The Centre had challenged the Income Tax Appellate Tribunal's order, which had held that gifts, including cash and property given by her supporters, was out of love and affection and not taxable.
The department found various expatriates were acting as business heads for Indian operations and certain employees were actively involved in concluding sales for the foreign entities of GE in India.
The taxation of payments by Indian companies for importing defence material and oil and gas equipment from various countries like Russia, Ireland, Greece and Georgia will now become easier following an Income Tax Appellate Tribunal order.
The direct tax arrears and disputes have cost the exchequer dear locking up over Rs 1,13,000 crore (Rs 1,130 billion) in revenue till now, which if recovered would almost wipe off the fiscal deficit of the Centre.
A bench of Justices BV Nagarathna and N Kotiswar Singh, which issued notice on the plea of the Congress against the March 13 high court order, however, said the ITAT can proceed on the political party's appeal.
The ITAT is mulling e-courts, or simply hearing of cases through webcast, to clear the backlog of cases in smaller towns.
Vodafone pleaded in High Court that IT department had no jurisdiction in the transfer pricing case because the said transaction was not international and did not attract tax.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
This has affected all political activity of the party, Maken said at a press conference.
The Bombay high court has admitted an appeal filed by the Income Tax authorities, challenging relief granted to Bollywood star Aishwarya Rai Bachchan by the Income Tax Appellate Tribunal.
Finance Minister Pranab Mukherjee said the government is examining the decision of the Income Tax tribunal in the Bofors case and will decide the future course of action later.
Taxman will not breathe on you if you have taken a cash loan from a family member, provided you can explain the reasons for doing so, as per a recent tax tribunal ruling.
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
Barely a fortnight after the freeze on its bank accounts was lifted, the airline filed an appeal against the department in the Income Tax Appellate Tribunal at Bangalore, disputing the Rs 370-crore (Rs 3.7 billion) tax demand levied on it for 2010-13.
Prime Minister Narendra Modi on Wednesday underscored tax reforms of the past six years to say India has moved from tax terrorism to tax transparency. Speaking at the inauguration of an office-cum-residential complex of the Income Tax Appellate Tribunal at Cuttack, Modi highlighted the reduction in the corporate tax rate, simplified rate structure for individual taxpayers, faceless appeals and quick refunds.
Setting aside the orders of the AO and Commissioner of Income Tax (Appeals) in case of Delhi-based Genesis Overseas case, the ITAT has ruled that tax sleuths cannot impose penalty without clearly mentioning the grounds for such action.
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
In a setback to megastar Amitabh Bachchan, the Supreme Court on Wednesday allowed the Income Tax department to reopen a tax case against him pertaining to his income for the assessment year 2001-02.
The Delhi high court on Wednesday upheld an order of the Income Tax Appellate Tribunal (ITAT) refusing to stay a notice issued by the Income Tax department to the Congress party for recovery of outstanding tax of more than Rs 100 crore.
The petition was mentioned on Tuesday by Income Tax counsel Beni Chatterjee and Vodafone lawyer Fereshte Sethna before a bench headed by Chief Justice Mohit Shah.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
The Central Bureau of Investigation on Thursday contended before a Delhi court that there is no change in government's stand on withdrawing the case against Italian businessman Ottavio Quattrocchi in the wake of the Income Tax Appellate Tribunal (ITAT) order in the Bofors pay-offs case.
If you are merely letting out the property and enjoying the rent as an individual or as a company, in most cases, you will need to mention rental income under the head 'income from house property' in the income-tax return form, points out Tinesh Bhasin.
Indian Hotels, which owns the chain of Taj hotels and East India Hotels, may gain from a tax court ruling that allows hoteliers to claim depreciation and tax benefits on imported cars which are used to ferry tourists.
The Bombay high court in an order said bakshish can be considered as business expenditure. Observing that paying over and above the contractual amount to sugarcane harvesting workers was "necessary incidence of business," the division bench of Justices F I Rebello and J P Deodhar upheld a decision of Income Tax Appellate Tribunal.
After four failed reform drives, a new plan aims to rescue India's debt-laden power discoms through privatisation, accountability and long-term financial fixes.
The CBI on Tuesday pleaded for the withdrawal of proceedings against Italian businessman Ottavio Quattrocchi in the over two-decade-old Bofors pay off case, saying it has got no fresh instructions from the government in the wake of the Income Tax Appellate Tribunal order.The ITAT order, which had on Monday said that kickbacks of Rs 41 crore were paid to late Win Chaddha and Quattrocchi in the Howitzer gun deal, was placed before the court.
The taxman is rapidly catching up with foreign companies operating in India through agents. After Star, Morgan Stanley and Sony, it was the turn of UK-based Rolls Royce to be asked to pay taxes on a part of profits earned from Indian operations.
The party has contested the reassessment proceedings, claiming they were barred by limitation.
Containing fiscal deficit and stable policies were crucial for the country to attract higher foreign investment, Commerce and Industry Minister Arun Jaitley said on Thursday.
The tax department is on a spree to ensure more taxpayers in the country use the PAN card.
To decide whether capital gains on surrender of call options are taxable
EPFO had approached the finance ministry for help, which advised it to go through the legal procedure.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances