Income Tax

  • Income Tax

Delhi ITAT granted stay beyond 365 days holding that delay was not attributable to assessee and his conduct was bonafide and reasonable

In a recent judgment, ITAT Delhi following Pepsi Foods (P) Ltd case  has granted stay beyond 365 days in a re-fixed…

8 years ago
  • Income Tax

Merely writing yes/approved and affixing signature by CIT is not proper satisfaction

Merely writing yes/approved and affixing signature by CIT is not proper satisfaction for a fit case for re-opening u/s 147…

8 years ago
  • Income Tax

Electronic Verification Code EVC procedure for e-filed Form No. 35 with Commissioner-Appeals-CBDT Notification

Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No.  5/2016 New…

8 years ago
  • Income Tax

2D/3D seismic survey activity carried by assessee in connection with oil exploration was not fees for technical services u/s 9(1)(vii) but liable u/s 44BB

In a latest judgment, the Delhi High Court has held that activity of 2D/3D seismic survey carried on by assessee in…

8 years ago
  • Income Tax

CBDT specifies procedure for online registration, submission of Form 61B u/s 285BA by reporting financial institutions

Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No 4/2016 New…

8 years ago
  • Income Tax

There is a difference in “facts not proved” and “facts disproved” and penalty u/s 271(1)(c) can be levied only for the latter

In a latest judgment, ITAT Chennai has quashed penalty proceedings u/s 271(1)(c) for concealment holding that  there is a difference…

8 years ago
  • Income Tax

CBDT order rejecting TDS refund on penal interest treating it non-exempt u/s 10(15)(iv)(c) quashed

In a latest judgment, Delhi High Court has quashed CBDT order rejecting refund of TDS deducted on penal interest treating it non-exempt…

8 years ago
  • Income Tax

Set off of business loss from unexplained cash credits u/s 68 not permissible in view of combined reading of sections 71 , 72 and 32(2).

In a latest judgment, ITAT Chennai has upheld that allowing set off of business loss from the unexplained cash credits…

8 years ago
  • Income Tax

Additional depreciation us 32(1)(iia)-There is no provision for postponement or carry forward to next financial year

In a recent judgment, ITAT Chennai has held that the assessee is not entitled to additional depreciation u/s.32(1)(iia) of the…

8 years ago
  • Income Tax

Merely because an income has been taxed in recipient’s hand it does not become deductible expenditure but as per Law

In a recent judgment, ITAT Mumbai has opined that merely because an income has been taxed in the hands of…

8 years ago