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Taxability of Consortium Members in Large Infrastructure Projects-CBDT Clarification

Taxability of Consortium Members in Large Infrastructure Projects-CBDT Clarification Circular No. 07/2016 Government of IndiaMinistry of FinanceDepartment of RevenueCentral board of  Direct Taxes  North Block, New Delhi, the 7th of March, 2016 Subject: Clarification regarding taxability of consortium members-reg.- A  Consortium of contractors is often formed to implement …

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

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

Unexplained Investment u/s 69. Muslims religion bars Interest income therefore cash kept at home

Addition for Unexplained Investment u/s 69 quashed as Muslims religion bars Interest income therefore cash was kept at home 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 …

Rationalisation of penalty provisions budget- 2016-17

Under the existing provisions, penalty on account of concealment of particulars of income or furnishing inaccurate particulars of income is leviable under section 271(1)(c) of the Income-tax Act. In order to rationalize and bring objectivity, certainty and clarity in the penalty provisions, it is proposed that section 271 …

Penalty 271(1)(c) deleted for claiming deduction u/s 54 for two residential houses for ambiguity

Penalty 271(1)(c) deleted for claiming deduction u/s 54 for two residential houses for ambiguity before amendment in 2014 INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH “A”, LUCKNOW ITA No.01/LKW/2015 Assessment year:2006-07 Sandeep Shukla (Appellant)  vs. ACIT (Respondent) Date of Order: 04-03-2016 ORDER PER A. K. GARODIA, A.M. This is assessee’s appeal …