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Income Tax : New TDS Rules Under Section 194T: Impact on Taxpayers & Businesses – Effective from 1st April 2025 Introduction The Finance ...
Income Tax : Explore the economic impact of AI, automation, and recession on India. Understand how income tax laws may evolve to address unempl...
Income Tax : Ensure tax compliance before March 31, 2025. Key tasks include filing returns, verifying TDS, updating accounts, and making necess...
Income Tax : Partnership firms must comply with new tax rules from April 1, 2025. Changes include higher partner remuneration limits and mandat...
Income Tax : Learn about TDS on payments to non-residents, including business connection rules, royalty provisions, and significant economic pr...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
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 : ITAT Pune remands Ask Chemicals India's appeal to NFAC, directing it to adjudicate on merits rather than dismissing for non-prosec...
Income Tax : Kerala HC upheld the TDS penalty under Section 271C in US Technologies case, directing reconsideration of quantum. Read the detail...
Income Tax : Bombay HC rules unexplained bank credits are taxable under Sec 68. Orders probe into accommodation entry racket by Buniyad Chemica...
Income Tax : Sanjay Vs ITO (ITAT Delhi) ITAT Delhi condone delay in appeal of 1086 days in Sanjay vs. ITO: Key Ruling on Reassessment Under Sec...
Income Tax : According to AO, the provisions were not allowable who vide show cause notice asked assessee to furnish details of the provisions ...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
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...
Notification No. GSR 323(E)-Income Tax In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Time Deposit Rules, 1981, namely:- 1. (1) These rules may be called the Post Office Time Deposit (Amendment) Rules, 2012.
Notification No. GSR 322(E)-Income Tax In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office (Monthly Income Account) Rules, 1987, namely:- 1. (1) These rules may be called the Post Office (Monthly Income Account) Amendment Rules, 2012.
Notification No. GSR 321(E)-Income Tax In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:— 1. (1) These rules may be called the Senior Citizens Savings Scheme (Amendment) Rules, 2012.
Notification No. GSR 320(E)-Income Tax In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Recurring Deposit Rules, 1981, namely:- 1. (1) These rules may be called the Post Office Recurring Deposit (Amendment) Rules, 2012.
Notification No. GSR 319(E)-Income Tax In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (IX Issue) Rules, 2011, namely:- 1. (1) These rules may be called the National Savings Certificates (IX Issue) (Amendment) Rules, 2012.
Hon’ble Supreme Court in the case of Para Laminates (P.) Ltd.’s held that the Tribunal is entitled to exercise all incidental and ancillary powers which are reasonably necessary for performing the adjudicative functions. Applying the aforesaid principles, it clearly follows that it was obligatory on the part of the I.T. authority to effect service of notice of hearing on the assessee since the service could not be effected by post at the address given by the revenue in the memorandum of appeal.
Notification No. GSR 318(E)-Income Tax In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (VIII Issue) Rules, 1989, namely:- 1. (1) These rules may be called the National Savings Certificates (VIII Issue) (Amendment Rules), 2012.
The assessee debited an amount of Rs.17,34,716/- being foreign exchange loss that arose due to re-statement of current liabilities. The liability had arisen in the earlier years due to consultancy services rendered by Alfred Mcalphine, UK. The assessee contended that the loss arising due to fluctuation in foreign exchange liabilities, when such liabilities are re-instated as on 31st March, is ascertained liability and not contingent liability. The AO rejected the contention of the assessee.
We have considered the facts of the case and submissions made before us. According to us, the best evidence regarding cost of construction is from Devika, who constructed the building. In response to summons u/s 131, Devika filed a copy of the agreement, an unsigned valuation report prepared by Shri Charanjit S. Shah and a copy of balance-sheet as on 31.03.2002. The balance-sheet shows capital work-in-progress as on 31.03.2002 at Rs.2,50,30,642/-, half of which amounts to Rs. 1,25,15,372/-.
The Assessing Officer was of the view that the claim of CENVAT irrecoverable does not fall as an expense under any of the above said sections. The Assessing Officer referred to sub-section of sections 36 and 37 at length and was of the view that the claim of the assessee had to be justified either under section 36(1)(iii)/36(2) (bad debts) or section 37(1) of the Act.
