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Income Tax
APPEALS PROCEEDINGS UNDER INCOME TAX ACT, 1961
The term appeal has nowhere been defined under the Income Tax Act. However as per Mozley and Whiteley’s Law…
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Law Relating to Gift Tax in India
Law Relating to Gift Tax in India In the earlier times in India cash gifts of up to Rs 50,000…
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Stock Market and Investing
All About Intra-day Trading Startegies
All about Intraday trading An insight into Intraday Trading Strategies The common name for IntraDay Trading is “Day Trading”. Here,…
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Income Tax
Merits & Demerits of Investing in Equity Savings Scheme
In exercise of the powers conferred by 80CCG (1) of the Income-tax Act, 1961 (43 of 1961), the Central Government…
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How to avoid income tax audit
Most of the people paying Tax are afraid of an IRS audit / income tax audit. Recent statistics have revealed…
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Assessing Officer not entitled to reopen assessment for his change of opinion
Reassessment is a tool of the Income Tax Department. It gives the Assessing Officer the power to reassess income, of…
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Income Tax
Loss for forward contract to protect against loss for fluctuations in foreign exchange allowed as deduction
The ITAT, Mumbai in the case of ACIT , Mumbai (Appellant) vs. M/s. Venus Jewel, EC-5021/22, Bharat Diamond Bourse, Bandra-Kurla…
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AOP not considered as an individual or HUF for the purpose of section 56(2) (vi)
The ITAT Delhi in the case of Mridu Hari Dalmia Parivar Trust vs. Assessing Officer, Circle 31 (1) , New…
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The final order of an Assessing Officer cannot take benefit from the orders of subsequent litigation
Subsequent Litigation- Assessing Officer not to take benefit of it while framing orders A question arose recently whether a final…
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Income Tax
A debatable claim could not result in penalty- No Penalty u/s 271 on Debatable Issue
The section 271(1) (c) of the income tax act 1961, clearly states that no penalty would be levied on an…
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