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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 : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
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 : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
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...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
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 present case, the main dispute is regarding revenue recognition relating to unused talk time remaining available as at the end of the year. As noted earlier, there is no dispute that company had to provide talk time to its subscriber till the expiry of the period of card or till complete utilization of talk time, whichever is earlier. As long as assessee is under obligation to provide talk time, it cannot be said that a debt has accrued in favour of assessee-company against the subscriber.
It is after the deduction under Chapter VI-A that the total income of an assessee is arrived at. Chapter VI-A deductions are the last stage of giving effect to all types of deductions permissible under the Act. At the end of this exercise, the total income is arrived at. Total income is thus, a figure arrived at after giving effect to all deductions under the Act. There cannot be any further deduction from the total income as the total income is itself arrived at after all deductions.
As regards another facet of addition in this case which has resulted from enhancement made by the Ld. Commissioner of Income Tax (A) by holding that assessee is not eligible for deduction u/s. 54F(1) on the payment of Rs. 55,70,800/-. This has been denied on the ground that the payment was made by M/s Capital Advertising Pvt. Ltd. wherein the assessee was Director and not by the assessee himself. In this regard, it is the assessee’s claim that the assessee has duly made the arrangement for booking of the flat and necessary documentation were made by the assessee in his individual capacity.
In the instant case, assessee a recognized trust invested its funds as per instructions of Government of India in various financial institutions and those institutions deducted tax at source from interest earned on fixed deposits. In order to claim refund of TDS erroneously deducted by the financial institutions, the assessee filed returns for relevant assessment years. The AO held that since said returns had been filed beyond the prescribed time-limit, they were to be treated as invalid returns and, thus, application for the TDS refunds was to be rejected. The CIT, however, refused to condone the delay in filing the returns on the ground that it was not a case of genuine hardship as envisaged under section 119(2)(b). Contending that the stance taken by the respondent authorities is contrary to law, the petitioner-trust filed this instant writ petition for appropriate relief.
In order to be covered under section 22, it is sine qua non that the assessee must be the owner of the house property as per section 27 read with section 269UA(f). In the instant case, the assessee is not the owner of the property. It cannot also be considered as deemed owner of house property within the meaning of section 27 because it took property on lease for a period of three years. Since the assessee was neither the owner nor the deemed owner of the house property, applying the provisions of section 22, the annual value of such property could not have been charged to tax under the head ‘Income from house property’. As it was a case of simple subletting of property, not facilitating the carrying on of the assessee’s business in any manner, the rental income so realized by the assessee could not be considered as ‘Business income’. In such a situation, the same should be included under the head ‘Income from other sources’. The impugned order on this issue is set aside and the matter is restored to the file of the Assessing Officer for doing the needful accordingly.
It appears that nothing is available from the record that advances/loan without interest were ever given for business purposes. It was for the personal use of Director or family members and after obtaining the loan/advances, the borrower never made any effort to repay the loan amount nor did the assessee company made any effort to recover the said loan from the borrower. In fact assessee company allowed its Director and family members to use its funds for their personal benefits. This cannot be intention of the statute which allowing the payment interest on borrowed funds for business purpose under section 36 (1)(iii) of the Act. Therefore, the interest on borrowed funds can not allowed for a longer period even the funds are not being used for the business purpose.
Undisputedly the office of the Assessing Officer who passed the assessment orders is located in Delhi, over which the Delhi Benches of the Tribunal has jurisdiction. The order under section 127 of the Act was passed by the ld. Commissioner of Income-tax on 12.8.2011 w.e.f. 23.8.2011, which was passed after passing the assessment order and even after filing of the first appeal.
Notification No. 27/2013 – Income Tax The notification shall be effective subject to the following conditions, namely:- (a) the ‘Assam State AIDS Control Society’ does not engage in any commercial activity; (b) the activities and the nature of the specified income of the ‘Assam State AIDS Control Society’ remain unchanged throughout the financial year; and
India and Liechtenstein have signed a Tax Information Exchange Agreement (TIEA) today at Bern, Switzerland. The Agreement was signed by Ms Chitra Narayanan, Indian Ambassador in Switzerland from Indian side and Madame Doris Frick, Ambassador of Liechtenstein in Switzerland on behalf of Liechtenstein.
Government Approves Issue of Circulars on Identification of Contract R&D Service Provider With Insignificant Risk and on Application of Profit Split Method Based on Recommendation of the Rangachary Committee; These Circulars Will Help in Providing Certainty to the Taxpayer on Issues Relating to Transfer Pricing of Development Centre
