Assessing Officer: Reassessment based on search in third party is valid as there are Reasons to believe : HC A perusal of the appraisal report, on which reliance has been placed by the Assessing Officer, reveals that there was sufficient material for the Assessing Officer to form the belief that income chargeable to tax has… Read More »
Sec 194J TDS applicable on Toll Free Telephone charges : ITAT Payments made are towards toll-free telephone charges paid for toll free telephone number provided by telecom operators, whereby charges for calls made by consumers to the toll-free number is borne by assessee. These are dedicated private circuit lines available to assessee. In other words,… Read More »
No coercive action against taxpayer if writ filed challenging Black Money Act : HC In the income tax proceedings petitioners had not disclosed any black money or asset; rather have denied the same. In such circumstances and taking an overall view of the matter, we feel that while respondents may proceed pursuant to the impugned notices… Read More »
Penalty enviable for accepting Cash Deposit exceeding Rs 20000 : HC There is nothing to indicate that the assessee has got any registration as a banking company, as defined under the Banking Regulation Act or not even to the effect that the appellant is a ‘non-banking financing company’ having authorisation from the Reserve Bank of… Read More »
Bogus Donation made to claim deduction , matter rightly remanded back to Assessing Officer : HC Tribunal went further and based on sworn statement of founder director of M/s.Herbicure Healthcare Bio-herbal Research Foundation that the organization returned the donation to the assessee, thought it fit to remand the matter to ascertain the means of the… Read More »
State Urban Development Authority activities are Charitable activities , entitled for Exemption : HC Development Authority : Considering the fact that the assessee was a statutory body, an Authority constituted under the provisions of the Act, to carry out the object and purpose of Town Planning Act and collected regulatory fees for the object of… Read More »
Income from sale of agricultural land is business income is sold by Real Estate Developer : HC Income from : The business of the partnership firm shall be that of buying and developing the properties into plots including construction works and/or any other business as the parties hereto may mutually agree upon from time to… Read More »
Sec 194C TDS Not applicable on reimbursement of petrol exp paid for hiring cabs : ITAT In order to rationalize the provisions of disallowance on account of non-deduction of tax from the payments made to a resident payee, it is proposed to amend section 40(a)(ia) to provide that where an assessee makes payment of the… Read More »
Sec 142A can’t be applied for FMV of land without tangible material to reject value declared by Taxpayer : ITAT FMV As a corollary, the alleged overvaluation, in the value of investment could not be verified under the ambit of Section 142A of the Act where the subject matter of examination under section 69, 69A… Read More »
Compensation received for not letting out property taxable under Income from Other sources : ITAT As per the claim of the assesee, the property was not let out, but was under covenent by an option agreement between the parties, as per which the assessee has given an option to the existing tenant of unit No.… Read More »