Manager

Assessing Officer should not show Undue Hurry in Completing Income Tax Assessment 3 min read

• Income Tax

Assessing Officer should not show Undue Hurry in Completing Income Tax Assessment

Manager 8 years ago

The Bench of the High Court at Ahmadabad consisting of Hon’ble Justice Mr. Akil Qureshi and Hon’ble Justice Ms. Sonia Gokani has passed a judgment... Read More

Tax implications of Waiver of loan- would this be taxed in hands of borrower 5 min read

• Income Tax

Tax implications of Waiver of loan- would this be taxed in hands of borrower

Manager 8 years ago

A loan denotes borrowing money which is to be paid back along with interest. In a loan, the borrower at receives an amount of money... Read More

No penalty u/s 271D can be levied if transactions are genuine 3 min read

• Income Tax

No penalty u/s 271D can be levied if transactions are genuine

Manager 8 years ago

The ITAT Chandigarh in the case of M/s Chawla Chemtech Pvt. Ltd. vs. the Joint CIT, Gobindgarh – 2016 (4) TMI 378 has held that... Read More

Tax Free Securities under Section 14 A and Rule 8D 3 min read

• Income Tax

Tax Free Securities under Section 14 A and Rule 8D

Manager 8 years ago

The Finance Ministry of India is responsible for the preparation and presentation of the Finance Bill every year. At the helm of financial affairs in... Read More

Penalties for tax evasion 2 min read

• Income Tax

Penalties for tax evasion

Manager 8 years ago

Tax evasion as an offence: Tax evasion is an illegal act which occurs for failure to file income tax return or altering the tax amount... Read More

Save tax on capital gains- Tax Planning made easy on Capital Gains 4 min read

• Income Tax

Save tax on capital gains- Tax Planning made easy on Capital Gains

Manager 8 years ago

The profits arising from the sale of a ‘capital asset’ are known as a capital gains. This gain is subject to income tax in the... Read More

Share application money cannot be considered as undisclosed income if identity of the share applicants is available 3 min read

• Income Tax

Share application money cannot be considered as undisclosed income if identity of the share applicants is available

Manager 8 years ago

The Hon’ble Delhi High Court on 12.8.15 in the cases of Commissioner of Income Tax – 9 (Appellant) vs. Vrindavan Farms (P) Ltd. (Respondent) being... Read More

Claiming depreciation by unlawfully representing a loan transaction as a lease transaction would attract penalty 3 min read

• Income Tax

Claiming depreciation by unlawfully representing a loan transaction as a lease transaction would attract penalty

Manager 8 years ago

The ITAT Mumbai in the case of Times Guaranty Ltd., Times of India Building, Dr. D.N. Road, Mumbai – 400 001, vs. ACIT, Circle 1(3),... Read More

Mere omission cannot be treated as concealment of income 5 min read

• Income Tax

Mere omission cannot be treated as concealment of income

Manager 8 years ago

The Hon’ble Supreme court has held in the case of K.C. Builders & another vs. The Asst. Commissioner of Income Tax, J.T. 2004(2) SC 100,... Read More

Patna High Court explains the law on accountability of public officials for failure to follow directions 5 min read

• Income Tax

Patna High Court explains the law on accountability of public officials for failure to follow directions

Manager 8 years ago

Law on Accountability of Public Officials- what is remedy if they fail to follow Directions The Patna High Court in the case of M/s Overseas... Read More