Income Tax : Budget 2015-16 -Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) Under C...
Income Tax : Interest payable by the assessee under section 220 Interest under section 220 is proposed to be increased or decreased as conseque...
Income Tax : Read the Kerala High Court's judgment on Section 220(2) of the Income Tax Act and its non-retrospective effect on tax interest in ...
Income Tax : The legal principle is that the person who hears must decide. Therefore, by applying the said principle to the case on hand, the o...
Income Tax : we feel that it would be appropriate if the ACIT reconsiders the application of the petitioner for stay in the light of the observ...
Income Tax : Recently Delhi High Court has in the case of Sony India Pvt. Ltd vs. ACIT held that It is expected of from Assessing Officer, havi...
Income Tax : Contention of the Assessee :- The action of the petitioner revenue in not only attaching the petitioner's bank account but also wi...
Read the Kerala High Court’s judgment on Section 220(2) of the Income Tax Act and its non-retrospective effect on tax interest in Catherine Thomas vs. Principal Chief Commissioner of Income Tax.
The legal principle is that the person who hears must decide. Therefore, by applying the said principle to the case on hand, the only conclusion that can be arrived at is to send back the matter for fresh consideration before the first respondent, on the plea for waiver of interest under section 220(2) and rule 5 of the Second Schedule to the Income Tax Act, 1961
Budget 2015-16 -Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payment at the specified rate if the payment exceeds the specified threshold. The person deducting tax (‘the deductor’) is required to […]
we feel that it would be appropriate if the ACIT reconsiders the application of the petitioner for stay in the light of the observations contained in the said decision [Soul v. DCIT (supra)]. This is so because according to the petitioner the assessment is a high pitched one inasmuch as it is approximately 17 times of the returned income.
Interest payable by the assessee under section 220 Interest under section 220 is proposed to be increased or decreased as consequent to any appeal, rectification or revision from the date of expiry of period stated in the notice of demand under section 156 of the Income Tax Act, 1961.
Recently Delhi High Court has in the case of Sony India Pvt. Ltd vs. ACIT held that It is expected of from Assessing Officer, having rejected the stay application, to wait for a reasonable period before he takes coercive steps to recover the amounts
Contention of the Assessee :- The action of the petitioner revenue in not only attaching the petitioner’s bank account but also withdrawing the amount of Rs.159.84 crores on 18 November 2013 when the stay application was already fixed for hearing before the Tribunal on 22 November 2013
