Daily Archive: Monday, March 7, 2016

Assessee entitled to interest u/s 244A(1)(b) for excess payment on self assessment tax-Kolkata HC

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HIGH COURT AT CALCUTTA ITA No.526 OF 2004 COMMISSIONER OF INCOME TAX, KOLKATA – I Versus BIRLA CORPORATION LIMITED Coram: Hon’ble Justice Girish Chandra Gupta And Hon’ble Justice Asha Arora Judgment Date: 02-02-2016 GIRISH CHANDRA GUPTA J. The revenue has come up in appeal u/s.260A of the Income Tax Act, 1961

Penalty 271(1)(c) interest on income-tax refund not added to income but disclosed in notes to accounts as contingent income

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HIGH COURT AT CALCUTTA ITA 291 of 2009 CIT-II Ves.  PILANI INVESTMENT & INDUSTRIES CORPORATION LTD. Coram: Hon’ble Justice Girish Chandra Gupta And Hon’ble Justice Asha Arora Date on which Judgment delivered: 02.02.2016 GIRISH CHANDRA GUPTA J. The Revenue has come up in appeal u/s.260A of the Income Tax Act, 1961

Green tea leaves cess allowed on 100 percent composite income before applying Income Tax Rule 8D

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HIGH COURT AT CALCUTTA ITA No.269 OF 2009 COMMISSIONER OF INCOME TAX, KOLKATA – II Versus M/S MORAN TEA CO. LTD. Coram: Hon’ble Justice Girish Chandra Gupta And Hon’ble Justice Asha Arora Date of Judgment 02.02.2016 GIRISH CHANDRA GUPTA J. The revenue has come up in appeal against an order dated

Revision in Premium Rates for Motor Third Party Insurance Covers for FY 2016-17 : IRDAI

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The Authority vide its order no. IRDA/NL/NTFN/MOTP/066/04/2011 dated 15th April 2011 notified that it would review and adjust the premium rates for motor third party insurance covers annually. Accordingly, an exposure draft on the Revision in Premium Rates for Motor Third Party Insurance covers for the financial year 2016-17

Phasing out of income tax deductions and exemptions in Budget 2016-17

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The Finance Minister in his Budget Speech, 2015 had indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding phasing out of exemptions and deductions. The Government proposed to implement this decision in a phased manner. In

TDS default Proceedings u/s 201/201A can not be initiated till it is found that deductee has also failed to pay tax directly

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INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘A’ : NEW DELHI) ITA Nos.5992, 5993 & 5994/Del./2012 (ASSESSMENT YEARS : 2002-03, 2003-04 & 2004-05) The Branch Manager, vs. ITO, (TDS/Survey), Allahabad Bank vs. ITO, (TDS/Survey) Date of Order: 04-03-2016 ORDER PER A.T. VARKEY, JUDICIAL MEMBER : These are three appeals by the

Unexplained Investment u/s 69. Muslims religion bars Bank Interest income therefore gift, stridhan and savings kept in cash at home

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INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH “A”, LUCKNOW ITA No.697/LKW/2015 Assessment year:2010-11 Mehrun Nisha (Appellant) vs. Income Tax Officer (Respondent) Date of Order: 04-03-2016 ORDER PER A. K. GARODIA, A.M. This is assessee’s appeal directed against the order passed by learned CIT(A), Bareilly dated 27/08/2015 for the assessment year 2010-11. 2. In
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