Income Tax

TDS done on Gross amount received from Life Insurance Companies- Whether entire amount is taxable or only the income therin is taxable?

5 years ago

TDS done on Gross amount received from Life Insurance Companies- Whether entire amount is taxable or only the income therin is…

Income Tax

Whether a witness can be summoned to appear outside his city of residence in case of an offence under Prohibition of Money Laundering Act (PMLA)?

5 years ago

Whether a witness can be summoned to appear outside his city of residence in case of an offence under Prohibition…

Income Tax

Validity of Income Tax Notice not available at the income tax portal at the time of issuance but uploaded afterwards

5 years ago

Validity of Income Tax Notice not available at the income tax portal at the time of issuance but uploaded afterwards Calcutta…

Income Tax

AO has to pass speaking order while rejecting petition for stay of demand u/s 220(6): Calcutta High Court further directed for early disposal of such cases.

5 years ago

AO has to pass speaking order while rejecting petition for stay of demand u/s 220(6): Calcutta High Court further directed…

Income Tax

There is nothing magical in the figure of 20%; to balance the equities the tax authorities may even grant stay the recovery on deposit of 5% or 10% as the circumstance may demand: HC

5 years ago

There is nothing magical in the figure of 20%; to balance the equities the tax authorities may even grant stay…

Income Tax

Bank passbook is not a books of Accounts: Bombay HC

5 years ago

Bank passbook is not a books of Accounts: Bombay HC The Bombay HC in the case of CIT vs Bhaichand H. Gandhi…

Income Tax

Amounts paid by resident Indian end-users/distributors to non-resident computer software manufacturers/suppliers is not the payment of royalty

5 years ago

Amounts paid by resident Indian end-users/distributors to non-resident computer software manufacturers/suppliers is not the payment of royalty The payment for…

Income Tax

Notice issued within 5 hours of receiving information is valid; HC justified reassessment on Maharashtra Minister Chhagan Bhujbal

5 years ago

Notice issued within 5 hours of receiving information is valid; HC justified reassessment on Maharashtra Minister Chhagan Bhujbal There was…

Income Tax

Year of Taxation when the date of sale deed execution and registration is different

5 years ago

Year of Taxation when the date of sale deed execution and registration is different The year of taxation of…

Income Tax

The genuineness of the agreements cannot be doubted without any material in hand: Bangalore ITAT.

5 years ago

The genuineness of the agreements cannot be doubted without any material in hand: Bangalore ITAT. ITAT BANGALORE SMT. KUSHALAPPA SAVITRI VERSUS…

Income Tax

Gratuitous loan or advance given by a company to the shareholder would come within the purview of Deemed Dividend under section 2(22)(e)

5 years ago

Gratuitous loan or advance given by a company to the shareholder would come within the purview of Deemed Dividend under…

Income Tax

Interest income received from Co-operative Bank is eligible for deduction Under Section 80P(2)(d)

5 years ago

Interest income received from Co-operative Bank is eligible for deduction Under Section 80P(2)(d) There are various cases wherein the assessing…

Income Tax

Under Section 75(4) of the Act, an opportunity of hearing shall be granted on the request made by the assessee or where any adverse decision is contemplated against such person: Madras HC

5 years ago

Under Section 75(4) of the Act, an opportunity of hearing shall be granted on the request made by the assessee…

Income Tax

Making March Meaningful – Tax caution before 31st March Ends

5 years ago

Making March Meaningful – Tax caution before 31st March Ends March is always crucial not only for the taxpayers in…

Income Tax

Compensation for sterilisation of profit earning source is a capital receipt not taxable: ITAT Ahmedabad

5 years ago

Compensation for sterilisation of profit earning source is a capital receipt not taxable: ITAT Ahmedabad Here is an important judgement…

Income Tax

Notice dated 31st March 2022 served by email on 16th April, 2022 is a not valid issue of notice u/s 148 of the Income-tax Act,1961

5 years ago

Notice dated 31st March 2022 served by email on 16th April, 2022 is a not valid issue of notice u/s…

Income Tax

Unexplained borrowings to face more tax scrutiny

5 years ago

Unexplained borrowings to face more tax scrutiny It is proposed to amend the provisions of section 68 of the…

The Orissa High Court in a case was considering a question whether electricity duty paid in a no lien escrow account **amounted to actual payment of electricity duty and hence eligible for deduction u/s 43B of Income-tax Act,1961.

Income Tax

Deposit of electricity duty in no-lien escrow account do not satisfy the conditions of payment for the purpose of Section 43B of the Income-tax Act 1961

5 years ago

Deposit of electricity duty in no-lien escrow account do not satisfy the conditions of payment for the purpose of Section…

Income Tax

TDS done on Gross amount received from Life Insurance Companies- Whether entire amount is taxable or only the income therin is taxable?

Whether a witness can be summoned to appear outside his city of residence in case of an offence under Prohibition of Money Laundering Act (PMLA)?

Validity of Income Tax Notice not available at the income tax portal at the time of issuance but uploaded afterwards

AO has to pass speaking order while rejecting petition for stay of demand u/s 220(6): Calcutta High Court further directed for early disposal of such cases.

There is nothing magical in the figure of 20%; to balance the equities the tax authorities may even grant stay the recovery on deposit of 5% or 10% as the circumstance may demand: HC

Bank passbook is not a books of Accounts: Bombay HC

Amounts paid by resident Indian end-users/distributors to non-resident computer software manufacturers/suppliers is not the payment of royalty

Notice issued within 5 hours of receiving information is valid; HC justified reassessment on Maharashtra Minister Chhagan Bhujbal

Year of Taxation when the date of sale deed execution and registration is different

The genuineness of the agreements cannot be doubted without any material in hand: Bangalore ITAT.

Gratuitous loan or advance given by a company to the shareholder would come within the purview of Deemed Dividend under section 2(22)(e)

Interest income received from Co-operative Bank is eligible for deduction Under Section 80P(2)(d)

Under Section 75(4) of the Act, an opportunity of hearing shall be granted on the request made by the assessee or where any adverse decision is contemplated against such person: Madras HC

Making March Meaningful – Tax caution before 31st March Ends

Compensation for sterilisation of profit earning source is a capital receipt not taxable: ITAT Ahmedabad

Notice dated 31st March 2022 served by email on 16th April, 2022 is a not valid issue of notice u/s 148 of the Income-tax Act,1961

Unexplained borrowings to face more tax scrutiny

Deposit of electricity duty in no-lien escrow account do not satisfy the conditions of payment for the purpose of Section 43B of the Income-tax Act 1961

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