Tag: <span>INCOME TAX</span>

judgement

The Words “In India” Cannot be Read Into Section 54F When Parliament in Its Legislative Wisdom Has Deliberately Not Used the Words: ITAT Bangalore

Dhanraj SharmaOctober 15, 2021October 15, 2021

In the case of Rajasugumar Subramani vs ITO, ITAT Bangalore has held that: Since the Tribunal has taken a view in similar set of facts, we find no justification to...

judgement

Amendment w.e.f. AY 2014-15 Will Not Apply to A Purchase Transaction of Immovable Property For Which Full Consideration is Paid Pre-Amendment: ITAT Ranchi

Dhanraj SharmaOctober 14, 2021

In the case of Bajrang Lal Naredi vs ITO, ITAT Ranchi has held that: It is not in dispute that purchase transactions of immovable property were carried out in FY...

INCOME TAX

Income Tax Portal has been further strengthened, 1.9 crore returns that have been filed using the new system: Infosys CEO

Dhanraj SharmaOctober 13, 2021October 13, 2021

Infosys CEO said in a statement that over the past month, the Income Tax portal has been further bolstered. He further added that the system has seen steady increase in...

judgement

The Tendency to Perceive Delay As A Non-Serious Matter Should be Discouraged: ITAT Delhi

Dhanraj SharmaOctober 13, 2021October 13, 2021

In the case of Boutique Hotels India (P) Ltd vs ACIT, ITAT Delhi has held that: It is not as if mistake of a legal advisor, however, gross and inexcusable,...

judgement

The Loss Arising to Assessee for Cancellation of Its Shares Pursuant to Reduction of Capital Should be Allowed as Long Term Capital Loss: ITAT Mumbai

Dhanraj SharmaOctober 12, 2021

In the case of Carestream Health Inc vs DCIT, ITAT Mumbai has held that: The ld DR vehemently argued that the percentage of shareholding remains the same because reduction of...

INCOME TAX

Cash transactions: Those cash transactions which are monitored by the Income Tax Department

taxconceptOctober 11, 2021October 11, 2021

Under the rules of Income Tax, cash transaction of more than 2 lakhs is not allowed in any case. In which if the rules are ignored, then the notice of...

INCOME TAX

Income tax: 5 cash transactions that can attract I-T notice

CS LALIT RAJPUTOctober 10, 2021October 10, 2021

Income tax: 5 cash transactions that can attract INCOME TAX notice This is in reference to the update regarding Income tax: 5 cash transactions that can attract I-T notice. The same is...

judgement

The Only Requirement For Granting Registration Under Section 11/ 12AA of the Income Tax Act is That The Objects of The Society Should be Charitable in Nature and Activities are Genuine: ITAT Amritsar

Dhanraj SharmaOctober 9, 2021October 9, 2021

In the case of Shri Dhar Sabha Vaishno Devi vs CIT(E), ITAT Amritsar has held that: 23.) In the instant case, the Ld. CIT(E) denied the registration by observing that...

INCOME TAX

Payment Made by An Indian Company to A Foreign Celebrity For Appearance in A Product Launch in Foreign Which Was For the Business in India, is Taxable: ITAT Mumbai

Dhanraj SharmaOctober 8, 2021October 8, 2021

In the case of Volkswagen Finance Pvt Ltd vs ITO, ITAT Mumbai has held that: In the light of the above discussion, we are of the considered view that the...

INCOME TAX

Must Read: Middle Men Provided End to End Encrypted Services for Tax Evasion But Income Tax Department Unearthed the Same

Dhanraj SharmaOctober 7, 2021October 7, 2021

The Income Tax Department carried out a search operation that commenced on 23.09.2021 on a big syndicate involving certain businessmen/ middlemen of Maharashtra and some persons holding public offices. The...

judgement

Where the Deductor has Deducted Tax at Source But Has Not Deposited the Tax with the Government, the Assessee Cannot be Made to Suffer: ITAT Delhi

Dhanraj SharmaOctober 7, 2021October 7, 2021

In the case of Aricent Technologies Holdings Ltd vs. ACIT, ITAT Delhi has held that: As held by the Gauhati High Court in the course of Omprakash Gattani (supra), once...

BUSINESS & ECONOMY

Busting A Myth on Pandora Papers Leak

Dhanraj SharmaOctober 6, 2021

Busting a myth on Pandora Papers Leak The Pandora Papers revelations have potentially opened a pandora's box. The who's who have been named and the phony outrage has began. Journalists...

BUSINESS & ECONOMY

Sachin Tendulkar and Anil Ambani are the Part of Pandora Papers Leak. Know All Details Here

Dhanraj SharmaOctober 6, 2021October 6, 2021

A team of more than 600 journalists led by The International Consortium of Investigative Journalists obtained 11.9 million confidential files. It's the Pandora leak and is the biggest leak of...

judgement

A Representative Office of a Foreign Enterprise is Not a Taxable Unit. Foreign Enterprise is the Taxable Unit: ITAT Mumbai

Dhanraj SharmaOctober 5, 2021October 5, 2021

In the case of DZ Bank AG – India Representative Office vs. DCIT, ITAT Mumbai has held that: 30.) In the light of the above discussions, as also bearing in...

judgement

An Indian Taxpayer is Not Entitled to Claim Refunds From the Government of India of Taxes Paid Outside India: ITAT Mumbai

Dhanraj SharmaOctober 4, 2021

In the case of Bank Of India vs ACIT, ITAT Mumbai has held that: 80.) To sum up, the assessee is declined the foreign tax credits for Rs 182,64,22,948, and,...

judgement

Order of the AO Imposing Penalty on Assessee Under Section 271AAB of the Income Tax Act Does Not Pass the Mandate of the Provisions of Section 271AAB of the Act. So Appeal of the Assessee is Allowed: ITAT Patna

Dhanraj SharmaOctober 3, 2021October 3, 2021

In the case of Shiv Bhagwan Gupta vs ACIT, ITAT Patna has held that: "The assessee has filed return u/s 139 showing income of Rs. 2808270/-The assessee has disclosed income...

INCOME TAX

CBDT Notifies Income Tax Rules Which Seeks to Withdraw Tax Demands on Indirect Transfer of Indian Assets Prior to 28th May 2012

Dhanraj SharmaOctober 2, 2021October 2, 2021

Vide Income Tax (31st Amendment) Rules 2021, the CBDT has inserted Rule 11UE and 11UF in the Income Tax Rules 1962. These rules are notified in order to give effect...

INCOME TAX

Income Tax Department Issues Revised Instructions for Filing Form 15CA and 15CB on New Income Tax Portal

Dhanraj SharmaOctober 2, 2021October 2, 2021

Revised instructions issued by the income tax department for filing Form 15CA and 15CB on new income tax portal: READ REGULAR BUSINESS NEWS? CLICK HERE TO DOWNLOAD APP

judgement

Assessing Officer Withheld the Refund Without Assigning the Reason Which is Required by Law. So the Petition of the Assessee is Allowed: Calcutta High Court

Dhanraj SharmaOctober 2, 2021

In the case of Mcnally Sayaji Engineering vs Assistant Commissioner, Calcutta High Court has held that: Following the principle laid down in the judgment reported in Nazir Ahmad vs. King...

INCOME TAX

Must Read: Truth Behind the Message Which is Saying About Mandatory Quoting of PAN Number from 1st October 2021 in All Invoices of Rs 2 Lakh or More

Dhanraj SharmaOctober 1, 2021October 1, 2021

A message has been forwarded in almost all professional groups that: "In compliance with Section 139A(5)(c) of the Income Tax act all the sellers raising an invoice of INRs 200000...

judgement

There is No Employer- Employee Relationship If Doctor is Paid on the Basis of Patients Attended: ITAT

Dhanraj SharmaOctober 1, 2021October 1, 2021

In the case of DCIT vs Sir Hurkisondas Nurrotumdas Hospital & Research Centre, ITAT Mumbai has held that: Going by the factual matrix as enumerated in the preceding paragraphs, it...

judgement

Only Amount Reflected in Form 26AS Does Not Mean that Assessee is the Actual Beneficiary Unless It is Established: ITAT

Dhanraj SharmaSeptember 30, 2021September 30, 2021

In the case of Dr Swati Mahesh Vinchurkar vs DCIT, ITAT Surat bench has held that: We have considered the rival submissions of the parties and have gone through the...

INCOME TAX

Rectification Tab is Enabled on New Income Tax Portal

Dhanraj SharmaSeptember 29, 2021September 30, 2021

Rectification tab enabled on new Income Tax Portal Path: Dashboard >> Services >> Rectification Currently, users will be able to submit rectification request for the following issues: • Reprocess of...

judgement

As the Activities of the Assessee are Under the Statutory Obligation under Development Act 1973, The Activities Can Not be Treated as Trade, Commerce or Business: ITAT Agra

Dhanraj SharmaSeptember 28, 2021September 28, 2021

In the case of Agra Development Authority vs DCIT, ITAT Agra has held that after respectfully following the decision of the coordinate bench in the matter of JHANSI DEVELOPMENT AUTHORITY...

INCOME TAX

Income Tax Search and Seizure: Irregularity versus an illegal Income Tax Search-An Analysis

MOHIT GUPTASeptember 27, 2021September 27, 2021

Introduction: Section 132 of the Income Tax Act’1961 prescribes that the competent authorities are empowered to permit the authorized officers to enter, search, break open, seize, place marks of identification...

judgement

The Commissioner has to Re-Examine the Application of the Assessee Because He Rejected the Assessee’s Application Without the Opportunity of Being Heard: ITAT Agra

Dhanraj SharmaSeptember 27, 2021September 27, 2021

In the case of Aashray vs CIT (Exemption), ITAT Agra has held that: The appeal of the assessee is allowed for statistical purposes, the Commissioner (exemption) is directed to examine...

TC VIP Content

Business Concept’s Daily E-News Letter- 26-09-2021 Only for TC VIP Users

Dhanraj SharmaSeptember 26, 2021September 26, 2021

Business Concept’s Daily E-News Letter- 26-09-2021 Please Click on Read More » to Read Full News Note: Only TC VIP Users can Access It For New User- More information, Please...

TC VIP Content

Business Concept’s Daily E-News Letter- 25-09-2021 Only for TC VIP Users

Dhanraj SharmaSeptember 25, 2021September 25, 2021

Business Concept’s Daily E-News Letter- 25-09-2021 Please Click on Read More » to Read Full News Note: Only TC VIP Users can Access It For New User- More information, Please...

INCOME TAX

Income Tax Department’s Big Announcement on Verification of Income Tax Returns

Dhanraj SharmaSeptember 24, 2021September 25, 2021

Return of income furnished electronically u/s 142(1), 148, 153A and 153C of Income Tax Act during the period from 07/06/2021 to 30/09/2021 and verified through EVC instead of DSC, shall...

JOB

Recruitment of Income Tax 2021: Few days left to apply IT Inspector, Tax Assistant and Multi-Tasking Staff

TaxtimesSeptember 24, 2021September 24, 2021

Recruitment of meritorious sportspersons fulfilling the eligibility criteria per particulars mentioned in Annexure-I for appointment to the posts of Inspector of Income Tax, Tax Assistant and Multi-Tasking Staff, In the income tax...

Tag: INCOME TAX

The Words “In India” Cannot be Read Into Section 54F When Parliament in Its Legislative Wisdom Has Deliberately Not Used the Words: ITAT Bangalore

Amendment w.e.f. AY 2014-15 Will Not Apply to A Purchase Transaction of Immovable Property For Which Full Consideration is Paid Pre-Amendment: ITAT Ranchi

Income Tax Portal has been further strengthened, 1.9 crore returns that have been filed using the new system: Infosys CEO

The Tendency to Perceive Delay As A Non-Serious Matter Should be Discouraged: ITAT Delhi

The Loss Arising to Assessee for Cancellation of Its Shares Pursuant to Reduction of Capital Should be Allowed as Long Term Capital Loss: ITAT Mumbai

Cash transactions: Those cash transactions which are monitored by the Income Tax Department

Income tax: 5 cash transactions that can attract I-T notice

The Only Requirement For Granting Registration Under Section 11/ 12AA of the Income Tax Act is That The Objects of The Society Should be Charitable in Nature and Activities are Genuine: ITAT Amritsar

Payment Made by An Indian Company to A Foreign Celebrity For Appearance in A Product Launch in Foreign Which Was For the Business in India, is Taxable: ITAT Mumbai

Must Read: Middle Men Provided End to End Encrypted Services for Tax Evasion But Income Tax Department Unearthed the Same

Where the Deductor has Deducted Tax at Source But Has Not Deposited the Tax with the Government, the Assessee Cannot be Made to Suffer: ITAT Delhi

Busting A Myth on Pandora Papers Leak

Sachin Tendulkar and Anil Ambani are the Part of Pandora Papers Leak. Know All Details Here

A Representative Office of a Foreign Enterprise is Not a Taxable Unit. Foreign Enterprise is the Taxable Unit: ITAT Mumbai

An Indian Taxpayer is Not Entitled to Claim Refunds From the Government of India of Taxes Paid Outside India: ITAT Mumbai

Order of the AO Imposing Penalty on Assessee Under Section 271AAB of the Income Tax Act Does Not Pass the Mandate of the Provisions of Section 271AAB of the Act. So Appeal of the Assessee is Allowed: ITAT Patna

CBDT Notifies Income Tax Rules Which Seeks to Withdraw Tax Demands on Indirect Transfer of Indian Assets Prior to 28th May 2012

Income Tax Department Issues Revised Instructions for Filing Form 15CA and 15CB on New Income Tax Portal

Assessing Officer Withheld the Refund Without Assigning the Reason Which is Required by Law. So the Petition of the Assessee is Allowed: Calcutta High Court

Must Read: Truth Behind the Message Which is Saying About Mandatory Quoting of PAN Number from 1st October 2021 in All Invoices of Rs 2 Lakh or More

There is No Employer- Employee Relationship If Doctor is Paid on the Basis of Patients Attended: ITAT

Only Amount Reflected in Form 26AS Does Not Mean that Assessee is the Actual Beneficiary Unless It is Established: ITAT

Rectification Tab is Enabled on New Income Tax Portal

As the Activities of the Assessee are Under the Statutory Obligation under Development Act 1973, The Activities Can Not be Treated as Trade, Commerce or Business: ITAT Agra

Income Tax Search and Seizure: Irregularity versus an illegal Income Tax Search-An Analysis

The Commissioner has to Re-Examine the Application of the Assessee Because He Rejected the Assessee’s Application Without the Opportunity of Being Heard: ITAT Agra

Business Concept’s Daily E-News Letter- 26-09-2021 Only for TC VIP Users

Business Concept’s Daily E-News Letter- 25-09-2021 Only for TC VIP Users

Income Tax Department’s Big Announcement on Verification of Income Tax Returns

Recruitment of Income Tax 2021: Few days left to apply IT Inspector, Tax Assistant and Multi-Tasking Staff

Read on app

Government of Rajasthan Approves the proposal of restructuring of Commercial Tax Department

GST: Detailed circular issued relating to 45th GST Council Meeting