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Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
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Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
CIT v. G.R. Developers Insofar as balconies are concerned, prior to 01.04.2005, the area covered by them has to be excluded in calculating the built-up area. As the housing project was approved on 14.06.2002 and in the said plan, all these balconies are shown and excluding those balconies, the construction put up is admittedly less than 1,500 sq. ft. After 01.04.2005, the authorities cannot add the balcony area to the built up area and deny the benefit to the assessee. Therefore, as the material on record discloses that all the 84 or 83 flats constructed are less than the 1,500 sq. ft., the assessee cannot be denied the benefit and taxed on the ground that it exceeds 1,500 sq. ft. Hence this question of law is answered in favour of the assessee and against the revenue.
The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. “It has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutiny only where the Income Tax department is in possession of credible information,”Central Board of Direct Taxes said in a statement.
Keeping in mind the fact that obstacles were put in assessees getting the benefit, the Legislature introduced the definition of built-up area in sub-section (14)(a) of section 80-IB. From a reading of the definition of built-up area, the intention is clear. In calculating the built-up area it is only the inner measurements of the residential unit on the floor level, which has to be taken into consideration. If there are any projections and balconies and if it exclusively belongs to the residential units, then that also has to be taken into consideration for deciding the built-up area.
The assessee in the present case has also raised the plea of reasonable cause, that the person advancing the loan was agriculturist and had no bank account. Accordingly, we delete the penalty levied under sections 271D and 271E of the Act.
Notification No. 12/2012-Income Tax In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Competition Commission of India, a Commission established under sub-section (1) of section 7 of the Competition Act, 2002 (Act 12 of 2003), in respect of the specified income arising to the said
Notification No. 11/2012-Income Tax In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the National Skill Development Corporation, a body constituted by the Central Government, in respect of the specified income arising to the said Corporation , as follows:-
The acquisition is of the year 2001 while the compensation has been paid somewhere in the year 2009. Keeping in view the law laid down by the Apex Court in the matter of Bikram Singh v. Land Acquisition Collector [1996] 89 Taxman 119, it is to be held that interest received on delayed payment is a revenue receipt exigible to Income-tax. Since the amount has already been deposited by the respondent-authority and the deduction is in accordance with section 194A, therefore, no illegality has been committed by the Court below in upholding the action taken by respondent-authority in deducting the amount.
Prakash Leasing Ltd. v. DCIT – The lease rentals is not the real income of the assessee. The lease rental consists of financing charge as well as capital recovery. The amount received towards capital recovery constitute the capital expenditure, whereas the financing charge represents the revenue receipt, which is the real income. It is as per the Accounting Standards prescribed by the ICAI. Therefore, the assessee under the Act has to offer to tax only the real income and not the total receipt. He is not liable to pay any tax under the Act on the capital recovery.
Merely because the vehicles were used by the lessees in their business, the assessee cannot be denied the depreciation @ 40%. In fact, it is not in dispute that in respect of all these vehicles, the assessee has acknowledged the receipt of lease rent and has shown the same in his profit and loss account. It is thereafter he is claiming depreciation. If the authorities were of the view that the assessee has failed to prove his ownership over those vehicles, then, if depreciation is to be disallowed then they also should not have taken that lease rental agreement for the purpose of making the assessment. Under these circumstances, it is also not in dispute that for the subsequent years, the assessee had been granted the benefit of depreciation. Therefore, the order to be passed by the authorities should be consistent.
Having regard to the circumstances of the case we are of the view that the balance of convenience is in granting conditional stay. As declared in the open court, assessee is directed to pay a sum of Rs. 75,00,000/- on or before 15th March 2012 and with regard to the balance outstanding demand assessee should furnish proper surety to the Assessing Officer. The Registry is directed to post the appeal for final hearing on 23rd April 2012. Since the date is announced in the open court the issuance of notice to the parties is dispensed with.
