Assessment under Section 153A of Income Tax Act, 1961
Further addition in the assessments under section 153A of Income Tax Act, 1961 is overruled if it does not contain incriminating materials. Summary: As per... Read More
Income Tax
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What is Best Judgement Assessment?
2 min read
Understanding Best Judgement Assessment In the best judgement assessment, the A.O assesses the assessment in his own judgement to gather sufficient information and to form... Read More
Provisions of Section 194C (6) do not depend upon Section 194C (7)
The Income Tax Tribunal at Kolkata in the case of Soma Rani Ghosh vs. Deputy Commissioner of Income Tax numbered as I.T.A. No. 1420 /Kol./... Read More
Refundable Deposits are Business Income but Share Capital is Capital Receipt
Recently, Supreme Court of India has held the point that refundable deposits should be assessed as business income but share capital should be as capital... Read More
As the last date for Income declaration Scheme nears, Government started mounting Pressures by Income Tax raids across Country
Nothing works like fear psychosis. And nobody knows better than our Modi Government and our Income Tax Department officials As the much touted Income declaration... Read More
No Penalty for bona fide delay in filing tax audit report
The Income Tax Appellate Tribunal, Jaipur in the case of M/s. Gemorium 1969, Dhabaji Ka Khurra, Ramganj Bazar, Jaipur vs. The ITO, Ward- 5(1) Jaipur... Read More
Don’t let Assessing Officer Harass you by Overstepping his role and jurisdiction in Limited Scrutiny Cases
CBDT has issued instructions to assessing officers instructing them on how to carry on assessments u/s 143(2) in case of limited scrutiny assessments There are... Read More
Past records of the assessee can be considered in making assessment
The Income Tax Appellate Tribunal Nagpur in the case of Commissioner of Income Tax vs. Badridas Ramrai Shop, 1939 7 ITR 613 Nag., has held... Read More
Understanding Survey and search in the Income Tax Act- What are your rights during the survey?
3 min read
Raid is the term that is often used by common people for income tax survey and search. Understanding survey and search in the income tax... Read More
What if Income Disclosure scheme 2016 fails to collect sizable black money
As on date, no data is being shared by Government as to what has been the result of the Income Declaration Scheme (IDS), 2016. This... Read More
ITAT Amritsar: No Section 269SS Violation for One-Time Cash Payment Before Sub-Registrar 
Tax Officials Unleash Digital Dragnet: How New Raid Powers Redefine Privacy, Property Rights in India and likely to Fuel Corruption 
Income Tax Department Rewards for Reporting Tax Evasion: A Comprehensive Guide 
Forfeiture of Gratuity by Employer- What are the Remedies for an employee- Can employer be challenged?