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Corporate Law : Rajasthan HC dismissed petitions against border-area eviction notices, held them not maintainable, and directed a committee to exa...
Corporate Law : Karnataka HC allowed the appeal, set aside the Trial Court order, directed removal of stairway obstructions and reconsideration of...
Corporate Law : Bombay HC held that a 21-year-old woman cannot be compelled to return home or marry against her wishes, treating residence, marria...
Corporate Law : The Madhya Pradesh High Court held that judicial officers cannot be intimidated for delivering judgments since every judicial orde...
Corporate Law : The article argues that failure to comply before the AO or CIT(A) can lead to adverse assessments, as higher forums generally cann...
Corporate Law : The Supreme Court upheld joint insolvency proceedings against two interconnected real estate companies due to common management an...
Corporate Law : Supreme Court ruled that CoC and RP can surrender financially burdensome assets voluntarily, clarifying moratorium under section 1...
Income Tax : Gujarat HC has directed CBDT to ensure that there is a mandatory one-month gap between date for furnishing tax audit reports (unde...
Income Tax : Rajasthan High Court granted a one-month extension for filing TARs under Section 44AB for AY 2025-26, citing delayed audit utility...
Income Tax : The Gujarat High Court is hearing a petition from the Chartered Accountants Association regarding persistent glitches on the new I...
Service Tax : Delhi HC set aside service tax demand and refund rejection, holding telecommunication services qualified as export of service unde...
Income Tax : Karnataka HC quashed the Section 147 assessment and penalty notices after fresh allegations were introduced without adequate oppor...
Income Tax : Karnataka HC quashed assessment and penalty notices after finding only two days were given to respond to a Section 144B show cause...
Income Tax : Karnataka HC remanded reassessment proceedings, allowed challenge to Section 147A, and followed the Supreme Court's directions on ...
Income Tax : Karnataka HC remanded reassessment proceedings, allowed challenge to Section 147A, and followed the Supreme Court's directions on ...
Income Tax : The Court held that membership cannot be granted where the underlying flats do not exist and are merely refuge areas. It ruled tha...
Corporate Law : Bombay High Court implements "Rules for Video Conferencing 2022" for all courts in Maharashtra, Goa, and union territories, effect...
Income Tax : CBDT raises monetary limits for tax appeals: Rs. 60 lakh for ITAT, Rs. 2 crore for High Court, and Rs. 5 crore for Supreme Court, ...
Corporate Law : The Delhi High Court mandates new video conferencing protocols to enhance transparency and accessibility in court proceedings. Rea...
Income Tax : Income Tax Department Issues Instructions for Assessing Officers after Adverse Observations of Hon. Allahabad High Court in in Civ...
The Tribunal, Ahmedabad Bench, has referred the following questions in respect of the asst. yrs. 1972-73 and 1973-74 for the consideration of the High Court under s. 256(1) of the IT Act, from the Tribunal’s order dt. 18th August 1981, and 20th August 1983, the later being question on the ground which was raised but through oversight not decided in the earlier order by the Tribunal.
The short point which arises for consideration in this appeal is : Whether notional interest on interest-free deposit received by the assessee against letting of property could be taken into account in cases falling under section 23(1)(b) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) In other words, whether notional interest would form part of actual rent received or receivable under section 23(1)(b) ?
In our opinion, the view which we are taking is also fortified by the proviso to s. 119 of the Act which specifically provides that the Board cannot issue instructions to the IT authority to make a particular assessment or to dispose of a particular case in a particular manner as well as not to interfere with the discretion of the CIT(A) in exercise of his appellate functions.
Shorn of all details, it emerges that the assessee first filed his returns for the assessment years 1983-84, 1984-85, 1985-86 and 1986-87 showing income ranging between Rs. 10,000 and Rs. 12,000. Later action under Section 132 was taken against him which led to reopening of the assessment. A notice under Section 148 was served on him
As per the CBDT Circular discussed in the case of Smt. Pati Devi vs. ITO; 240 ITR 727 Karnatka 500gm, jewellery is expected in the possession of a married lady and that much of ornaments cannot be seized. If we go with the CBDT Circular dated 11.05.1994 and the ratio laid down in the case of Smt. Pati Devi (supra), then each lady is expected to own 500gm. ornaments.
It cannot be a matter of an argument that the amount of sales by itself cannot represent the income of the assessee who has not disclosed the sales. The sales only represented the price received by the seller of the goods for the acquisition of which it has already incurred the cost. It is the realisation of excess over the cost incurred that only forms part of the profit
The case of the petitioner interalia was that there was a change in law as brought about by the decision of the Supreme Court. The Delhi High Court while holding that in considering a delay condonation application facts and circumstances of the each case are required to be considered, held that the facts of the case warranted condonation of delay of 25 days.
Whether, on the facts and in the circumstances of the case and having regard to the provisions of Section 23 of the Income-tax act, 1961, the Appellate Tribunal was right in holding that only the actual rental receipts should be treated as annual letting value though the municipal authorities have fixed the annual value at a higher figure than the actual rent ? and
The scheme of the IT Act, 1961, shows that the firm and its partners are treated as two separate legal entities so far as the provisions of tax law are concerned. While framing an order of assessment under the provisions of the IT Act, 1961, the firm and its partners are to be treated as two separate legal entities and payment of interest to a firm cannot be treated in the tax law as payment of interest to its partners.
The learned counsel appearing for the assessee submitted that the amount collected as per the direction given in the Molasses Control (Amendment) Order, is also entitled to be deducted as revenue expenditure, while computing the total income of the assessee. In order to support this contention, the learned counsel appearing for the assessee
