On a representation made by the Gujarat Chamber of Commerce, the matter has been reconsidered by the Board in consultation with the Ministry of Law. Under s. 271(l)(a) of the IT Act, 1961, the penalty is to be 2 per cent of the tax, if any, payable by the assessee.
The decision of the Supreme Court was that where the sale was of the concern as a whole and a slump price was paid, no portion of this price was attributable to the stock-in-trade and, therefore, it was not possible to hold that there was a profit other than what resulted from the appreciation of capital. It follows, therefore, that where a business is sold as a going concern, the excess may not be a business profit, but will be capital gain chargeable to tax
All salaried persons having taxable income as per annual returns under section 206 should be taken on the G.I.R. However notices under section 139(2) or 147 are to be issued only to those persons who have not paid the tax correctly or who are believed to be having some source of income besides salary
In Board Circular No. 55 of 1941, it was stated that interest charged to a partner on his overdrawn account should not be included in the total income of the firm. It was further stated that where it appears that the capital borrowed for the purpose of business was partly diverted towards over-drawn account, the correct procedure would be to disallow the proportionate share of the interest payable on this capital in computing the income of the firm.
The decision of the Supreme Court was that where the sale was of the concern as a whole and a lump price was paid, no portion of this price was attributable to the stock-in-trade and therefore it was not possible to hold that there was a profit other than what resulted from the appreciation of capital.
In exercise of the powers conferred by sub-section (6) of section 38 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies St. Andrew’s Church, Calcutta, to
In pursuance of clause (i) of the proviso to sub-section (2) of section 280ZB and of clause (i) of the proviso to sub-section (5) of section 280ZD of the Income-tax Act, 1961 (43 of 1961), the C
In exercise of the powers conferred by sub-section (6) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies St. Paul’s Cathedral, Ambala (Punjab),
In exercise of the powers conferred by clause (iv) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following conditions for the deduction of contributions, not being annual contributions of fixed amounts or annual contributions fixed on some definite basis by reference t
In pursuance of clause (4) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the following securities for the purposes of that clause, namely :—
