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Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY 2016)
Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY 2016)The PMGKY was an amnesty scheme announced in November 2016 for the period running up to 10.05.2017. This scheme was for people who h...
Liability of Capital Gain tax on Sale of Agricultural Land
Liability of Capital Gain tax on Sale of Agricultural LandIn some cases, when you sell Agricultural Land – it may be entirely exempt from income tax or it may not be taxed under the head Capital Gains or it m...
PROCEDURE GOVERNING INCOME TAX PROSECUTION PROCEEDINGS
PROCEDURE GOVERNING INCOME TAX PROSECUTION PROCEEDINGSThe procedure governing prosecution proceedings under the Income-tax Act, 1961 can be divided into two parts i.e.(1) Procedure to be followed by the ...
Filing of appeals to Appellate Tribunal under the provisions of Prohibition of Benami Property Transactions Act, 1988
Filing of appeals to Appellate Tribunal under the provisions of Prohibition of Benami Property Transactions Act, 1988Section 46(1) of the Prohibition of Benami Property Transactions Act, 1988 provides that any perso...
Essentials of a Drafting of a Public Trust Deed
Essentials of a Drafting of a Public Trust DeedTrust or institutions can be formed by executing a Trust Deed. Trust deed is to be executed on non-judicial stamp paper, vary from state to state in any language suffic...
The Motor and General Finance Ltd. Vs. Income Tax Officer, Ward 25(1) & Anr. | Delhi High Court on Reassessment under Sections 147/148 and Carry Forward of Unabsorbed Depreciation under Section 32(2)
Facts of the CaseThe petitioner-company filed its return of income for
Assessment Year 2010–11 and claimed adjustment of unabsorbed depreciation
amounting to ₹8,76,43,790/- relating to Assessment Year 2001–02. Th...
Procedure followed by the authority once the Initiating Officer (IO) get information about Benami Property
Procedure followed by the authority once the Initiating Officer (IO) get information about Benami Property The procedure followed by the
authority once the Initiating Officer (IO) get information about benami
prop...
Tirupati Balaji Fibres Limited Vs. Assistant Commissioner of Income Tax, Central Circle-28, New Delhi | Delhi High Court | Withdrawal of Writ Petition under Article 226 of Constitution of India | Income Tax Proceedings Challenge
Facts of the CaseTirupati Balaji Fibres Limited instituted five writ petitions
before the Delhi High Court against the Assistant Commissioner of Income Tax,
Central Circle-28, New Delhi. The petitions arose from disput...
Principles of cross examination in income tax proceedings
Principles of cross examination in income tax proceedingsThe issue of cross examination of witnesses in Income Tax proceedings has seen substantial litigation before various appellate fora. Many a time, income tax assess...
Commissioner of Income Tax-VI vs M/s Virat Investment & Mercantile Co. | Allowability of Interest on Borrowed Funds for Rights Issue Subscription under Section 57(iii) of the Income Tax Act, 1961 | Delhi High Court
Facts of the CaseThe assessee, an investment company, had raised funds
amounting to ₹1.50 crore for subscribing to debentures issued by Shreyans
Industries Ltd., in which it already held 28% equity. The borrowing arr...