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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 Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the a...
Income Tax : Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation re...
Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...
Income Tax : The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cann...
Income Tax : The ITAT Pune held that the CIT(A)/NFAC cannot dismiss an appeal merely for non-prosecution without adjudicating the issues on mer...
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...
Undisclosed income exceeding Rs. 9,200 crore detected by CBDT during the search operations in the financial year 2011-12 During the financial year (FY) 2011-12, the Investigation Directorates of the Central Board of Direct Taxes (CBDT) conducted searches on 330 groups involved in different businesses / activities. On the basis of assets, documents and other evidence unearthed during such searches, undisclosed income exceeding Rs.9,200 crore was detected. Number of search warrants executed in FY 2011-12 was 5,132 as against 4,852 warrants executed in FY 2010-11. Unaccounted assets of the value of Rs.880 crore (including cash amounting to Rs.500 crore) were seized in FY 2011-12 as against assets of the value of Rs.775 crore (including cash amounting to Rs.440 crore) seized in FY 2010-11.
ORDER NO. 4/FT&TR/2012 [F.No. 500/15/2011-FT&TR-I], dated 10-4-2012 In partial modification of order No.1/FT&TR/2012 and order No. 2/FT&TR/2012, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Directors of Income-tax as Members of DRP at the places given below, who shall perform such duties in addition to their regular duties with immediate effect and until further order:
Ld. counsel for the assessee contended that similar action was taken by the AO for the assessment year 2003-0-4 also, which was reversed in the first appeal. He placed on record a copy of the order passed by the Tribunal on 13-08-2009 in ITA No.4960/Mum/2007 for the assessment year 2003-04 by which the Revenue’s appeal, under similar circumstances, came to be dismissed. A copy of the judgment of the Hon’ble jurisdictional High Court, in the appeal filed by the Revenue against the said order of the Tribunal for the earlier year, was also placed on record by which the Revenue’s appeal has been dismissed. The ld. DR was fair enough to concede that the facts and circumstances of the instant year are similar to those for the assessment year 2003-04. Respectfully following the precedent, we uphold the impugned order on this issue.
Appellant had shown receipt of a sum ofRs.45,67,375/- on account of job work from Sunita Crimpers and further receipts of Rs.13,06,422/- on account of labour charges. In the tax audit report it has been mentioned that Sunita Crimpers had made the total payment of Rs.59,29,759/- i.e. a sum of Rs.58,37,799/- should paid on account of job work charges and further a sum of Rs.59,962/- on account of purchase of oil by Sunita Crimpers. It is also a fact that the activity of texturising of yarn was controlled by the Excise and therefore related excise recorded were maintained.
ITAT held that the correct nature of transactions is sale of product and not any fees for technical services requiring deduction of tax at source.
Addition of Rs.19.14 crore has been made on the basis of the assessee’s operating margin from its total operations within and outside India arising due to both the controlled and uncontrolled transactions with the associated enterprises and nonassociated enterprises. The addition on account of transfer pricing adjustment can be made by comparing the assessee’s result from the international transactions with the AEs with those from comparable uncontrolled transactions of outside parties.
With effect from April 8, 2012, PAN applications are required to be furnished in the new forms prescribed by ITD. Foreign citizens will have to submit their ‘Application for allotment of new PAN’ in newly notified Form 49AA only. With effect from April 1, 2012, fees for PAN application has changed to 96. (For dispatch outside India 962).
With effect from April 8, 2012, PAN applications are required to be furnished in the new forms prescribed by ITD. Indian citizens will have to submit their ‘Application for allotment of new PAN’ in revised Form 49A only. Foreign citizens will have to submit their ‘Application for allotment of new PAN’ in newly notified Form 49AA only.
The government has made it mandatory for individuals with income above Rs 10 lakh to file their tax returns 2011-12 onwards electronically. E-filing has been made compulsory for the person who is an individual, or a Hindu Undivided Family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds Rs 10 lakh for assessment year 2012-13 onwards, the income tax department said.
Honorable high Court in this case on the issue of payment of Commission by United Breweries Ltd. To its Chairman Shri. Vijay Mallya held that though the chairman has stood as guarantor in his personal capacity, the bank has lent money not on personal Guaranty of the Chairman but on the Assets of the Company which are offered as a security to the bank. This personal Guarantee is adopted as a mean to pay remuneration to managing Director for which he was otherwise not entitled too.
