Income Tax Archives - Tax Heal https://www.taxheal.com/category/books/income-tax-books Complete Guide for Income Tax and GST in India Wed, 05 Apr 2023 05:13:17 +0000 en-US hourly 1 https://wordpress.org/?v=7.1 Income Tax Stay application cannot be rejected simply because assessee not covered by Instruction No. 1914 : High Court https://www.taxheal.com/income-tax-stay-application-cannot-be-rejected.html Wed, 05 Apr 2023 05:13:17 +0000 https://www.taxheal.com/?p=93689 Income Tax Stay application cannot be rejected simply because assessee not covered by Instruction No. 1914 : High Court HIGH COURT OF MADRAS Hemant Shantill Jain v. Assistant Commissioner of Income-tax M. SUNDAR, J. W.P. NO. 34301 OF 2022 W.M.P. NO. 33760 OF 2022 DECEMBER  22, 2022 Ms. Vandana Vyas and Ms. A. Niveditha for the Petitioner. A.P. Srinivas, Sr. Standing… Read More »

]]> Income Tax Stay application cannot be rejected simply because assessee not covered by Instruction No. 1914 : High Court
HIGH COURT OF MADRAS
Hemant Shantill Jain
v.
Assistant Commissioner of Income-tax
M. SUNDAR, J.
W.P. NO. 34301 OF 2022
W.M.P. NO. 33760 OF 2022
DECEMBER  22, 2022
Ms. Vandana Vyas and Ms. A. Niveditha for the Petitioner. A.P. Srinivas, Sr. Standing Counsel (Income-tax) and Ms. S. Premalatha, Jr. Standing Counsel (Income-tax) for the Respondent.
ORDER
1. This order will now dispose of the captioned writ petition and captioned ‘Writ Miscellaneous Petition'[‘WMP’ for the sake of brevity].
2. Ms.Vandana Vyas, learned counsel on record for writ petitioner is before this Court. Learned counsel submitted that there was a search operation qua the writ petitioner under section 132 of the ‘Income Tax Act, 1961’ (‘IT Act’ for the sake of brevity); that on the basis of seized material, a notice under section 153C of IT Act was issued; that this was followed by a notice dated 14-12-2021 under section 143(2) and a notice dated 20-1-2022 under section 142(1); that all this culminated in an order dated 28-3-2022 made by the first respondent inter alia under section 143(3) read with section 153 of IT Act [hereinafter ‘said order of Assessing Officer’ for the sake of convenience and clarity]; that vide the said order of Assessing Officer, the Assessing Officer had come to the conclusion that there is unaccounted capital drawings and unexplained interest credit both under section 56 of IT Act; that pursuant to such assessment a demand of Rs. 73,23,592/- was raised; that the said order of Assessing Officer was carried in appeal by the writ petitioner by way of an appeal dated 26-4-2022 to the second respondent; that it is to be noted that the second respondent is the Appellate Authority; that this Court is informed that the appeal is under section 246A of IT Act; that pending appeal, writ petitioner moved the first respondent (Assessing Officer) under section 220(6) of IT Act with an interim prayer; that the first respondent in and by a terse ‘order dated 12-12-2022 bearing reference ITBA/COM/F/17/2022-23/1047943054(1)’ [hereinafter ‘impugned order’ for the sake of convenience and clarity] negatived the interim prayer; that captioned writ petition has been filed assailing the impugned order.
3. Considering the narrow compass on which the captioned main writ petition turns, this Court deemed it appropriate to take up the captioned main writ petition with the consent of counsel for writ petitioner and Mr.A.P.Srinivas, learned Senior Standing Counsel (Income Tax) along with Ms.S.Premalatha, learned Junior Standing Counsel (Income Tax) who accepted notice for both the respondents.
4. As already alluded to supra, the impugned order of the first respondent is terse and a scanned reproduction of the same is as follows:
5. The impugned order has been made on one basis and that lone basis is that the writ petitioner’s case is not covered under ‘Instruction No. 1914 dated 2-12-1993 as modified by two Office Memoranda dated 29-2-2016 and 31-7-2017’ [hereinafter collectively ‘said instruction’ for the sake of convenience and clarity]. There is no disputation or disagreement as between the petitioner’s counsel and the learned Revenue counsel that this is incorrect. This is evident and obvious from the first and second sentences in the first paragraph of impugned order. The first sentence says that stay of demand is governed by said instruction and second sentence says that writ petitioner is not covered by said instruction.
6. As there is no disputation or disagreement that the writ petitioner’s case i.e., writ petitioner’s plea that interim order is covered by said instruction read with Section 220(6) of IT Act and as the only ground on which the prayer has been negatived is that the writ petitioner is not covered by said instruction, this Court deems it appropriate to interfere qua the impugned order.
7. In the light of the narrative thus far, the following order is passed:
(a) the impugned order i.e., order dated 12-12-2022 bearing reference ITBA/COM/F/17/2022-23/1047943054(1) made by the first respondent is set aside. The impugned order is set aside on the sole ground that it has proceeded on the lone erroneous basis that said instruction (Instruction No. 1914 dated 2-12-1993 as modified by two office memoranda dated 29-2-2016 and 31-7-2017) does not apply to the writ petitioner;
(b) The petition of the writ petitioner seeking interim order is remitted back to the first respondent for consideration on its own merits and in accordance with law inter alia by applying said instruction;
(c) The above exercise shall be completed by the first respondent as expeditiously as his business would permit and in any event, within three weeks from today i.e., on or before 12-1-2023;
(d) Though obvious it is made clear that the writ petitioner’s petition styled ‘petition to keep the demand of tax in abeyance’ before the first respondent now gets revived and the same will stand over for consideration by the first respondent as per the aforementioned directive within aforementioned time line.
(e) Though obvious, it is made clear that this Court has not expressed any view or opinion on the merits of the matter and the facts have been captured for limited purpose of appreciating this order.
Captioned writ petition disposed of with the aforementioned directives. Consequently, captioned WMP is disposed of as closed.
There shall be no order as to costs.
]]> The Budget 2021-22 I Taxmann’s Book https://www.taxheal.com/the-budget-2021-22-i-taxmanns-book.html https://www.taxheal.com/the-budget-2021-22-i-taxmanns-book.html#respond Sun, 31 Jan 2021 07:57:58 +0000 https://www.taxheal.com/?p=88558 Taxmann’s The Budget 2021-22 | Covering Budget Highlights, Finance Minister’s Speech, Finance Bill, Memorandum Explaining the Provisions of the Finance Bill, & Notes on Clauses by Taxmann  (Author)   Price Rs 420 Click here to Buy online The Union Budget 2021-22 will be presented on February 01, 2021. Due to COVID-19 pandemic, the Government has decided not… Read More »

]]> Taxmann’s The Budget 2021-22 | Covering Budget Highlights, Finance Minister’s Speech, Finance Bill, Memorandum Explaining the Provisions of the Finance Bill, & Notes on Clauses

by Taxmann  (Author)Union Budget 2021-22

 

Price Rs 420 Click here to Buy online

The Union Budget 2021-22 will be presented on February 01, 2021. Due to COVID-19 pandemic, the Government has decided not to print the budget documents this year.

For the first time, the Finance Minister will table the Union Budget in an e-format in the Parliament. Nevertheless, Taxmann’s ‘The Budget 2021-22’, an imprint edition of the Union Budget 2021-22, will cover the following key documents:

  • Budget Highlights
  • Finance Minister’s Speech
  • Finance Bill
  • Memorandum Explaining the Provisions of the Finance Bill
  • Notes on Clauses

This edition covers everything you need to decipher the changes proposed by the Finance Bill, 2021.

 

]]> https://www.taxheal.com/the-budget-2021-22-i-taxmanns-book.html/feed 0 Income Tax on Sale of Shares (STCG) AY 2020- 21 I CA Satbir Singh https://www.taxheal.com/income-tax-on-sale-of-shares-stcg-ay-2020-21-i-ca-satbir-singh.html https://www.taxheal.com/income-tax-on-sale-of-shares-stcg-ay-2020-21-i-ca-satbir-singh.html#respond Thu, 05 Mar 2020 12:07:27 +0000 https://www.taxheal.com/?p=83733 Income Tax on Sale of Shares (STCG) AY 2020- 21 I CA Satbir Singh

]]> Income Tax on Sale of Shares (STCG) AY 2020- 21 I CA Satbir Singh

]]> https://www.taxheal.com/income-tax-on-sale-of-shares-stcg-ay-2020-21-i-ca-satbir-singh.html/feed 0 CBDT introduced DIN for All Notices, Assessments Appeals Orders Etc https://www.taxheal.com/cbdt-introduced-din-for-all-notices-assessments-appeals-orders-etc.html https://www.taxheal.com/cbdt-introduced-din-for-all-notices-assessments-appeals-orders-etc.html#respond Wed, 14 Aug 2019 13:17:24 +0000 https://www.taxheal.com/?p=82039 CBDT takes further steps to ensure transparency in Tax Administration by bringing in concept of DIN Posted On: 14 AUG 2019 6:11PM by PIB Delhi With a view to bringing greater transparency in the functioning of the tax-administration and improvement in service delivery, almost all notices and orders of Income Tax Department are being generated… Read More »

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CBDT takes further steps to ensure transparency in Tax Administration by bringing in concept of DIN

Posted On: 14 AUG 2019 6:11PM by PIB Delhi

With a view to bringing greater transparency in the functioning of the tax-administration and improvement in service delivery, almost all notices and orders of Income Tax Department are being generated electronically on the Income Tax Business Application (ITBA) platform. However, it has been brought to the notice of the Central Board of Direct Taxes (CBDT) that there have been some instances in which the notice, order, summons, letter and any correspondence (hereinafter referred to as “communication”) were found to have been issued manually, without maintaining a proper audit trail of such communication.

In order to prevent such instances and to maintain proper audit trail of all communication, the CBDT has, vide Circular No.19/2019 dated 14.08.2019 laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification, approval etc. to the assessee or any other person will be dealt with. All such communication issued on or after the 1st of October, 2019 shall carry a computer-generated Document Identification Number (DIN) duly quoted in the body of such communication.

CBDT has also specified exceptional circumstances where the communication may be issued manually but only after recording reasons in writing and with the prior written approval of the Chief Commissioner / Director General of Income-Tax concerned. In cases where manual communication is required to be issued, the reason for issue of manual communication without DIN has to be specified alongwith the date of obtaining written approval of the Chief Commissioner / Director General of Income-Tax in a particular format. Any communication which is not in conformity with the prescribed guidelines shall be treated as invalid and shall be deemed to have never been issued. Further, CBDT has also laid down the timelines and procedure by which such communication issued manually will have to be regularised and intimated to the Principal Director General of Income-tax (Systems).

In addition to the above, in all pending assessment proceedings, where notices were issued manually, prior to issuance of the above referred Circular, all such cases would be identified and the notices so sent would be uploaded on ITBA by 31st October, 2019.

This is another step taken by CBDT towards better delivery of taxpayer services while ensuring accountability in official dealings.

]]> https://www.taxheal.com/cbdt-introduced-din-for-all-notices-assessments-appeals-orders-etc.html/feed 0 Direct Taxes Ready Reckoner (42nd Edition A.Y. 2019-20 & 2020-21) by Vinod K. Singhania https://www.taxheal.com/direct-taxes-ready-reckoner-42nd-edition-a-y-2019-20-2020-21-by-vinod-k-singhania.html https://www.taxheal.com/direct-taxes-ready-reckoner-42nd-edition-a-y-2019-20-2020-21-by-vinod-k-singhania.html#respond Fri, 21 Jun 2019 01:48:09 +0000 https://www.taxheal.com/?p=80988 Direct Taxes Ready Reckoner (42nd Edition A.Y. 2019-20 & 2020-21) by Dr. Vinod K. Singhania (Author) The main features of the book are: Amendments made by the Finance Bill, 2019, are duly incorporated in respective Chapters of the Reckoner and are appropriately highlighted. Comprehensive analysis of amendments with illustrations is given separately in Reference 2: Amendments at a glance. Law stated in this book is… Read More »

]]> Direct Taxes Ready Reckoner (42nd Edition A.Y. 2019-20 & 2020-21)

by Dr. Vinod K. Singhania (Author)

The main features of the book are:

  • Amendments made by the Finance Bill, 2019, are duly incorporated in respective Chapters of the Reckoner and are appropriately highlighted.
  • Comprehensive analysis of amendments with illustrations is given separately in Reference 2: Amendments at a glance.
  • Law stated in this book is as amended by the Finance Bill, 2019 (As passed by both the Houses).
Direct Taxes Ready Reckoner (42nd Edition A.Y. 2019-20 & 2020-21) by Vinod K. Singhania

Price Rs 880Click here to buy online

  • Paperback: 680 pages
  • Publisher: Taxmann; 42nd Edition A.Y. 2019-20 & 2020-21 edition (2019)

Other New TAX and GST Books

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