The apex court said that the market value of any goods would mean the price that such goods would ordinarily fetch on sale in the open market. The core issue raised in a batch of appeals was the recomputation of deduction under Section 80 IA of the 1961 Act by the assessing officer which was set aside by the Income Tax Appellate Tribunal and upheld by the High Courts, which ruled in favour of the assessees.
The Bombay High Court dismissed a petition filed by Serum Institute of India Pvt Ltd challenging a 2016 amendment to the Income Tax Act, 2015. The amendment included subsidies, grants, and incentives as 'income'. The High Court upheld the constitutional validity of the amended provision, stating that taxation is an economic reality that every business entity must contend with. The court warned that granting tax exemptions to loss-incurring entities could open floodgates for manipulations. The court emphasized that the mere fact that a tax falls more heavily on certain goods or persons does not invalidate it.
On March 30 last year, CBDT had listed out the implications of not linking PAN and Aadhar cards on or before the deadline June 30, 2023.
The Calcutta High Court has ruled that individuals facing prosecution by the Income Tax department under the Black Money law will not be required to personally appear in court. Instead, they will need to give an undertaking not to leave the country without permission from the trial court. This ruling is expected to have a positive impact on ongoing prosecution cases related to TDS defaults under the Income Tax Act.
The Central Board of Direct Taxes on Wednesday released the 13 page draft form 6C, which will be used to report the inventory valuation in case of special audit of accounts directed by assessing officer. The businesses will also have to provide valuation of raw material, date of purchase, use of the inventory, valuation of by-products and cost of contract by the company.
Apart from the IT department, the insurers were also investigated by the Directorate General of GST Intelligence (DGGI). While the DGGI was probing them for fake input tax credit (ITC) claims, the tax department was investigating alleged tax evasion in violation of Insurance Regulatory and Development Authority of India (IRDAI) norms.
The 3 crore milestone in income tax return (ITR) filing has been reached 7 days earlier this year.
The Delhi High Court has put a stop to the Income-Tax Department's reassessment proceedings into the investment made by private equity firm Creations Investment LLC. The department had questioned the firm's investment in Vivitri Capital and initiated reassessment proceedings claiming that the investment was income that had escaped assessment.
India has granted relief from its angel tax for buyers of shares in public enterprises that were strategically divested for below the fair market value. The Central Board of Direct Taxes has amended the Income Tax Rules to except from any close scrutiny by tax authorities movements in equity shares of a government company received by a person who was involved in strategic disposal in the public sector, including overseas buyers, who may have paid a lower book value than the actual value.
While the industry has been urging for taxation of only Gross Gaming Revenue (GGR), the Government has also been deliberating levying GST on the entire prize pool which is the norm for activities which are in the nature of betting, wagering and gambling.
The Reserve Bank of India (RBI) administered Foreign Exchange Management Act (FEMA) accepts valuation by a Sebi-registered Category 1 merchant banker using any internationally accepted pricing methodology applied on an arm’s length basis.
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