Income Tax

APPEALS PROCEEDINGS UNDER INCOME TAX ACT, 1961 27 min read

• Income Tax

APPEALS PROCEEDINGS UNDER INCOME TAX ACT, 1961

Manager 8 years ago

The term appeal has nowhere been defined under the Income Tax Act. However as per Mozley and Whiteley’s Law Dictionary “Appeal is a complaint to... Read More

Addition cannot be allowed based on a disclosure under pressure if no incriminating material is discovered 7 min read

• Income Tax

Addition cannot be allowed based on a disclosure under pressure if no incriminating material is discovered

Manager 8 years ago

It has been held by the ITAT Jaipur in the case of Shri Basant Bansal, C-13, Sushant Lok 1, Gurgaon – 122 002, having PAN... Read More

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee 2 min read

• Income Tax

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee

Manager 9 years ago

The Assessing Office cannot levy a penalty under section 271(1) (c) due to a bonafide mistake on the part of an assessee. This was subsequently... Read More

When subsidy through refund of excise duty is not taxable as income 3 min read

• Income Tax

When subsidy through refund of excise duty is not taxable as income

Baisakhi Ganguly 9 years ago

The word “subsidy” is of vital importance. It is defined as monetary assistance given by a government to a person or group to help an... Read More

Registration of a charitable institution cannot be cancelled merely for carrying on commercial activities 4 min read

• Income Tax

Registration of a charitable institution cannot be cancelled merely for carrying on commercial activities

Baisakhi Ganguly 9 years ago

The Hon’ble Bombay High court in the case of DIT (Appellant) vs. M/s. Khar Gymkhana (Respondent) being Income Tax Appeal No. 2349 of 2013 has... Read More

GST Coming……Are your IT systems compliant to handle GST? 2 min read

• Income Tax

GST Coming……Are your IT systems compliant to handle GST?

Rajbir Chawla 9 years ago

Come GST and various assessees would need to put in place a mechanism  to have correlation between every entry. Most companies would need to upgrade... Read More

Income Tax Department issues a format for Employee to declare his savings for Income Tax 1 min read

• Income Tax

Income Tax Department issues a format for Employee to declare his savings for Income Tax

Manager 9 years ago

Income Tax Department has made mandatory for employee to fill Form 12BB of income tax act and to share same with his employer  to consider the... Read More

Black Money: Award up to Rs.15 lakh for Information against Tax Evaders 3 min read

• Income Tax

Black Money: Award up to Rs.15 lakh for Information against Tax Evaders

Manager 9 years ago

The Black Money Menace in India Black money is a known as money earned from the market by various means for which none of the... Read More

If Assessing Officer fails to provide the reasons for reopening, the reassessment order is unsustainable in law 5 min read

• Income Tax

If Assessing Officer fails to provide the reasons for reopening, the reassessment order is unsustainable in law

Manager 9 years ago

The ITAT, Delhi Bench, New Delhi in the case of in Sri Inderjeet Sachdeva having PAN: ALFPS8175E vs. DCIT, Range-1, C/o M/s Shubham Nursing Home,... Read More

A reopening verdict of Domestic Tax 2 min read

• Income Tax

A reopening verdict of Domestic Tax

Anuj Mathur 9 years ago

A case was between Ujagar Holdings Pvt. Ltd and ITO (ITAT Delhi). It was a case of reopening a verdict related to Domestic Tax. The... Read More