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Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The ITAT held that Section 56(2)(viib) cannot apply where equity shares are issued upon conversion of CCDs without receipt of fres...
Income Tax : The ITAT held that reassessment initiated beyond four years cannot survive unless the Assessing Officer records that the assessee ...
Income Tax : The ITAT Chennai held that an Assessing Officer cannot introduce a new addition while giving effect to an appellate order. Since t...
Income Tax : The Tribunal held that actual rent received under genuine, registered agreements cannot be replaced with hypothetical market rent ...
Income Tax : ITAT found that the assessee had sufficient cash resources to meet the impugned credit card payments. Since the authorities did no...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
The case of the assessee is that the statement/admission was made under the mistaken belief of law that Rs. 50 lakhs represents the sale value of stock found short was undisclosed income of the assessee instead of the correct legal position that the gross profit on suppressed sale is the income of the assessee.
Ostensibly, while denying the assessee’s claim of carried forward unabsorbed loss/depreciation assessed under the normal provisions of the Act, the Assessing Officer has proceeded on the basis that section 10A of the Act provides an exemption and, therefore, loss suffered in such unit is not allowed to be set off or carried forward for further set off against other normal business income.
According to us for charging capital gains, the assets must have been acquired by incurring cost. In the instant case, the assessee has not incurred any cost for the acquisition of asset because the same was allotted to the assessee’s father by Government of India being refugee from Pakistan at relevant point of time.
Verification Certificate under provisions of Rules 114(4) of IT Rules, 1962 of PAN (Individual / HUF) – A format has been prescribed for verification certificate under provisions of Rules 114(4) of IT Rules, 1962. An individual / HUF PAN Applicant who files certificate of MP / MLA / MC / Gazetted officer as proof of his / her identity or address is to file the same in prescribed format only.
The fact that the assessee has received the amount in the capacity of beneficiaries has also not been controverted, therefore, the amount received by the trust is in pursuance of dissolution of trust. The amount received in pursuance of dissolution of trust cannot be termed to be an amount received by the beneficiaries “without consideration”. The fact that the trust had borne the tax at maximum marginal rate on its income has also not been controverted. Therefore, in our considered opinion, the addition cannot be upheld on the applicability of clause (vi) of sub-section (2) of section 56 of the Act, as the money received by the assessee is not “without consideration”
It is undisputable fact that though the Assessing Officer had concluded the assessment way back in 1999, the assessment reaches its finality in all respects only when the appellate forum decided the issues on such an assessment. Consequent on the final findings recorded by the appellate authorities, there was no liability to pay tax under section 207 for the assessment year under consideration and, therefore, levy of interest under section 234C for deferment of advance-tax payable by the assessee does not arise when the income of the assessee had finally been arrived at a loss of Rs. 1.6 crores. Interest paid under section 234C is for deferment of advance tax. When advance-tax paid is refunded and also interest paid under section 234B, there is no logic in making the assessee liable for interest under section 234C, namely, for deferment of payment of advance tax. Therefore, the Commissioner (Appeals) was justified in directing the Assessing Officer to refund interest levied under section 234C.
The Tribunal while examining this issue went purely by the facts of the case and held that the difficulties in non-production of the documents as was required under the statute was on account of shifting of branch of the bank shortly before the date of the survey and afterwards within a period of two weeks they were furnished before the Assessing Officer. Since, these documents at the time of survey were not presented, it was inferred that they were collected subsequently in post survey period.
The Assessing Officer had asked the respondent-assessee, as to why Rs. 1,63,37,365/- should not be taxed under Section 41(1) of the Act on account of cessation of liability payable to sundry creditors. The assessee on the same date Was asked to furnish details with regard to the change in address and to furnish the proof of payment made to Makkar Traders in the following years and to explain the current status.
Courts have laid down principles for deciding the question as to when income from sale of shares can be said to be income from business. The following are some of the important decisions in this regard: (a) Whether a transaction of sale and purchase of shares were trading transactions or whether they were in the nature of investments is mixed question of law and fact. Learned CIT(A) v. H. Holck Larsen, [1986] 60 ITR 67.
The assessee has made huge payments on account of weaving and processing charges to various parties including one S. Such an outsourcing of work amounts to work done in pursuance of a contract, even though it may not be written. There has to be some terms and conditions for processing and weaving of the cloths for doing it in a certain manner and also there has to be some kind of understanding for the quality and design.
