Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights December 2015 Year 2015 This

Double taxation - It is surprising that AO wants to tax the ...


Assessing Officer's tax attempt leads to double taxation on surrender amount and application, despite proper record-keeping.

December 25, 2015

Case Laws     Income Tax     AT

Double taxation - It is surprising that AO wants to tax the surrender amount as well as its application which definitely amounts to double addition in the hands of the assessee specially when the amounts are recorded in the books of accounts and there is no evidence that same is not available with the assessee - AT

View Source

 


 

You may also like:

  1. Addition u/s 68/69A/69B and taxed the same u/s 115BBE - Surrendered income in survey - The Tribunal found that the income was directly linked to the assessee's regular...

  2. Excess stock found during survey in assessee's business premises led to surrendered income. Assessing Officer accepted return figures but applied higher tax rate u/s...

  3. Section 90 of the Income Tax Act allows relief from double taxation by granting foreign tax credits (FTCs) on foreign income taxed in both India and the other country....

  4. The impugned circular dated 13.04.2018 does not lead to double taxation. Section 129 aims to recover tax on goods in transit where statutory compliance for removal was...

  5. Double taxation - services have been provided by two persons jointly - one partner has discharge the service tax - demand of service tax from another partners also -...

  6. Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

  7. Taxation of redemption amount of the policy prematurely surrendered - Case of the department that the petitioner had received the surrender value of policy upon its...

  8. Section 90 of the Income-tax Act, 1961 - Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of fiscal evasion with foreign countries -...

  9. Income accrued in India - Capital gain - the new double taxation avoidance agreement has come into force much letter then the transaction took the place. In the new...

  10. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

  11. Regarding the disallowance of late deposit of ESI/PF u/s 36(1)(va), following the Supreme Court's ratio in Checkmate Services, the ITAT allowed the Revenue's ground and...

  12. Double addition / taxation - DR did not controvert the very relevant part that on maturity, the amount of FD was received and credited to the account of the Trust not to...

  13. Taxation in the hands of the member of the AOP - amount paid by the BCCI to the appellant which has already been taxed at the hands of BCCI, cannot be now taxed in the...

  14. Education/S&H cess - Goods cleared by 100% EOU into DTA - double taxation - there can be no objection for double taxation if the legislature has distinctly enacted it,...

  15. The ITAT held that once the source of cash is taxed, it cannot be further taxed as unexplained cash expenditure in the hands of the assessee company. The assessee had...

 

Quick Updates:Latest Updates