Income Tax - Page 5

Relaxation of Penalty U/S 271DA for Violation of Section 269ST

Finance Act 2017, instead of amending section 273B, inserted a proviso to section 271DA itself to the effect that, no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention of section 269ST. However, what could constitute good and sufficient reasons for contravention have not bee...

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Treatment of Tax paid by employer on Non-Monetary Perquisites

Perquisite has a known normal meaning, namely, a personal advantage; something that benefits a man by going “into his own pocket”. The perquisites are taxable under the head salary in the Income Tax Act. As per Section 17(2)(iv), perquisite includes ‘any sum paid by the employer in respect of any obligation which, but for such [&hel...

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Penalty imposed not sustainable if Quantum Assessment itself quashed

ITO Vs Shri Anilkumar G. Darji (ITAT Ahmedabad)

Since basis for visiting assessee with penalty has been extinguished by quashing assessment order itself by Tribunal in appeal of assessee, impugned penalty imposed further had no leg to stand....

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Rejection of GST refund without considering assessee’s reply violates principles of natural justice

M/s. Sri Gayathri Cashews Vs Assistant Commissioner of GST and Central Excise (Madras High Court)

Rejection of IGST refund without considering assessee's reply and also without affording an opportunity of personal hearing was in violation of the principles of natural justice. Therefore, matter was remanded back for reconsideration to decide the refund claim on merits within the stipulated period....

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Penalty not leviable If Assessee acted in terms of law prevailing at relevant point of time

Commissioner of Income Tax Vs  Chettinad Cement Corporation Ltd. (High Court Madras)

CIT Vs  Chettinad Cement Corporation Ltd. (High Court Madras) n order to get over the legal embargo which permitted such expense to be allowable as a deduction, the Income Tax Act was amended and Section 35DDA was introduced by Finance Act, 2001 w.e.f 01.04.2001. Thus, in our considered view, the Tribunal was justified in setting aside ...

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Return filed cannot be rejected without giving an opportunity to Assessee

Zeenath International Supplies Vs CIT (High Court Madras)

Zeenath International Supplies Vs CIT (High Court Madras) Sub-Section (9) of Section 139 of the Act is beneficial  provision to the assessee, which provides them an opportunity to rectify the defects. Since  the intention being that the assessment proceedings are an outcome of dialogue and discussion, the Assessing Officer i...

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Section 2(22)(e) not applicable on Flat Purchase by Company for its CMD

Aditya Jyot Eye Hospital Pvt. Ltd. Vs ITO (ITAT Mumbai)

Aditya Jyot Eye Hospital Pvt. Ltd. Vs ITO (ITAT Mumbai) The assessee purchased the flat bearing flat no.602, in the building namely Ornate Galaxy, located at L.T. Road, Dadar (E), Mumbai. No doubt, the assessee Dr. Natarajan is the CMD of hospital and is having 99% share of the assessee company. The flat is near to […]...

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Depreciation allowable if Factory not run due to stay order by court

PCIT Vs Babul Products (P.) Ltd. (High Court Gujarat)

Where assessee could not run the factory during the year because of stay order of court, otherwise its business was continued, in such a case depreciation was to be allowed....

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Unsecured Loan from relatives cannot be equated with Bank Loan

DCIT Vs. Prem Kumar Gupta (ITAT Delhi)

Hon'ble Delhi ITAT held that there is difference between loan taken from Banks and unsecured loans taken from the relatives. In the case of unsecured loans from the relatives, no formalities and bank guarantee have to be given. Thus the Hon'ble Tribunal has held 15% interest paid on unsecured loans taken as highly reasonable....

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New Procedure for Lower Deduction / Collection of Tax at Source

Notification No.08/2018 (09/01/2019)

With effect from the Financial year  2018-19 (AY 2019-20) The CBDT vide Notification No. 08/2018 dated 31.12.2018 had laid down new Procedure for application and issuance of lower deduction / collection of Certificates u/s 197/206C (9), which is applicable for sections 192,193,194,194A,194C,194D, 194G,194H,194I,194J,194K, 194LA 194LBB,19...

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Posted Under: Income Tax |

Latest Income Tax News

Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961.

Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates.

Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place.
Get all the latest news on income tax with Taxguru. We will offer you all the insight and details about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars.

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