Income Tax

AOP not considered as an individual or HUF for the purpose of section 56(2) (vi) 2 min read

• Income Tax

AOP not considered as an individual or HUF for the purpose of section 56(2) (vi)

Manager 8 years ago

The ITAT Delhi in the case of Mridu Hari Dalmia Parivar Trust vs. Assessing Officer, Circle 31 (1) , New Delhi. – 2016 (4) TMI... Read More

The final order of an Assessing Officer cannot take benefit from the orders of subsequent litigation 3 min read

• Income Tax

The final order of an Assessing Officer cannot take benefit from the orders of subsequent litigation

Manager 8 years ago

Subsequent Litigation- Assessing Officer not to take benefit of it while framing orders A question arose recently whether a final order of an Assessing Officer... Read More

Amitabh Bachchan Case- Commissioner should not go beyond the issues of the show cause notice 5 min read

• Income Tax

Amitabh Bachchan Case- Commissioner should not go beyond the issues of the show cause notice

Baisakhi Ganguly 8 years ago

The Hon’ble Apex Court in Commissioner of Income Tax, Mumbai vs. Amitabh Bachchan being Civil Appeal No.5009 of 2016 which arose out of S.L.P. (C)... Read More

A debatable claim could not result in penalty- No Penalty u/s 271 on Debatable Issue 2 min read

• Income Tax

A debatable claim could not result in penalty- No Penalty u/s 271 on Debatable Issue

Manager 8 years ago

The section 271(1) (c) of the income tax act 1961, clearly states that no penalty would be levied on an income tax payer if the... Read More

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