Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
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...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
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...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Income Tax : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
In the case of dredger Hector even though there is no dispute with reference to the examination of the international transactions in this year under the provisions of transfer pricing, while determining the ALP what is required to be considered is whether the price paid has any significant impact on the income. As submitted by assessee, the agreement was entered when the entities are independent and therefore, the price paid can be considered at arms length. Moreover, assessee also justified the price paid is within the permitted range of +/- 5% in both the cases, the fact of which was accepted by the CIT(A).
TIN users who have registered on TRACES but not activated their account within 24 hours will have to register as new user. Click on ‘Register as New User’ and select user as ‘Deductor’ to proceed.
In the instant case the dividend earned on shares by the respondent assessee is from its investments in shares out of the respondent-assessee’s own funds. Consequently, the question of invoking Section 14A of the Income Tax Act,1961 to disallow expenditure would not arise.
Respondent assessee was interalia engaged in the business of execution of contracts for erection and commissioning of plants. The Assessing officer disallowed an amount of Rs.16.86 lacs paid by way of reimbursement to sister concerns for payment of salaries to their employees as they were deputed to the respondent assessee. This was disallowed under Section 40(a)(ia) of the Income Tax Act, 1961 (the Act) for failure to deduct tax. In appeal, the CIT(A) upheld the order of the Assessing officer.
The factual matrix or the case is that the assessee had contracted with landlord to take a premise on lease for opening its branch though no formal agreement with the landlord was entered into. Based on the understanding, the landlord had started the construction of the premises as per the requirement of the assessee. Before the construction was completed the assessee came to know of the proposed construction of overbridge over the said property. The assessee was of the view that overbridge will cause hindrance to conduct the business and services.
In case of Ratanlall Murarka and others (supra), as already noted, Kerala High Court did hold that under section 179 of the Act not only the tax dues but also interest can be recovered from the director of a public company. This was on the basis that according to the Court, the company was liable for interest under section 220(2) of the Act.
Issue pertains to deduction claim by the assessee under section 80IB(10) of the Act on development of a housing project. Revenue, however, holds a belief that the respondent-assessee had not developed the housing project on the ground that the land was not owned by the assessee. The Tribunal, however, held that as per the development agreement, the assessee had to incur and bear all expenses for development of the land. The assessee had the right to allot possession of the constructed units to the members of the housing project after developing the housing project. The Tribunal relied on the decision of this Court in the case of CIT v. Radhe Developers [2012] 341 ITR 403 in which this Court had upheld the decision of the Tribunal. In the result, Tax Appeal is dismissed.
Relying on the decision of the Coordinate Bench of the Tribunal we exclude the Giant Companies namely Wipro and Infosys which are taken as comparables as turnovers of these companies are multiple number of times higher compared to that of the assessee, we hold that the DRO erred in considering their PLI to arrive at the arithmetic mean.
The Department appears to have sent a proposal to the Finance Department which had approved it on 4th September 2012 and after the same was received back alongwith necessary papers and orders permitting the Office of the Government Pleader to file Tax Appeal, it appears that the Tax Appeal which was to be filed on or before 10th November 2009, came to be filed after a huge delay of 1226 days on 27th November 2012. What is stated for explaining such delay is that due to Government administrative mechanism, within the statutory time period, tax appeal could not be filed. In absence of any specific details and explanation, this explanation in general terms does not satisfy us.
In this case the assessee’s contention for interest under section 244A was not accepted by the Assessing Officer. The Assessing Officer observed that according to section 244A(2), if the proceedings resulting in refund are delayed for reasons attributable to the assessee, whether wholly or in part, the period of the delay so attributable to him shall be excluded from the period for which interest is payable. The Assessing Officer held that from the records it is seen that the above condition was directly applicable to the assessee’s case. He observed that the assessee-company was not able to produce the original documents and these were procured by the assessee-company much later to assessment proceedings. Accordingly, the Assessing Officer held that no interest under section 244A was to be granted.
