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Rights and Duties of Persons Searched during Income Tax search and seizure operation
Rights and Duties of Persons Searched during Income Tax search and seizure operationTo face the situation efficiently, it is extremely important to understand some of Income Tax law on the subject. Lack of knowledge lead...
Taxability of Specified Agreement under the provisions of Section 45(5A) of the Income Tax Act, 1961
Taxability of Specified Agreement under the provisions of Section 45(5A) of the Income Tax Act, 1961Sub-section (5A) was inserted in section 45 of the Income-tax Act (the Act) with effect from 01.04.2018, i.e., from the ...
Income Tax Survey - An Introduction
Income Tax Survey - An IntroductionAs we are aware that the Income Tax Department may take recourse to the provisions of sections 132 and 133A and to verify whether the Income-tax Returns filed/to be filed by an assessee...
Historical and legislative background of powers of Search & Seizure under the Income Tax Law
Historical and legislative background of powers of Search & Seizure under the Income Tax LawUnder common law, a house of a citizen was considered as his castle and nobody including the State could invade the privacy ...
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...