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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...
Compensation on retrenchment – Exemption as per the provisions of Section 10(10(B) of Income Tax Act, 1961
Compensation on retrenchment – Exemption as per the provisions of Section 10(10(B) of Income Tax Act, 1961Any compensation received by a workman under the Industrial Disputes Act, 1947, or under any other Acts or rules...
Admissibility of Circumstantial Evidence in Income Tax proceedings
Admissibility of Circumstantial Evidence in Income Tax proceedings“Men may tell lies, but Circumstances do not”.Meaning of evidenceThe word ‘Evidence’ has been derived from the Latin word ‘evidere’ whic...
Compensation on retrenchment – Exemption as per the provisions of Section 10(10(B) of Income Tax Act, 1961
Compensation
on retrenchment – Exemption as per the provisions of Section 10(10(B) of Income
Tax Act, 1961 Any compensation received by a
workman under the Industrial Disputes Act, 1947, or under any other Acts...
CONCEPT OF PRINCIPLE OF NATURAL JUSTICE IN INCOME TAX PROCEEDINGS
CONCEPT OF PRINCIPLE OF NATURAL JUSTICE IN INCOME TAX PROCEEDINGSPrinciples of natural justice are soul of an administration of justice and need to be adhered to in order to make the order as a just and fair order. The c...
Power of Principal Commissioner or Commissioner to reduce or waive penalty, etc. in certain cases as per the provisions of Section 273A of the Income Tax Act, 1961
Power of Principal Commissioner or Commissioner to reduce or waive penalty, etc. in certain cases as per the provisions of Section 273A of the Income Tax Act, 1961Section 273A empowers the Principal Commissioner or ...
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...