Income Tax Act, 1961; Section 17(2)(viii) – Income Tax Rules, 1962; Rule 3(7)(i) – Rule 3(7)(i) posits SBI’s rate of interest, that is the PLR, as the benchmark to determine the value of benefit to the assessee in comparison to the rate of interest charged by other individual banks. The fixation of SBI’s rate of …
Code Of Criminal Procedure, 1973; Section 228- Prevention of Corruption Act, 1988 -Income Tax Act, 1961 -In this case, the accused against whom charges were framed under the Prevention of Corruption Act, seek to rely upon findings recorded by authorities under the Income Tax Act- SC held: The scope of adjudication in both the proceedings …
Income Tax Act, 1961; Section 194-H- Commission or brokerage – Cellular mobile telephone service providers would not be under a legal obligation to deduct tax at source on the income/profit component in the payments received by the distributors/franchisees from the third parties/customers, or while selling/transferring the pre-paid coupons or starter-kits to the distributors – the …
Income Tax Act, 1961; Section 142,143- The expression “change of opinion” would imply formulation of opinion and then a change thereof. In terms of assessment proceedings, it means formulation of belief by the assessing officer resulting from what he thinks on a particular question. Therefore, before interfering with the proposed reopening of the assessment on …