Determining when legislative changes apply retrospectively Case Law : Calcutta Export Company (Civil Appeal No 4339-4340 of 2018) The Supreme Court of India held that when the amount of withheld tax is remitted to the government after the end of the financial year but before the due date for filing the tax return, a legislative… Read More »
Payments for marketing and distribution rights held taxable royalty The Bangalore Bench of the Income-tax Appellate Tribunal held that payments for marketing and distribution rights of an “adwords” program were taxable as income. Under the adwords program’s distribution and service agreements, the taxpayer was licensed to use certain confidential information, technical know-how, trade mark, brand… Read More »
The reasons recorded in support of the impugned notice was merely on the basis of borrowed satisfaction of the audit party. This also makes the impugned notice bad. HIGH COURT OF BOMBAY Commissioner of Income-tax-14, Mumbai v. Shankardas B. Pahajani M.S. SANKLECHA AND SANDEEP K. SHINDE, JJ. IT APPEAL NO. 1432 OF 2007 APRIL 24, 2018 P.C.… Read More »
The rights and interest of the LRs in the estate of the deceased cannot be taken away from them without giving them a proper opportunity of defending their rights and interest, in accordance with the natural justice principle of audi alterem partem, as held in ‘Umedram’ It is held that the initiation of reassessment proceedings, in the… Read More »
Income Tax Exemptions : Free Study Material Here is the free study material on Income Tax Exemptions How to Save Income Tax on Capital Gains by Bond Investment Income Tax exemption if corpus donation by exempt entities to other exempt entities. No Income Tax Exemption on money deposited for Minor Child on divorce No Tax… Read More »
HUF does not come under specified category of relative under section 56(2)(vii), Explanation (e); therefore, money received by an individual from HUF as gift would not considered as valid gift IN THE ITAT AHMEDABAD BENCH ‘D’ Gyanchand M. Bardia v. Income Tax Officer, Ward 1(2)(2), Ahmedabad S.S. GODARA, JUDICIAL MEMBER AND AMARJIT SINGH, ACCOUNTANT MEMBER IT… Read More »
ITAT Kolkata Sri Joy Barman Vs. Income Tax Officer ITA No. 599-600/Kol/2016 Date of Judgement/Order : 07/02/2018 FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:- The above two captioned appeals are pertaining to the same assessee for assessment years 2008-09 & 2009-10. Since these appeals belong to the same assessee, therefore these have been… Read More »
IN THE ITAT HYDERABAD BENCH (SPECIAL BENCH) Assistant Commissioner of Income-tax, Circle-16(2), Hyderabad v. Progressive Constructions Ltd. D. MANMOHAN, VICE-PRESIDENT J. SUDHAKAR REDDY, ACCOUNTANT MEMBER SAKTIJIT DEY, JUDICIAL MEMBER IT APPEAL NO. 1845 (HYD.) OF 2014 C.O. NO. 36 (HYD.) OF 2015 [ASSESSMENT YEAR 2011-12] FEBRUARY 14, 2017 J.V. Prasad, Sr. Standing Counsel for the Appellant. V.… Read More »
On perusal of section 194J of the Act, we find that tax is deductible at source either at the time of credit of expenditure to the account of the payee or at the time of payment whichever is earlier. In the instant case, the assessee had made provision for audit fees to the account of… Read More »
HIGH COURT OF GUJARAT Sunrise Education Trust v. Income-tax officer (Exemption) AKIL KURESHI AND B.N. KARIA, JJ. SPECIAL CIVIL APPLICATION NO. 16726 OF 2017 FEBRUARY 19, 2018 Ms. Vaibhavi K. Parikh, Advocate for the Petitioner. Mrs. Mauna M. Bhatt, Advocate for the Respondent. ORDER Akil Kureshi, J. – Petitioner has challenged a Notice dated 31st March 2017 issued by the respondent-Assessing Officer… Read More »