Case Name : CIT Vs. Indian Textile Paper Tube Co. Ltd. Citation :[1997] 138 CTR (MAD.) 342 Court : Madras High Court Section : NINTH SCHEDULE Meaning : In considering the meaning of the words ‘industrial machinery’ used in item 8 of the ninth schedule, the description of industrial machinery spoken of in item 4 […]
Read MoreAuthor: Prashant Thakur
The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.
Meaning of “Initial assessment year”
Case Name : Indian Rayon Corpn. Ltd. Vs. CIT Citation :[1998] 97 TAXMAN 501/231 ITR 26 (BOM.) Court : Bombay High Court Section : 80J Meaning : The expression ‘initial assessment year’ has been defined in sub-section (2) of section 80j to mean ‘the assessment year relevant to the previous year in which the industrial […]
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No Depreciation Claimed on Business Asset ? No Application of Sec. 50 Then !
Under Income Tax Act , sale of a business asset on which depreciation is claimed is affected by the provision of section 50 of the I.T.Act that provides that the gain if any shall be treated as short term capital gains. In other words, if plant or machinery or buildings or any other capital asset […]
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Revision of CASS Scrutiny Cases Maybe Bad in Law in Majority of Cases for Asst. 2012-13 Onwards!
Have you received notice from the office of commissioner of income tax (CIT ) for revision of the assessment order passed in a case which was earlier selected under CASS ? As you know , this power to revise the order vests in CIT under section 263 of the Income Tax Act . But it […]
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2 Strategies to Tackle Scrutiny When Stamp Duty Valuation u/s 50C of Your Property is Much Higher Than Actual Value?
The stamp duty valuation of an immovable property is done by the state government and usually accepted by the parties to a sale transactions. But the impact of stamp duty on property affects both buyer and seller. Buyer of the property, if Individual or HUF, is now affected due provision under section 56(2)(vii) of the […]
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Currency Conversion for Income Tax Purpose : 2 Most Important Rules Everyone Should Know
Have you earned income in foreign exchange ? How do you convert in rupees for accounting for the purpose showing income in your tax return. Similarly , the issue of conversion of foreign exchange to rupees will come up if you are required to deduct tax amount of credit to the accounts of a foreigner […]
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SIT Suggests Action Against 2675 Directors by MCA ! Why Many of Them Still Get Away !
The SIT i.e Special Investigation Team set up to tackle Black money menace has finally have some recommendation under which it has advised Ministry of Corporate Affairs action against 2627 directors of companies who have violated the provision under section 165 of the Companies Act 2013 . It looks assuring for common person that the […]
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FATCA – What is it and Who in India Required to File Form 61B ?- Part 1
The new information exchange regime – FATCA or Foreign Account Tax Compliance Act – which is almost exclusively for the benefit of Uncle SAM ( It should be noted that udner Agreement India will also get information from USA about Indians having income sourced in USA) is reality and now -firms, AOP or companies or […]
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No TDS & Indexation on Sovereign Gold Bond Makes it Attractive !
Sovereign Gold Bond Scheme has been notified under which now you can invest in government securities denominated in grams of gold. The scheme is launched as a substitute for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by Reserve […]
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