Income Tax Archives

Exemption u/s 10(22A) 10(23C)(iiiac)-Nexus between activities of hospital/institution and the income is essential for claim

administrator March 26, 2016 High Courts, Income Tax, Judgments

In a recent judgment, Calcutta High Court has held that to claim exemption under section 10(22A), existence of a nexus between the hospital or an institution engaged in any one of the five activities, and the income is essential. Kindly note that the said section 10(22A) has since been …

Deduction 33AB first allowed from composite income before apportionment under Rule 8(1) between agricultural non-agricultural

administrator March 12, 2016 High Courts, Income Tax, Judgments

Deduction 33AB first allowed from composite income before apportionment under Rule 8(1) between agricultural non-agricultural The deduction u/s 33AB of the Income Tax Act, 1961 shall be allowed from the total composite income derived from growing and manufacturing tea and only after such deduction is made, Rule 8(1) shall be …

CIT Revision u/s 263 unjustified that income surrendered u/s 133A to be taxed separately u/s 69A not as business income

administrator March 11, 2016 Income Tax, ITAT, Judgments

CIT Revision u/s 263 unjustified alleging wiping out income surrendered u/s 133A treating it business income and not separately u/s 69A INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR I.T.A No. 203(Asr)/2014 Assessment Year: 2009-10 M/s Superfine Agro Industries (Appellant) vs. Income Tax Officer (Respondent) Date of Order: 10/03/2016 ORDER PER T. …

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

administrator March 7, 2016 High Courts, 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 …

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

administrator March 7, 2016 Income Tax

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. …

Time limit for filing belated income tax returns u/s 139(4) reduced by one assessment year-Budget-201617

administrator March 6, 2016 Income Tax

Time limit for filing belated income tax returns u/s 139(4) reduced by one assessment year-Budget-2016-17. Amendment applicable from AY 2017-18 onwards Time Limit for Filing belated return for AY 2016-17 is 31-03-2018 On the subject of last date for filing a valid return of income for AY 2016-17, …

No Penalty 271(1)(c) if income offered u/s 132(2) is accepted by Assessing Officer u/s 153A and assessed

administrator March 6, 2016 Income Tax, ITAT

No Penalty 271(1)(c) if income offered u/s 132(2) is accepted by Assessing Officer u/s 153A and assessed INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘A’ BENCH, KOLKATA I.T.A. No. 622/KOL/ 2008 Assessment Year: 2003-2004 Smt. Sarita Mohta……Appellant vs. Deputy Commissioner of Income Tax……..Respondent Date of Order: 04-03-2016 ORDER Per Shri P.M. …

Cash advance received adjusted against sales could not be added u/s 68 treating the same as unexplained

administrator March 5, 2016 Income Tax, ITAT

Cash advance received adjusted against sales could not be added u/s 68 treating the same as unexplained THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘SMC’ BENCH, KOLKATA I.T.A. No. 2284/KOL/ 2014 Assessment Year: 2009-2010 M/s. Narendra Nath Paul (Appellant ) vs. Income Tax Officer (Respondent) Date of Order: 10-02-2016 …

Tag: Income Tax