Income Tax : This guide explains the penalty and prosecution framework under the Income-tax Act for AY 2026-27. It highlights the consequences ...
Income Tax : The Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalme...
Income Tax : The article explains how offences such as wilful tax evasion, failure to file returns, non-payment of TDS/TCS, falsification of re...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
Income Tax : Request to CBDT to permit filing of Form 10IC after expiration of time limit by condoning delay Issuance of Order under Section ...
Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...
Income Tax : At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance mini...
Income Tax : ITAT held interest from head office and overseas branches is not taxable as payment to self, while interest from overseas banks al...
Income Tax : ITAT held an assessment passed after the taxpayer's death was invalid in law, quashed the order, and treated all remaining issues ...
Income Tax : ITAT Jaipur held that a one-day delay in filing Form 10DA could not defeat a Section 80JJAA deduction when the form was on record ...
Income Tax : Transfer pricing principles dictate that a captive, risk-mitigated service provider could not be benchmarked against full-fledged,...
Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
Question Nos. 10 and 11 pertain to assessee’s challenge against levy of interest under section 234B of the Act for non-payment of advance tax. The assessee has relied on the decision of the Supreme Court in CIT V. RANCHI CLUB LTD., 247LT.R, 209 and decision of the Delhi High Court in CIT v. INCHCAPE INDIA (P) LTD.,
The Patna High Court in the case of Ranchi Club Ltd. Vs. C.I.T. [1996] 217 ITR 72 (Pat.), rendered a very significant judgement that interest under Section 234A and 234B is to be levied on the income declared in the return of income and not on the assessed income. This judgement was passed on 13.11.1995. Thereafter, on 2.7.1996, another very significant judgement was rendered in the case of Ranchi Club Ltd. & Others Vs. C.I.T. [1996] 222 ITR 44 (Pat.)
