Tags » Income Tax Act

Non-compete fee is not a Business Income; Delhi HC quashes re-assessment proceedings [Read Judgment]

While allowing writ petition filed by Priya Desh Gupta and Abha Gupta, the division bench of Delhi High Court has held that, non compete fees cannot assessed as business income. 273 more words

Delhi High Court

Committee for examining applications made under Rule 10VA notified

The Finance Act, 2015 inserted a new Section 9A to the Income-tax Act, 1961 with effect from 01.04.2016 to provide for a special regime in respect of offshore funds having fund managers located in India.  162 more words

Central Board Of Direct Taxes (CBDT)

Income Tax Dept. launches special electronic grievance redressal system ‘e-nivaran’

For the fast track taxpayer grievances and ensure early resolution of their complaints , the Income Tax department has launched a special electronic grievance redressal system called ‘e-nivaran’  . 76 more words

Income Tax Department

Denying refund of TDS citing the reason “case was pending scrutiny” is not sustained in Law; Delhi HC quashes CBDT instruction

The Delhi High Court last week quashed the CBDT Instruction dated 13.01.2015 and the letter issued by the Deputy Commissioner of Income Tax, based on the said Instruction on ground that it is without the authority of law. 377 more words

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 undisclosed income(s). 333 more words

Income Tax Act

Part of the Sale consideration paid directly to the shareholders is come under the head 'Capital Gains'; Delhi HC [Read Judgment]

The division bench comprising of Justice Vibhu Bakhru and Justice S.Muralidhar held that, the part of the sale consideration paid directly to the shareholders shall come under the head ‘Capital Gains’, hence Taxable. 459 more words

Justice S.Muralidhar

Expenditure incurred by an Assessee after the expiry of the Life Span of a Machinery, for the Purpose of expanding its Life Span, Could be Treated as a Revenue Expenditure: Madras HC [Read Judgment]

The Madras High Court division bench comprising Justice V.Ramasubramanian and Justice T.Mathivanan recently held that the expenditure incurred by an assessee after the expiry of the life span of machinery, for the purpose of expanding its life span, could be treated as a revenue expenditure. 487 more words