Facts in brief as emerged from the corresponding assessment order passed u/s. 143(3), dated 1.12.2009 were that the assessee is a trust and during the year disclosed a capital gain of Rs.87,29,080/-. It was informed that the assessee had invested a sum of Rs. 1,12,00,000/- in Rural
The constitutional validity of Section 234E of the Income Tax Act, 1961 has been challenged in the Kerala High Court in the case of Narath Mapila LP School vs. UOI WP (C) No. 31498/2013(J). Vide an interim order dated 18.12.2013, the High Court has admitted the Petition and granted a stay of proceedings for a period of two months.
Penalty levied u/s 271AAA on members of AOP is rightly deleted by tribunal in a case where income initially disclosed and declared in the hands of AOP is subsequently disclosed in the individual hands of members forming AOP. CIT Vs. VIRENDARA KUMAR GUPTA (DELHI HIGH COURT)
The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Union of India & Others on the powers of CAG to audit the revenues of Private Telecom Companies flowing to the Consolidated Fund of India
High Court placed reliance on same bench ruling in CIT vs. Rajinder Kumar (ITA No. 65/2013) wherein it was held that “the amended Section 40(a)(ia) expands and further liberalises the statute when it stipulates that deductions made in the first eleven months of the previous year
In the returns the assessee had claimed deduction under Section 10(13A) on the basis of the rent paid by him which has been debited from his salary directly. This Section exempts any special allowances specifically granted to an assessee by his employer to meet expenditure actually incurred on payment of rent for residential accommodation occupied by the assessee,
From a reading of the clauses (a) and (b) of the Explanation to section 10(13A), which were inserted by the Taxation Laws (Amendment) Act, 1984 with retrospective effect from 1-4-1976, it is absolutely clear that in order to claim deduction under sub-section (13A)
If the assessee had not bargained for interest, or had not collected interest, we fail to see how the income-tax authorities can fix a notional interest as due, or collected by the assessee. Our attention has not been invited to any provision of the Income-tax Act empowering the income-tax authorities to include in the income interest which was not due or not collected
Assessment proceedings under section 153A of the Act are invalid as no panchnamas were drawn in the names of 22 petitioners. Another aspect of the said contention relating to validity of proceedings under Section 153A of the Act has been also raised.
Contribution to be made to the provident fund must be the proportionate amount of salary paid to the employees. Salary was a fixed monthly payment whereas the commission was not a fixed payment and could not be included within the scope and ambit of the term salary .
