Revision u/s 264 - It is settled law that an assessee is liable ...

Income Tax Obligation Only on Chargeable Income; No Double Taxation Allowed Under Income Tax Act.

February 1, 2023

Case Laws Income Tax HC

Revision u/s 264 - It is settled law that an assessee is liable to pay income tax only on the income that is chargeable under the Act. Merely because an assessee has offered a receipt of income in his return does not necessarily make him liable to pay tax on the said receipt, if otherwise the said income is not chargeable to tax. - Amount cannot be taxed twice - HC

View Source

← Previous Next →

Revision u/s 264 - It is settled law that an assessee is liable ...

Income Tax Obligation Only on Chargeable Income; No Double Taxation Allowed Under Income Tax Act.

February 1, 2023

Case Laws Income Tax HC

You may also like:

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....

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...

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 -...

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

The High Court held that by virtue of the non-obstante clause in the Kerala General Sales Tax Act, 1963 (KGST Act), it creates a first charge on the property of the...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Double taxation of income - Single TDS certificate for two years - AT

THE TAXATION LAWS (AMENDMENT) BILL, 2016 - Further to amend Income Tax Act, 1961 and Custom Tariff

Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

Reopening of assessment - determination of the 'income chargeable to tax' - The amount of “capital gain” is to be considered or the “entire sale consideration” to be...

CBDT amends the Income-tax Rules, 1962 to introduce safe harbour rules for determining income referred to in clause (i) of sub-section (1) of section 9 of the Income-tax...

Just because an assessee does not claim double taxation relief in respect of an income, it does not entitle the assessee to exclude that income from taxable income....

Share income received from the Society - Society has claimed deduction u/s 80IAB, hence not suffered any tax - Since the income of the society was taxed separately as...

Double Taxation Avoidance Convention between India and UK – Cost Contribution Agreement (CCA) with SIPCL - payment received by SIPCL is chargeable to tax in India and...

The Income Tax Bill 2025 revises the scope of total income under existing Sec. 5 of ITA 1961, maintaining core taxation principles while introducing structural...

Quick Updates: