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...
Rajkumar B. Agarwal Vs DCIT (ITAT Pune) No addition on account of jewellery items on seized documents did not tally with description of jewellery in Wealth-tax returns in case total weight of jewellery was same Conclusion: Where total gold jewellery in weight found at the time of search matched with the earlier declarations made by […]
M/s. Chavva Estates Private Vs Wealth Tax Officer (ITAT Hyderabad) We find that as long as the assessee owns the commercial asset, which is capable of being put to productive use, the said commercial asset is not exigible to Wealth Tax. In this case, the assessee along with two other companies owns the theatre but […]
Only a land in which the building is completely constructed stands excluded under the exclusionary provision under Explanation (1 )(b)(ii) of Section 2(ea) of Wealth Tax Act, 1957
Dongfang Electric (India) P Ltd Vs DCWT (ITAT Kolkata) Assets deployed for service activities are treated as productive assets and accordingly the construction / set up of office and service centre by the assessee and used as such for its business purposes would be outside the ambit of wealth tax in the same manner in […]
Writ of prohibition restraining the respondents fromgiving effect to the notices issued for assessment dated 22nd May, 1987, notices for penalty dated 4th August, 1987 and notices for launching of prosecution dated 31st July, 1987 all under the Wealth Tax Act, 1957 (Wealth Tax Act); and
Article discusses about Basic provisions, Following entities are not liable to pay wealth-tax, Manner of computation of net wealth, Wealth-tax and residential status, Assets covered/exempt under wealth-tax, Net wealth to include certain assets, Valuation of asset, Some of the significant provisions of Wealth-tax Law
Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai) Instruction 1916 issued by the Board with regard to seizure of jewellery has inherent foundation of undisclosed portion of jewellery that may be identified in the search. The Instruction No. 1916, therefore is describing the criteria for decision making for jewellery to be undisclosed. Accordingly, any portion of […]
Shri Keshav Lila Vs. ACIT (ITAT Indore) CBDT instructions which in our view provides a guideline to the search conducting team that no seizure should be made of the jewellery and ornaments found during the course of search proceedings u/s 132 of the Act, if the same have been duly declared in the wealth tax […]
Assessment order shows that it is only basing on the revised assessment, the assessment was completed. Only reason stated by the AO for initiation of penalty was that no revision could be made in case of belated filing of the original return of wealth.
Court is satisfied that no error was committed by the ITAT in holding that the value declared in the tax return filed by the Assessees under WTA cannot be taken to be the cost of acquisition in the hands of the Assessees.
