![Income Tax Officer has No Power to Exercise Revisional Jurisdiction: Allahabad HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/09/Allahabad-High-Court-Taxscan.jpg "Income Tax Officer has No Power to Exercise Revisional Jurisdiction: Allahabad HC [Read Judgment]")
Income Tax Officer has No Power to Exercise Revisional Jurisdiction: Allahabad HC [Read Judgment]
The Allahabad High Court has ruled that the revisional jurisdiction cannot be exercised by the Income Tax Officer under the provisions of section 263...
![Re-Assessment can’t be made on the basis of Borrowed Satisfaction of AO who has no Jurisdiction over the Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Ahmedabad.jpg "Re-Assessment can’t be made on the basis of Borrowed Satisfaction of AO who has no Jurisdiction over the Assessee: ITAT [Read Order]")
Head Office and Branch Office of a Concern are not Two Separate Entities: HC Quashes Assessment under U.P. Trade Tax Act
While quashing an assessment under the Uttar Pradesh Trade Tax Act, 1948, the Allahabad High Court held that the head office and the branch office of a concern cannot be deemed as separate entities. ...
Penalty u/s 273B can’t be invoked for Restrictions on Cash Transactions If Assessee had a ‘reasonable cause’ for Violation of Law: ITAT Delhi
The Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that if the assessee had a reasonable cause for violation of law, then penalty under Section 273B of the Income Tax Act 1961 would...
IBBI strengthens its Due Diligence Framework under the Insolvency and Bankruptcy Code, 2016 [Read Notification]
Now prior to approval of a Resolution Plan, the Resolution Applicants, including promoters, will be put to a stringent test with respect to their credit worthiness and credibility; Amendments to the...
Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.2% up to October, 2017 at Rs. 4.39 lakh cr
The Ministry of Finance has released the data of Direct Tax Collections for the Financial Yeat 2017-18. The provisional figures of Direct Tax collection up to October, 2017 show that net collections...
Benami Assets worth Rs. 1833 Crore attached by the IT Dept So Far: CBDT to continue ‘Strong Action’ against Defaulters
The Central Board of Direct Taxes (CBDT) recently said that the Income Tax Department has attached benami assets worth Rs 1,833 crore so far as part of its “sustained action plan” against such...
Interest Paid to Partner is Deductible if he is receiving Interest Income from Capital Contribution: ITAT Bengaluru [Read Order]
The Income Tax Appellate Tribunal, Bengaluru, last week held that if a partner is receiving interest upon the capital contributions made by him to the partner firm, then it is not liable to be taxed...
![Interest Paid to Partner is Deductible if he is receiving Interest Income from Capital Contribution: ITAT Bengaluru [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/05/Interest-Taxscan.jpg "Interest Paid to Partner is Deductible if he is receiving Interest Income from Capital Contribution: ITAT Bengaluru [Read Order]")