Tuesday, January 24, 2017
Tags Income Tax

Tag: Income Tax

AOP not considered as an individual or HUF for the purpose...

The ITAT Delhi in the case of Mridu Hari Dalmia Parivar Trust vs. Assessing Officer, Circle 31 (1) , New Delhi. – 2016 (4) TMI 127 has held that...

The final order of an Assessing Officer cannot take benefit from...

Subsequent Litigation- Assessing Officer not to take benefit of it while framing orders A question arose recently whether a final order of an Assessing Officer can be challenged in view...

Assessing Officer should not show Undue Hurry in Completing Income Tax...

The Bench of the High Court at Ahmadabad consisting of Hon’ble Justice Mr. Akil Qureshi and Hon’ble Justice Ms. Sonia Gokani has passed a judgment declaring that if an...

Tax Free Securities under Section 14 A and Rule 8D

The Finance Ministry of India is responsible for the preparation and presentation of the Finance Bill every year. At the helm of financial affairs in India, the Finance ministry’s...

Mere omission cannot be treated as concealment of income

The Hon’ble Supreme court has held in the case of K.C. Builders & another vs. The Asst. Commissioner of Income Tax, J.T. 2004(2) SC 100, that mere omission cannot...

Higher Tax deduction rate for Short term capital gains

The section 111A of the income tax act 1961, lays down the provision for Tax Deduction Rate for short term capital gains. Definition of short term capital gains: If a person...

Usual Tricks to Convert Black Money into White Legal Money

Some Common Tricks to Convert Black Money in White Money The growth of unaccounted money or black money has resulted in the creation of a parallel economy-giving rise to many...

No addition under section 68 if one can prove the authenticity...

Prove Authenticity of Transaction to avoid Addition under Section 68 The Delhi High Court in the case of Commissioner of Income Tax vs. Gangeshwari Metal (P.) Ltd., I.T. Appeal No....

Computation of Income Tax Liability under Different heads of Income- A...

Understanding Computation of Income Tax Liability As per the Income Tax Act, Income is classified under five different heads. In every financial year, either the assessee himself or his appointed...

Penalties for Tax Evasion in India

Introduction to Tax Evasion Tax evasion refers to any attempt to avoid payment of taxes by using illegal means. Some of the common forms of tax evasion are: reporting less...

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