Income Tax : Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section ...
Income Tax : The Section 2(13) of the Income Tax Act, 1961, contains an inclusive definition of the term business. There are differences betwe...
Income Tax : The Delhi High Court, has held in CIT vs. Samara India(P) Ltd. (2013) 216 Taxman 93 , following the decision of Supreme Court in T...
Income Tax : The provisions of the Income-tax Act relating to allowances disclose that the expenditure or outgoing sought to be deducted should...
Income Tax : In CIT vs. Bharti Hexacom Ltd. [2014] 221 TAXMAN 323, the Delhi High Court has observed (at page 341), that if the money paid rela...
Income Tax : In our view this is not a fair or proper procedure. If not in the first notice, at least at the time of furnishing the reasons the...
Income Tax : The assessee had challenged reopening of assessment on two grounds. The CIT(A) had accepted the arguments of the assessee, in ligh...
Income Tax : We noted that in the very first year i.e. AY 2011-12, the depreciation has already allowed the claim of depreciation. We noted tha...
Income Tax : The estimate of warranty made by the assessee on the basis of past history cannot be treated as a provision for any ascertained li...
Income Tax : Where no satisfaction had been recorded by the AO for initiation of penalty in the assessment order the same cannot invite the ass...
The learned AR argued the assessee was entitled to raise additional ground of appeal before the Tribunal, even though the claim had not been made either before Income-tax Officer/AO or the First Appellate Authority. It was further argued that the additional ground of appeal raised by assessee was purely legal in nature.
USA is not a person or authority under the Indian Income Tax Act, subsidy or grant received from it does not attract Explanation 10 to section 43(1), extraction of coal from mines and processing thereof tantamounts to production
There are many assessees who are still in the process of migration & many files have not been yet converted at the GST portal as final due to some technical and procedural problems. Also, there are problems in respect of claim of ITC in filing of GST Returns.
Due to the implementation of the GST law from 01.07.2017 and the necessity of linking of PAN with Aadhaar Number from 01.07.2017 while filing ITR, has caused severe problems to tax-payers.
Commissioner has invoked its powers under Section 12(AA)(3) of the Act. The said powers are circumscribed by the limitations imposed under Sub Section 3 of Section 12AA of the Act. The Commissioner, nowhere has given the finding that the activities of the Respondent institution are not genuine one or that the said activity carried out are not in consonance with the object of the institution.
According to section 143(2) of the Income Tax Act, 1961(for short the Act), where a return has been furnished under section 139 of the Act, or in response to a notice under section 142(1) of the Act, the Assessing Officer(AO) or the prescribed income-tax authority, as the case may be, if, considers it necessary or expedient to ensure that the assessee has not understated the income
A welcome decision of Mumbai ITAT in respect of the charging of capital gain on the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee
Whether the ITAT was correct in law in holding that the amount received by the assessee by way of exemption of sales tax payments was not a trading receipt but was a capital receipt, hence not liable to tax?
According to rule 56 of the Central Goods and Services Tax (Second Amendment) Rules, 2017, as per Notification No. 10/2017- Central Tax, dated 28.06.2017, the following accounts and records have to be maintained by a registered person:
Section 221 of the Income Tax Act, 1961, prescribes penalty according to its provisions when an assessee is in default or is deemed to be in default in making a payment of tax.
