Income Tax : Article discusses about Basic provisions, Circumstances in which reference under section 55A of Income Tax Act, 1961 can be made t...
Income Tax : Article discusses about Basic provisions, Following entities are not liable to pay wealth-tax, Manner of computation of net wealth...
Income Tax : To file your Rectification request online for Wealth Tax Return files online on Income Tax Online Portal , you should be a registe...
Income Tax : Although it’s quite common to receive notices from IT department, people do get scared when they get one. What one needs to ...
Income Tax : Recently we received an email from A CA from Delhi in which he said that Income Tax officers are not accepting ITR 3 and 4 despite...
CA, CS, CMA : The Finance Bill, 2015, introduced in the Parliament on 28th February, 2015, has proposed to abolish the levy of wealth-tax under ...
Income Tax : CA Sandeep Kanoi A company and an assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB...
Income Tax : Filing of tax returns o I-T returns should also include wealth tax return so that the taxpayer need not separately file weal...
Income Tax : The proposed Direct Taxes Code (DTC), which will replace the archaic Income Tax Act, is bulkier than the existing law, as the new ...
Income Tax : Read the detailed analysis of Shekhar Agarwal Vs ACIT case where ITAT Delhi deletes addition of diamond jewellery found during sea...
Income Tax : Supreme Court held that the valuation of shares for the purpose of gift tax needs to take into consideration the limitations and r...
Income Tax : Wipro GE Healthcare Pvt. Ltd. Vs DCIT (ITAT Bangalore) We notice that there was difference of opinion between the assessee and the...
Income Tax : mere legal ownership will not be enough to fasten liability on the assessee in respect of the market value of the seized assets ev...
Income Tax : Smt. Yannaben Anilbhai Jethani Vs ITO (ITAT Rajkot) We find that the issue for our consideration is, whether penalty initiated and...
Income Tax : Order u/s 34AD of the Wealth Tax Act. 1957 In exercise of the powers conferred on the Chief Commissioner or Director General of In...
Income Tax : Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through ...
Income Tax : F.No. 285/90/2013 IT(Inv.V) Guidelines for Compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of pe...
Income Tax : In view of CBDT order F.No.225/154/2015/ITA-II dated 2.9.2015 issued under section 119 of the Income-tax Act, extending the due da...
Income Tax : Central Board of Direct Taxes vide order under section 119 of the Income-tax Act F.No.225/154/ 2015/ETA-II dated 10.6.2015 has ext...
Read the detailed analysis of Shekhar Agarwal Vs ACIT case where ITAT Delhi deletes addition of diamond jewellery found during search proceedings. Full text included.
Supreme Court held that the valuation of shares for the purpose of gift tax needs to take into consideration the limitations and restrictions.
Article discusses about Basic provisions, Circumstances in which reference under section 55A of Income Tax Act, 1961 can be made to valuation officer, etc.
Wipro GE Healthcare Pvt. Ltd. Vs DCIT (ITAT Bangalore) We notice that there was difference of opinion between the assessee and the AO in respect of extent of land that is assessable to wealth tax. While the case of revenue is that entire vacant land admeasuring 2,54,020.58 sq.ft is assessable to wealth tax, the case […]
mere legal ownership will not be enough to fasten liability on the assessee in respect of the market value of the seized assets even though the said seized assets belong to the assessee. The Court held that on the valuation date the right of the assessee was in jeopardy and therefore having regard to the definition of net wealth and asset as appearing in Section 2(e) of the Wealth-tax Act, the Wealth-tax Officer was not justified in estimating the value of such asset.
Smt. Yannaben Anilbhai Jethani Vs ITO (ITAT Rajkot) We find that the issue for our consideration is, whether penalty initiated and levied under section 18(1)(c) of the Wealth Tax Act, without clearly specifying particular default relates concealment of wealth and/or furnishing of inaccurate particulars is valid in law ? The contention of the assessee that […]
Shri S. Peter Vs Asst. Commissioner of Wealth Tax (ITAT Chennai) The solitary issue that came up for our consideration from the given facts and circumstances of this case is, whether the lands owned by the assessee and leased to trusts comes under the definition of ‘asset’, as defined u/s.2(ea) of the WT Act, or […]
Order u/s 34AD of the Wealth Tax Act. 1957 In exercise of the powers conferred on the Chief Commissioner or Director General of Income Tax under section 34AD of the Wealth Tax Act, 1957, I, the Chief Commissioner of Income Tax-03, Delhi hereby having regard to the conditions prescribed in Section 34AD of the W.T.Act, 1957, remove the names of the below mentioned registered valuers from the Register of Valuers maintained in the 0/o Pr.CCIT, Delhi with immediate effect:
Bangalore Club Vs CIT (Supreme Court) 1. In the year of grace 1868, a group of British officers banded together to start the Bangalore Club. In the year of grace 1899, one Lt. W.L.S. Churchill was put up on the Club’s list of defaulters, which numbered 17, for an amount of Rs.13/- being for an […]
Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation.
