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M/s Tirupati Medicare Ltd. & Ors. vs Income Tax Officer & Ors. | Delhi High Court on Release of Seized Hard Discs and Scope of Assessment under Section 154A of the Income Tax Act, 1961
Facts of the CaseThe petitioners, engaged in pharmaceutical and related
business activities, were subjected to search and seizure proceedings by the
Income Tax Department. During the search, hard discs and related digi...
Penalty under section 271AAC of the Income Tax Act, 1961 in case of income from undisclosed sources
Penalty under section 271AAC of the Income Tax Act, 1961 in case of income from undisclosed sourcesSection 271AAC of the Income-tax Act (inserted with effect from Assessment Year 2017-18 vide Taxation Laws (Second Amendm...
Taxability of interest received by assessee on enhanced compensation awarded by Court, pursuant to compulsory acquisition of assessee's agricultural land by Government
Taxability of interest received by assessee on enhanced compensation awarded by Court, pursuant to compulsory acquisition of assessee's agricultural land by GovernmentInterest received on enhanced compensation is taxable...
Validity of penalty imposed under section 271(1)(c ) for disallowance of business expenses
Validity of penalty imposed under section 271(1)(c ) for disallowance of business expensesPenalty is one of the weapon which is now used by Income tax department (ITD) for each & every kind of addition they are makin...
Concept of "Real Income Theory" under Income Tax Laws
Concept of "Real Income Theory" under Income Tax LawsLord Macnaghten “Income Tax, if I may be pardoned for saying so, is a tax on ‘income’. It is not meant to be a tax on anything else” explains the concept of re...
Pr. Commissioner of Income Tax–11 vs Shri Dinesh Kumar Mathur | Delhi High Court on Section 40(a)(ia) & Section 194C – Disallowance on Reimbursement Payments and TDS Liability
Facts of the CaseThe assessee, engaged in the business of manufacturing and
exporting garments and accessories, claimed expenditure amounting to ₹3,19,66,460/-
paid to M/s Aakriti Creation Pvt. Ltd., a sister concern...
Taxation of Derivatives
Taxation of DerivativesHistory of Taxation on Derivatives in IndiaPrior to Financial Year 2005–06, no special provisions were there for trading of derivatives, in Income Tax Act, 1961. Although derivatives contract hav...
Refund of TDS & Interest on TDS refund to TDS Deductor
Refund of TDS & Interest on TDS refund to TDS DeductorSection 200A describes the processing of TDS return and also the process to refund the amount in case any amount paid by the deductor is in excess of the amount f...
Allowability of Corporate Social Responsibility (CSR) Expenditure under the provisions of Income Tax Act, 1961
Allowability of Corporate Social Responsibility (CSR) Expenditure under the provisions of Income Tax Act, 1961Corporate Social Responsibility (CSR) is a self-regulating process, through which corporate link their ac...
Penalty under section 271D for failure to comply with the provisions of section 269SS
Penalty under section 271D for failure to comply with the provisions of section 269SSThe provisions of section 269SS and 269T were brought on the statute by the Finance Act, 1984, with effect from, 01.04.1...