Category: Income Tax

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

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 …

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

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

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

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 income tax penalty provisions in budget- 2016-17 New section 270A for under-reporting of income from AY 2017-18 Under the existing provisions, income tax 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 …

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 …

Setting up of a dedicated structure for delivery and monitoring of tax payer services in the Income Tax Department Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes PRESS RELEASE New Delhi, 7 th March, 2016 Sub: Setting up of a dedicated structure for delivery and …

Return of income (ITR) can now be filed without pre-payment of self assessment tax and interest In order to rationalise the time allowed for filing of returns, completion of proceedings, and realization of revenue without undue compliance burden on the taxpayer, and to promote the culture of compliance, …