ITAT confirms Penalty since Wealth Tax Return was Filed after Search Proceedings [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal has confirmed the penalty since Wealth Tax Return was filed after search proceedings. The bench comprising of Judicial Member Mahavir Singh and Accountant Member Manoj Kumar Aggarwal
Urban Land Leased out to Educational Trust can’t be treated as ‘Vacant Land’, No Wealth Tax, says ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai Bench held that wealth tax is not applicable on lands held by a trust for charitable purposes. The bunch of 33 appeals filed by different assessees are directed
Valuation Report of Assets once made is effective for Four Assessment Years: Delhi High Court [Read Judgment]
The division Bench of the Delhi High Court in Pr.Commissioner of Wealth Tax vs. Raghu Hari Dalmia held that a valuation report made by a registered valuer once adopted shall be in effect for four assessment
No Wealth Tax If Assessee used Building for Construction / Set Up of Office and Service Centre: ITAT [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal ( ITAT ) in Dongfang Electric (India) P Ltd vs. DCWT ruled that No Wealth Tax if Assessee used the building for construction or set up of
HC cannot admit a Wealth Tax appeal without ‘Substantial Question of Law’: Supreme Court [Read Judgment]
While quashing an order passed by the Punjab and Haryana High Court, a two-judge bench of the Supreme Court on Tuesday held that having a ‘substantial question of law’ is a necessary requirement for filing
Vivad se Vishwas Scheme: No Additional 10% Amount If Payment made by June 30, says FM
The Finance Minister Nirmala Sitharaman has announced that, under Vivad se Vishwas Scheme, there will not be additional 10% amount if the payment is done by June 30th, 2020. The Finance Minister also said that,
Defect in Notice that Creates Jurisdiction is an Incurable Defect: ITAT Quashes Wealth Tax Proceedings against Sahara [Read Order]
The Delhi bench of Income Tax Appellate Tribunal has quashed Wealth Tax proceedings against the Sahara India Commercial Corporation Ltd. In the instant case the assessee company, Sahara India Commercial Corporation Ltd has filed the
CBDT releases new ITR form to declare Assets & Liabilities
Central Board of Direct Taxes (CBDT) has released new income-tax return forms with mandatory provisions of declaring Assets & Liabilities (A&L) such as cars, jewelry yacht, aircraft, shares, properties, etc. Prior to Assessment Year (A.Y.)
CBDT Announces Remission of Outstanding Direct Tax Demands Post 2024 Budget
The Central Board of Direct Taxes ( CBDT ) has issued an order dated February 13, 2024 announcing the remission and extinguishment of specific outstanding direct tax demands in line with the Budget 2024 speech
Scrapping of Income Tax Settlement Commission: Central Govt notifies Compensation to Officers for Premature Termination [Read Notification]
The Finance Ministry notified the Settlement Commission (Income-tax and Wealth-tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairmen and Members) Amendment Rules, 2021 which seeks to amend the Settlement Commission (Income-tax and Wealth-tax) (Recruitment and
Partial Relief to Wipro GE Healthcare: ITAT restores matter to AO with direction to refer to Departmental Valuation Officer for determination of extent of property, consequent valuation [Read Order]
In a partial relief to Wipro GE Healthcare, the Banglore Bench of Income Tax Appellate Tribunal (ITAT) restored the matter to AO with direction to refer to the Departmental valuation officer for determination of extent
Excess Jewellery Beyond Specified WTR cannot be Treated as Stridhan to Claim Benefits under CBDT Circular: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) in Delhi ruled that if there is additional jewelry beyond what was accounted for in the wealth tax assessment, the taxpayer must provide a more detailed explanation in their
Finance Act 2016 enables The Income Declaration Scheme 2016 to open from 1st June
The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such
Govt. notifies date on which the Chairman, Vice-Chairman or Member cease to hold office of interim Income Tax Settlement Commission
The Government on Wednesday notified 1st May 2021 as a date on which the Chairman, Vice-Chairman or Member cease to hold office of Income Tax Settlement Commission. “In exercise of the powers conferred by the
Govt Launches 7.75% Savings (Taxable) Bonds Scheme for Individuals and HUF [Read Notification]
Government of India has announced to launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 to enable resident citizens/HUF to invest in a taxable bond, without any monetary ceiling.  The main features of the Bonds are: