Income Tax : Explore remedies for taxpayers under the Income Tax Act, 1961, comparing appeals & revisions. Understand procedures, limitations &...
Income Tax : On commencement of regular assessment proceedings u/s 143(2) of Act , there is no need for intimation u/s 143(1)(a)(i) Where the s...
Income Tax : Substantial question of Law (SQL). On interpretation of section 260A of the Income Tax Act , 1961 and section 100 of the code of c...
Income Tax : A remedy by way of appeal from the orders of ITAT is provided both u/s.260A of the Income-tax Act, 1961 and u/s.15 (w.e.f. 6-1- 20...
Income Tax : Rajasthan HC upholds penalty under Section 271(1)(c) of the Income Tax Act, 1961 for unexplained cash deposits after withdrawals. ...
Income Tax : ITAT's jurisdiction in ACIT Vs Bank of Baroda case is determined by the location of the Assessing Officer. Appeals should be filed...
Income Tax : Read the detailed judgment of Bombay High Court in ACIT Vs Sociedade de Fomento Industrial Pvt Ltd regarding TDS deduction on retr...
Income Tax : PCIT Vs Farmson Pharmaceuticals Gujarat Pvt Ltd (Gujarat High Court): Reassessment cannot be solely based on a reevaluation of exi...
Income Tax : Explore the case of Pipelic Energy Software India Pvt Ltd Vs DCIT at Telangana High Court. Detailed analysis on why subsidiary exp...
DGFT : All conditions in policy circular no 15 of 1st February 2011 will continue to apply, except the specification about dates and the ...
Orissa High Court held that 150 HP Fully Automatic ATS (Auto-Transformer Starter) Control Panel, Motor Starter Panel Board and other Control Panel is comprehended in the term “accessories” under OVAT Act which attracts a rate of tax @ 4% for the tax periods prior to 01.04.2012 and @5% for the tax periods commencing from 01.04.2012 to the periods of assessment.
ITAT Raipur held that once it is established that the commission income were receivable, the said commission income is liable to be brought to tax in the year in which the same has been accured.
Gujarat High Court held that penalty not imposable as excess depreciation claimed was surrendered by the assessee without prior detection of the Revenue and such excess claim was made due to bonafide reasons.
Court ruled that the funds in the Term Deposit Accounts were the income of the Government of India and exempt from TDS under Section 196 of the Act. Moreover, the JKSRRDA, being wholly financed by the Central Government, was also eligible for exemption under Notification No. 3489 dated 22.10.1970, despite not being registered under the Central Societies Registration Act.
ITAT Mumbai held that the bank guarantee rates cannot be considered for benchmarking corporate guarantee fees, therefore benchmarking of AO and DRP is also incorrect. It depends on creditworthiness of parties and benefit arising out of the same in the hands of the parties to the transaction.
Calcutta High Court held that show cause notice not specifying the charge against the assessee is bad-in-law. Accordingly, initiation of the penalty proceedings is vitiated.
Calcutta High Court held that TDS u/s 194H is not deductible on trade discounts given by the newspaper companies to Indian Newspaper Society (INS) accredited Advertising Agents.
ITAT Hyderabad held that for re-assessment beyond a period of 4 years, recording of satisfaction by the CIT is a must under the Income Tax Act, 1961. In absence of the same, re-assessment proceedings are invalid.
ITAT Delhi held that the assessee (M/s. Cane Development Council Titawi) being a local authority are not chargeable to tax in terms of section 10(20) of the Income Tax Act.
Calcutta High Court held that Tribunal duly examined the terms and conditions of the agreement and found that warranty clause is in-built. Accordingly, provision of warranty is duly allowable.
