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Pr. Commissioner of Income Tax (Central)-1 vs Jaipuria Infrastructure Pvt. Ltd. | Scope of Section 153A Additions in Absence of Incriminating Material | Delhi High Court
Facts of the CaseThe dispute arose in relation to Assessment Years 2006-07 and
2007-08, wherein the assessee had claimed expenditure relating to suppliers in
the ordinary course of business. For AY 2007-08, the Assessi...
Income Tax Rebate under section 87A of the Income-Tax Act, 1961
Income Tax Rebate under section 87A of the Income-Tax Act, 1961Section 87A of the Income Tax Act, 1961 provides that an assessee, being an individual resident in India, whose total income does not exceed five hundred tho...
Unitech Hospitality Services Ltd. vs Assistant Commissioner of Income Tax Deductibility of License Fee, External Development Charges and Conversion Charges as Cost of Land under the Income-tax Act, 1961 | Delhi High Court
Facts of the CaseThe assessee, Unitech Hospitality Services Ltd.,
challenged the order of the Income Tax Appellate Tribunal (ITAT), which upheld
the disallowance made by the Assessing Officer and Commissioner of Income...
SET OFF OR CARRY FORWARD AND SET OFF OF LOSSES UNDER INCOME TAX [SECTIONS 70 to 80]
SET OFF OR CARRY FORWARD AND SET OFF OF LOSSES UNDER INCOME TAX [SECTIONS 70 to 80]What is set off of lossesThe adjustment of losses from one head against the income, profits or gains of any other head of income during t...
SATISFACTION NOTE IN INCOME TAX SEARCH CASES
SATISFACTION NOTE IN INCOME TAX SEARCH CASESSatisfaction note in search matters plays vital role in establishing that the search was in accordance with the provisions of Income-tax Laws.Why Satisfaction Note neededThe ne...
Basics of understanding of Definition of words and Phrases under Income Tax Act, 1961
Basics of understanding of Definition of words and Phrases under Income Tax Act, 1961It is important to understand every single word used in a statute which conveys a specific meaning, but it is neither possible nor desi...
Overview of the legal provisions of search and seizure under Income Tax Laws
Overview of the legal provisions of search and seizure under Income Tax LawsSearches form a necessary and powerful adjunct to investigation as they bring to light assets and information, which would otherwise be beyond t...
BEST JUDGMENT ASSESSMENT UNDER SECTION 144 OF INCOME TAX ACT, 1961
BEST JUDGMENT ASSESSMENT UNDER SECTION 144 OF INCOME TAX ACT, 1961Best judgment assessment is given statutory recognition in terms of provisions of section 144 of the Act. In a best judgment assessment the assessing...
Assessment of a person other than the person searched [third party assessment] as per provisions of section 153C of the Income-tax Act, 1961
Assessment of a person other than the person searched [third party assessment] as per provisions of section 153C of the Income-tax Act, 1961Section 153C is analogous to section 158BD with the only exception that the word...
EXEMPTION FOR ACCUMULATION OF INCOME IN EXCESS OF SPECIFIED LIMIT [SECTION 11(2)]
EXEMPTION FOR ACCUMULATION OF INCOME IN EXCESS OF SPECIFIED LIMIT [SECTION 11(2)]According to section 11(2) of Income Tax Act 1961, if 85% of income of a charitable or religious trust is not utilised in the previous year...