The Income Tax Department today launched Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive & search matters, International tax and Black Money Act. Necessary Gazette notification has also been issued today.
In September 2019, the Government announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act (No. 2), 2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs in response to a question asked in the Lok Sabha today
For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand.
(a) that the assessee was a preacher of the Satsang cult; (b) the gift of land may have been made to the assessee voluntarily but it was made in consideration of certain spiritual benefits that the donor had received from the assessee in his capacity as a preacher of the Satsang cult. From these points of view it cannot be urged, in our opinion, that the value of the land was not the assessee's income.
“information”—Meaning of—When Section 147 (b) of the Income-tax, Act is read as referring to “information” as to law, what is contemplated is information as to the law created by a formal source.
On the historic day of 25th of January, the Tribunal was constituted in 1941. This date was notifi ed as the appointed date on which Chapter II-A in the Indian Incometax Act, 1922 was to come into force.
An Act to continue the existing rates of income-tax for the financial year 2019-2020 and to provide for certain relief to taxpayers and to make amendments in certain enactments.
Income Tax Act - According to Section 292BB of the Act, if the assessee had participated in the proceedings, by way of legal fiction, notice would be deemed to be valid even if there be infractions as detailed in said Section.
INDEX Income-tax Act, 1961-2017 INCOME-TAX ACT, 1961 [43 OF 1961] [AS AMENDED BY FINANCE ACT, 2018] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the…
COMMISSIONER OF INCOME TAX, BOMBAY CITY-III Vs. SHANTILAL P. LTD. - A contract can be said to be settled if instead of effecting the delivery or transfer of the commodity envisaged by the contract the promisee, in terms of Section 63 of the Contract Act, accepts instead of it any satisfaction which he thinks fit. It is quite another matter where instead of such acceptance the parties raise a dispute and no agreement can be reached for a discharge of the contract. There is a breach of the contract and by virtue of Section 73 of the Contract Act the party suffering by such breach becomes entitled to receive from the party who broke the contract compensation for any loss or damage caused to him thereby. There is no reason why the sense conveyed by the law relating to contracts should not be imported into the definition of "speculative transaction." The award of damages for breach of a contract is not the same thing as a party to the contract accepting satisfaction of the contract otherwise than in accordance with the original terms thereof. It may be that in a general sense (he layman would understand that the contract must be regarded as settled when damages are paid by way of compensation for its breach. What is really settled by the award of such damages and their acceptance by the aggrieved party is the dispute between the parties. The law, however, speaks of a settlement of the contract, and a contract is settled when it is either performed or the promisee dispenses with or remits, wholly or in part, the performance of the promise made to him or accepts instead of it any satisfaction which he thinks fit.
Section 63 in The Income- Tax Act, 1995 " Transfer" and" revocable transfer" defined For the purposes of sections 60, 61 and 62 and of this section,- (a) a transfer shall be deemed to be revocable if- (i) it contains…
In the The Bombay Life Assurance Society Ltd. Vs. The Council, Corporation of Madras, , a Division Bench of this Court, had occasion to consider the words "assess" and "assessment" under the Madras City Municipal Act IV of 1919. The…