Wealth tax in India targets non-productive assets, levied at 1% on wealth over ₹15,00,000. Learn about exemptions and valuation for tax assessments
Commissioner of Income-tax, Delhi IV v. Insilco Ltd. – Section 32 of the Income-tax Act, 1961 – Depreciation – Allowance/rate of – Assessment year 1999-2000 – Whether in view of decision of Delhi High Court in CIT v. Woodward, Governor India (P.) Ltd. [2007] 162 Taxman 60, Tribunal was correct in allowing depreciation to assessee on increase in cost of plant and machinery due to increased liability on account of foreign exchange rate fluctuation on last date of accounting year – Held, yes
If in law income has to be taxed in hands of AOP, it has to be taxed as such, and mere fact that the income is taxed in hands of individual members of AOP, does not bar Assessing Officer from taxing AOP-ITAT . In a recent case of Pradeep Agencies-v.- Income-tax Officer Delhi Tribunal held that even if the income is taxed in hands of individual members of AOP, does not bar Assessing Officer from taxing AOP.
Rolls Royce Plc vs. DDIT (ITAT Delhi) – jurisdiction u/s 147 can be exercised even on the basis of a prima facie opinion (ii) On facts, the wholly owned subsidiary constituted a ‘business connection’ as well as a ‘permanent establishment’ (iii) the total profits of the enterprise have to be apportioned on the basis of various factors affecting accrual of income. First, the economically significant activities and responsibilities (in the context of activities and responsibilities undertaken by the enterprise as a whole) undertaken through the PE have to be identified through a functional and factual analysis.
Whether, on the facts and in the circumstances of the case, the Tribunal was right in confirming the Commissioner of Income-tax (Appeals)’ view that deduction under section 36(1) (viii) of transfer of reserve at 40 per cent, was to be worked out on the gross total income before making deduction under this section as well as under Chapter VI-A of the Income-tax Act, 1961?
The author has made a critical analysis of the recent decision of the Kolkota Bench of the ITAT in Van Oord Atlanta B.V. 112 TTJ 229 and identified the important principles of law emerging therefrom. 1. 1. Factual Synopsis of the case 1.1 Van Oord Atlanta B.V. (‘Assessee’) a company incorporated in Netherlands and a resident of that country was accordingly treated as eligible to benefits of ‘DTAA’.
Assistant Commissioner of Income-tax v. Claridges Investments & Finances (P.) Ltd. – Section 14A, read with section 10(33), of the Income-tax Act, 1961 – Expenditure incurred in relation to income not includible in total income – Assessment year 2001-02 – Whether provisions of section 14A apply only when there is expenditure in relation to an exempt income and it does not create any legal fiction to deem any expenditure as expenditure incurred in relation to exempt income – Held, yes
The Income-Tax Act extends to the whole of India, that is, the territory of India mentioned in the Constitution and the territorial waters, continental shelf, etc (Section 2(25A) of the Income-Tax Act, 1961). If two persons who are residing outside India and are not Indian citizens, enter into transactions covering property in India, will they be affected by the provisions of our tax law? This is not an academic issue. The matter came up before the Authority for Advance Ruling (AAR) last month.
Principles for reckoning of limitation period for completion of block assessment under provisions of S 158 BE- conclusive proof is required to show that seized documents disclose concealment of any income but assessee and not disclosed – ITAT
If you are not sure about how your son will treat you in future, be careful about gifting your property to him. The Supreme Court has ruled that parents cannot take back land or property gifted to their children on the grounds of illtreatment by the offspring after they have received the gift. This means that if a couple gift their only dwelling unit to their son and the latter tries to evict them from that very house, there is little the law can do to help the old parents.
