Case: Smt.Saroja vs. The Income Tax officer, Madras HC Outcome: Assessee Facts The Assessee had suffered an order of assessment for Assessment Year 2017-18 passed in terms of the provisions of the Income Tax Act, 1961, which was pending in appeal.In the meanwhile, the Assessee sought a stay of recovery of tax pending appeal by way … Continue reading Stay of demand on payment of an amount lesser than prescribed percent of disputed tax demand: Jurisdiction of tax authorities to grant stay
Case: Neetaa Suneel Shah v. Income Tax Officer Background Revenue reopened the assessment for the year 2010-2011 in 2015 for evasion of tax to the tune of about INR 25 lakhs through client code modification.After rejecting the objections of the assessee the AO added the money to income from Short Term Capital Gains.Assessee’s appeal to … Continue reading Madras High court decides if a writ can be filed if the ITAT has remanded a matter back to the AO, and the AO has exceeded the scope of the remand.
Note: You must have access to Riverus Research Map for Income Tax to access the links in this article. Get your free 7-day access here, instantly! Introduction A partner who receives certain assets upon retirement from a firm would be keen to ensure that such assets do not attract capital gains tax. Read this article … Continue reading Retiring partner and taxation of proceeds