Income Tax : The framework outlines different assessment types to verify income and tax liability. It ensures accuracy through self, summary, s...
Income Tax : Explore the assessment procedures for partnership firms in the upcoming years 2022-2023 to 2024-2025. Understand key provisions un...
Income Tax : This article explains the five most frequent issues arising in modern income tax assessments, including unexplained cash deposits,...
Income Tax : Explains how Section 3 defines the earning year and the taxation year under the Income-tax Act. Clarifies why income earned in one...
Income Tax : Courts have ruled that notices or orders issued by a Jurisdictional AO under the faceless regime are void due to lack of authority...
Income Tax : Read KSCAA's representation to the Commissioner of Income Tax, addressing practical issues faced by taxpayers and suggesting solut...
Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...
Income Tax : While uploading Manual order for the A Y 2017-18 user is getting the following message: Manual Order cannot be uploaded for this P...
Income Tax : Tax collections increased from Rs 6.38 Lakh Crore in year 2013-14 to almost Rs 12 Lakh Crore this year 80% growth in tax base; n...
Income Tax : The Tribunal admitted a new legal ground and held that jurisdictional defects can be raised at any stage. It quashed the assessmen...
Income Tax : The ITAT has declared an assessment against SoftwareONE India Pvt. Ltd. void, ruling that an assessment framed in the name of a no...
Income Tax : Delhi High Court directs acceptance of Acuity KP Solutions' tax return and refund, citing time-barred assessment proceedings after...
Income Tax : In a case of BVM Global Education Trust vs Assessment Unit, Madras High Court declares computation sheet and demand notice invalid...
Income Tax : Read about the Madras High Court's order for rectification of an income tax assessment order regarding addition on sale considerat...
Income Tax : A CAG audit report on direct taxes for FY 2022-23 reveals over ₹7,929 crore in tax effect from 481 observations, highlighting as...
Income Tax : Standard Operating Procedure (SOP) for Assessment Unit (AU), Verification Unit (VU), Technical Unit (TU) and Review Unit (RU) unde...
Income Tax : CBDT hereby specifies that all the assessment proceedings pending as on 31.03.2021 and the assessment proceedings initiated on or ...
Income Tax : Faceless Appeal Scheme has been implemented in ITBA and the allocation of cases to Faceless Appeal units is under progress. A numb...
Income Tax : CBDT notifies Prescribed Authority under Section 133C with effect from 13th August, 2020 vide Notification No. 66/2020, Dated: Aug...
Section 127 does not spell out under what facts and circumstances a transfer of a case can be made. However, in a case of inter-city transfer statute requires compliance of two requirements –first, to vie the assessee a reasonable opportunity of hearing, wherever it is possible to do so and secondly, reasons with regard to transfer should be recorded. In the instant case there is no dispute that the principles of natural justice
9. In the instant case, since it is not in dispute that the amount, in question, has already been utilized by the Assessee for the purpose of its business from time to time and by Board Resolution the Assessee has transferred the amount to the Reserve Fund Account, and considering the judgment of the Supreme Court in the case of Commissioner of Income-tax vs. T. V. Sundaram Iyengar
Once the conclusion is reached that the application for advance ruling filed under section 245Q is hit by one or all of the embargoes laid down in the proviso to section 245R(2), the Authority has no option but to reject the application in limine; it is not open to the Authority to ignore the legal bar created by the proviso notwithstanding the discretion conferred on the Authority in apparently wide terms under the main provision i.e., sub-section (2).
7. After going through the orders of the learned Members as well as the orders of the lower authorities, I am of the view that no disallowance was required to be made for the reasons given hereafter. The question for consideration is whether on facts of the case, the disallowance was justified in view of the specific provisions of section 40A(2)(a) of the Act. It would be appropriate to reproduce the relevant portion of the said provision below:
The CBI and the income tax department are at loggerheads. The reason is the effect of a trap laid by the CBI to catch an income tax officer, T V Mohan who was allegedly accepting a bribe of Rs 4.5 lakh from the chartered accountant of a real estate agent. Mohan was detained on Thursday […]
The Income Tax department is all set to move the Supreme Court for a final judgement on its tax claims of around Rs 2,000 crore (Rs 20 billion) in cases involving dividend stripping prior to 2002-03. The taxman had lost the case in the Bombay high court last year. Though the government in 2005 put […]
On paper, this tech park had 37 units functioning on its premises — all entitled to income tax concessions. What they turned out to be were nothing less than maintenance rooms located in the car park! And the tech park owner stashed away Rs 75.8 crore that he had claimed as tax concessions for three […]
7. There was a search and seizure action against the assessee on 10-10-1995. In pursuance thereto, the A.0 initiated proceedings u/s 158BC of the Act. Notice u/s 158BC read with section 158BD dated 10-9-1996 was issued to the assessee requiring the assessee to prepare and file the return of income in the prescribed form setting forth his total income including the undisclosed income for the block period from 1-4-1985 to 10-10-1995
10. In the case of Commr. of Income-tax, Madhya Pradesh, Nagpur and Bhandara v. Nandlal Bhandari Mills Ltd. – (1966) 60 ITR 173, which judgment was in the context of composite income, the question inter alia arose whether depreciation “actually allowed” would mean depreciation deducted in arriving at the taxable income or the depreciation deducted in arriving at the world income (composite income)
7. Rival submissions of the parties have been considered carefully. The question for our consideration is whether the income accruing to the assessee should be assessed as `business income’ as claimed by the assessee or partly as `income from house property’ and partly as `income from other sources’ as held by the Assessing Officer Officer. At the outset, we may mention that the Assessing Officer has committed
