also from nature and design of the Statute and the purpose which it seeks to achieve.
Voluntarily means out of free will without any compulsion. When the assessee concealed incriminating material in the form of transactions in the aforesaid account of the two parties, surrender cannot held to be voluntarily. Surrender of income after the department has collected incriminating material with regard to the income so disclosed, cannot be voluntary surrender, because it was made under the constraint of exposure to adverse action by the Department.
Assessee is a limited company. The Government of Gujarat floated Sale Tax Deferment Scheme. For facilitating the industrial units to avail such benefit of the Sale Tax Incentive Scheme in the State, pari passu charge was to be created in favour of the Sales Tax Department, as decided by the Government of Gujarat and as such deferred amount of sales tax was considered as a “deemed loan” and the present respondent acted as a nodal agency for the scheme.
