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Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : The Finance Bill 2025 projects a 12.65% rise in income tax collections despite tax cuts, with estimated receipts of ₹25.20 lakh ...
Income Tax : The Finance Bill 2025 revises tax slabs, reducing the burden on middle-class taxpayers. The changes aim to boost savings and consu...
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Income Tax : Delhi High Court sets aside DRP's order in FIS Payment case, directing a fresh review under ITAT rulings on Section 56(2)(viib). K...
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Income Tax : ITAT Mumbai ruled in favor of Jamnagar Utilities, allowing CSR donations as deductions under Section 80G, rejecting the Revenue's ...
Income Tax : ITAT Pune ruled that Section 115BBE does not apply to business income declared in a survey. Read the case details and implications...
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Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Prasar Bharati has been exempted from paying any income tax, with the smooth passage of the Finance Bill in the Lok Sabha. As per one of the amendments in the Finance Bill, 2012 which was passed by the Lok Sabha on 08.05.2012, “any income of Prasar Bharati (Broadcasting Corporation of India)” is now mentioned among entities who will not have to pay tax.
A Day after the approval of the Finance Bill by the Lok Sabha, the government on Wednesday said that it will move ahead to recover the tax and penalty from the British telecom major Vodafone which is currently estimated at Rs. 20,300 crore. Finance secretary RS Gurjal said that no new notice would be required in the Vodafone case as the Finance Bill, 2012 would validate all the notices send earlier, even as the telecom company described the tax law amendment as “grossly unjust” and said it would take all possible steps to safeguard its shareholders’ interest.
Notification No. 17/2012-Income Tax In exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act read with Rule 18C of the Income Tax Rules, 1962, the Central Government hereby notifies M/s. Intime Properties Private Limited., Mumbai as an undertaking and the project at Building No. 5B, 6 and 9 at Survey No.64(part), Madhapur, Hyderabad, Distt. Rangareddy, Andhra Pradesh being developed and being maintained and operated by the said undertaking, as an industrial park for the purposes of the said clause (iii) subject to the following terms and conditions:-
Assessee submitted that the issue may be restored to the file of the Assessing Officer with a direction to decide the same afresh in accordance with law following the ratio laid down by the Hon’ble Supreme Court in the case of Topman Exports (supra) and compute the deduction u/s 80HHC on DEPB/DFRC licenses in this case as per judgment of the Hon’ble Supreme Court referred to above. We find substance in the above submissions of Shri Sudhir Sehgal and, therefore, we set aside the order of CIT(A) and remand the issue to Assessing Officer with a direction to decide the same afresh keeping in view the decision of Hon’ble Supreme Court in the case of Topman Exports (supra). The Assessing Officer should give an opportunity of being heard to the assessee. For statistical purposes, the appeal is allowed.
The assessee borrowed money and instead of financing in rural areas invested the same in the company ‘J,’ where the founders of the assessee-trust are having substantial interest, which is contrary to the object of which the registration was granted to the assessee under section 12AA. Apart from the above, the assessee is paying interest on money borrowed without receiving any benefit from ‘J’. Therefore, the assessee borrowed money for the benefit of ‘J’ and not for the purpose of carrying on its object.
Vide Order No. 83 of 2012 dated 8.5.2012, the CBDT has transferred and posted several Assistant Commissioners of Income-tax with immediate effect.
Tribunal in assessee’s own case for A.Y.2003-04 and 2004-05 exactly on the issue of incidental expenses such as freight, octroi and sales tax whether to be included in the total turnover for the purpose of computation of deduction u/s 10B of the Act, respectfully following the same and in view of the above discussion carried out, we allow the appeal of the assessee. The revision order of the CIT u/s 263 of the Act is quashed.
In the instant case, the questions as to whether the assessee was entitled to get the current year depreciation even if it had not been claimed; or as to whether amendment to section 32 in year 2002-03 had a prospective effect or a retrospective effect on the application of current year’s depreciation and unabsorbed business losses and depreciation for the purpose of computation of Income tax, had been the disputable issues and had been of such questions of law which required further deliberation and discussion. Such aspects did not fall in the category of mistake apparent from the record and, therefore, could not have been dealt with under section 154.
In the instant case, the assessee has already filed requisite details before the Assessing Officer and further detail was to be filed before the Assessing Officer and the latter refused to accept the same. Therefore, the assessee was compelled to file details by way of speed post. Further, new evidence filed by the assessee is from the Government agency and the same is essential for disposal of the appeal. The Commissioner (Appeals) has considered the new evidence and the facts and circumstances of the case in entirety and after recording reasons admitted the new evidences. Therefore, there was no infirmity in the admission of the new evidence by the Commissioner (Appeals), as the interest of the quasi-judicial proceedings is to render justice and not to deny justice by declining to admit new evidence. The circumstances of the case duly justify admission of the new evidence by the Commissioner (Appeals).
One of the important Supreme Court decisions relied on by the counsels appearing for the assessees is the decision rendered in the case of GE India Technology Cen. (P.) Ltd. v. CIT [2010] 193 Taxman 234, wherein the Hon’ble apex court has considered the question whether merely on account of such remittance to the non-resident abroad by an Indian company per se, could it be said that income chargeable to tax under the Income-tax Act, 1961 arises in India.
