Category: Income Tax
Roll back of 60% taxation of EPF/NPS withdrawal announced The Finance Bill, 2016 (Budget 2016-17) had proposed income tax on 60% of the total corpus of Recognised Provident Funds (including EPF) and NPS at the time of withdrawal. However after severe criticism of the Government, the Finance Minister …
Penalty-271(1)(c) – share application money received from different companies with common addresses The Explanation 1 to section 271(1)(c) raises rebuttable presumption and once the assessee has furnished all the evidences in support of its explanation and has substantiated his claim then the onus cost upon him is discharged and …
Penalty-2711c not imposable if income estimated u/s 144 where books of accounts not produced INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR ITA No.293(Asr)/2013 Assessment year: 2005-06 Income Tax Officer (Appellant)  vs. M/s. Age Construction Pvt. Ltd. (Respondent) Date of Order: 04-03/2016 ORDER PER A.D. JAIN, JM: This is the Department’s …
Penalty 271(1)(c) – Limitation provisions u/s 275(1A) apply as per law in force at the time of filing of return INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR I.T.A No.137(Asr)/2014 Assessment Year: 1994-95 Income Tax Officer (Appellant) vs. K.D. Bali (Respondent) Date of Order: 04-03-2016 ORDER PER T. S. KAPOOR (AM): This …
Order passed by CIT-Appeals without waiting for Remand Report called from AO quashed INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR I.T.A No. 442(Asr)/2013 Assessment Year: 2009-10 Iqbal Singh (Appellant) vs. Income Tax Officer (Respondent) Date of Order: 04-03-2016 ORDER PER T. S. KAPOOR (AM): This is an appeal filed by the …
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 …
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. …
