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The Income Tax Appellate Tribunal (ITAT), Kolkata, has ruled that proceeds from a holiday home, owned by a co-operative credit society, will be taxable under Income from Other Sources head of the Income Tax Act 1961 Get to know complete guide of TDS provisions under income tax act 1961 at here. Also, we include several […]
As per section 248(1) of the Companies Act, the Registrar holds the power to remove the name of the company from the register of companies by sending a legal notice in writing with the help of Form STK -1 of Companies Rules 2016 to the company and all its directors at the addresses that are […]
Again the high court’s intervention has been requisitioned by the big section of Indian exporters. This is due to the abbreviation of the benefits of the EPCG (Export Promotion Capital Goods) scheme under the (goods and services tax) GST regime. Under the GST regime, the discontinuation of some of the perks under EPCG scheme led […]
The Income Tax commissioner could not amend an assessment only due to the detailed reasoning was not provided in the order, the Madras High Court ruled. The Commissioner of Income Tax has been empowered u/s 263 of the Income Tax Act, 1961, to amend any order passed under the Income Tax Act, 1961, “the Act,” […]
The Kerala High Court stated that the Commissioner of Income Tax has the authority to review and make changes to tax decisions under Section 263 of the Income Tax Act, 1961. The Division Bench of Justices A.K. Jayasankaran Nambiar and Easwaran S. noted that “The role of the assessing officer under the Income Tax Act, […]
The Delhi High Court has ruled that a document issued by revenue authorities or any government body certifying the agricultural status of the land is not a sale deed. A division bench consisting of Justices Vibhu Bakhru and Swarana Kanta Sharma stated that the primary purpose of a sale deed is to document the transaction […]
The Punjab & Haryana High Court upheld the revisional order passed by the Principal Commissioner Income Tax (PCIT) under Section 263 of the Income Tax Act. as the assessment was wrongly passed by the Assessing Officer ( AO ) under Section 44ADA of the Act. The taxpayer Harjot Singh, is an individual who filed his […]
The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav noted that clause (a) of Explanation 2 of Section 263 of the Act introduces a deeming fiction to the effect that the order passed via the AO will be acknowledged wrong and prejudicial to the interests of the revenue if the order is passed […]
The Delhi bench of the ITAT recently made a significant ruling. It said that individuals can claim deductions for capital gains, even if they haven’t deposited into a capital gain account scheme. The case involved assessee, Sarita Gupta, a resident individual, of whom information was received by the Assessing Officer that the assessee’s dad sold […]
