Category Archives: Income Tax

Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.

Disallowance u/s 14A gets attracted even if a mix of interest bearing & non-bearing funds used to make investments earning exempt income

Disallowance u/s 14A gets attracted even if a mix of interest bearing & non-bearing funds used to make investments earning exempt income Case Law Citation: –M/s Thermotech Engineering vs. ACIT, Pune (ITAT Pune), ITA No.- 533/PN/2013, Date of Pronouncement – 30.10.2015, Assessment Year-2009-10 Brief of the case: The ITAT bench of Pune in the case […]

Cancellation of Registration U/s 12AA(3) should be based on activities of Trust and not of Trustees

Cancellation of Registration U/s 12AA(3) should be based on activities of Trust and not of Trustees Case Law citation:-Friends of WWB India Vs Director of Income Tax-Exemption (ITAT Ahmedabad), ITA No. 2076/Ahd/2014, Asstt year 2009-10, Date of decision – 14-08-2015 Appeal is raised by assessee against order of the Director of Income Tax (Exemption) issued […]

Transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2)

Transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2) Case Law Citation: -M/s. Cash Edge India (Pvt.) Ltd., vs. ITO, (ITAT DELHI), ITA No. 64/Del/2015, Date of Decision: 23.09.2015 Brief of the case: In the case of M/s. Cash Edge India (Pvt.) Ltd., vs. ITO Delhi Bench of ITAT […]

Voluntarily surrender of income can’t escape penalty if assessee deliberately not shown unaccounted income in return

Voluntarily surrender of income can’t escape penalty if assessee deliberately not shown unaccounted income in return Case Law Citation: -DCIT Vs. M/s Sunrise Stock Services P.Ltd. (ITAT CHANDIGARH), ITA No. 694/ CHD /2011, Date of Decision: 12.08.2015 Brief of the case: In the case of DCIT Vs. M/s Sunrise Stock Services P.Ltd. Chandigarh bench of […]

Mandatory Requirement of Quoting of PAN

Mandatory Requirement of Quoting of PAN The Government is committed to curbing the circulation of black money and widening of tax base. Where the transactions exceeds the specified limit the income tax rules required quoting of Permanent Account Number (PAN) to collect information of certain type of transactions from third parties in a non-instructive manner.