Reason to believe that income has escaped assessment not sufficient to reopen assessments beyond 4 years Citation of the Case:- CIT vs. Vishishth Chay Vyapar Ltd. (Delhi High Court), Income Tax (Appeal) Nos. 1108, 1109 of 2010, Date of Judgment: 03/12/2015 Brief of the Case Delhi High Court held In the case of CIT vs. […]
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.
No capital gain accrues until right to receive compensation confirmed in proceedings under Land Acquisition Act Citation of the Case:- CIT vs. Suman Dhamija (Delhi High Court), Income Tax Appeal Nos. 20 of 2003 & others, Date of Judgment: 08/12/2015 Brief of the Case Delhi High Court held In the case of: CIT vs. Suman […]
Reimbursement of salary cost of high level managerial personal can be treated as FTS Case Law Citation:- M/s Food world Supermarkets Ltd. vs. Deputy Director of Income Tax (ITAT Bangalore), ITA Nos.1356 & 1357/Bang/2013 Assessment year: 2008-09, Date of Decision – 28th October 2015. Brief Facts and Question of Law: Brief Facts of the Assessee: […]
Amended Rules regarding quoting of PAN for specified transactions to come into force from 1st January, 2016 The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, it is mandatory under Rule 114B of […]
Compensation for loss of income-generating asset is not revenue in nature CIT Vs. Sharda Sinha (Delhi High Court), Appeal No. ITA 471/2003, Date of Pronouncement-22.12.2015 The Respondent is the successor-in-interest and legal representative of the deceased Assessee. The Assessee was a journalist by profession and was appointed as the Foreign Correspondent in India of a […]