Websection 28(iv) of the ITA because it was a cash item. Further, the CIT(A) also held that only items of revenue nature (and not times of capital nature) can be taxed under section 28 of the ITA. On further appeal, the Mumbai Bench of the Income-tax Appellate Tribunal (Mumbai ITAT) held that WebAug 27, 2016 · Regarding the cross objections, the Tribunal quoted the Mumbai High Court in the case of Mahindra & Mahindra Ltd. vs. CIT, 206 ITR 50 (Mum) wherein it was held that Section 28 (iv) do not apply to benefits received in cash or money. The Tribunal held that even otherwise the addition made u/s 28 (iv) of the Income Tax Act, 1961 when the … driveway drainage law uk WebMar 28, 2024 · 28/03/2024. Government Notices published in Govt. Gazette No. 21,028 of 28th March 2024 ... Article 29 of the Income Tax Management Act, Cap. 372; and Article 73(2) Value Added Tax Act, Cap. 406 ... IV 137673: Fenech Ian Paul: 528874M: IV 140962: Amato Michael: 300590M: IV 150232: Bartolo Tania (Maria-Tania) et: 510464M: WebJan 9, 2024 · Subsection 28 (vi) under Income Tax Act covers the term “Keyman Insurance Policy”. It is an insurance policy made for key managerial personnel of companies. In this provision, if the insured … driveway drainage grates installation WebMar 22, 2024 · According to the provisions, the amount earned as income is subjected to tax on the basis of its classification under the five heads of income i.e. (i) salaries. (ii) income from house property. (iii) profits and gains of business or profession. (iv) capital gains and. (v) income from other sources”. Section 22 of the Act provides for ... WebCentral Government Act. Section 164 in The Income- Tax Act, 1995. 164. 2 Charge of tax where share of beneficiaries unknown 3 (1) 4 Subject to the provisions of sub- sections (2) and (3), where] any income in respect of which the persons mentioned in clauses (iii) and (iv) of sub- section (1) of section 160 are liable as representative ... color block meaning WebJul 17, 2024 · It is a well-known fact that every receipt cannot be charged to income tax. Only revenue receipts are charged and not capital receipts unless specifically provided …

WebJun 8, 2009 · The lower authorities had applied the provisions of section 28 (iv), wherein it is provided that any benefit or perquisite arising out of exercise of business or profession would be treated as income. These … WebMay 23, 2024 · This Court has consistently taken a view that the loan amount written off would not come within the purview of section 28(iv) of the Income Tax Act. The view … driveway drainage grate replacement WebEligible for Motor Fuel Income Tax Credit NOT ELIGIBLE NO YES NO NO NO NOT ELIGIBLE NOT ELIGIBLE NOT ELIGIBLE NOT ... PART IV - MOTOR FUEL INCOME … WebFeb 15, 2009 · We are of the view that provisions of section 28(iv) would not be attracted to a case of increase in capital of partners of a firm pursuant to revaluation of the assets of … driveway drainage solutions near me WebMay 12, 2024 · Section 9 of Income Tax Act , 1961The Indian Income-tax Act provides for levy of income-tax on the income of foreign companies and non-residents, but only to . ... iv. Operations confined to collection of news and views in India for transmission out of India by or on behalf of non-resident, who is engaged in the business of running news agency ... driveway drainage options WebTHE INCOME TAX ACT. Arrangement of Sections. Section PART I—PRELIMINARY. 1. Application of the Act. ... PART IV—CHARGEABLE INCOME. 15. Chargeable income. 16. Chargeable income arising from insurance business. ... 28. Initial allowance. 29. Industrial buildings. 30. Start-up costs.

Web1 day ago · ITAT Delhi held that revisional power under section 263 of the Income Tax Act not invocable in case of ‘inadequate inquiry’, in fact, revisional power is invocable only in case of ‘lack of inquiry’. Facts- This appeal by the assessee is preferred against the order dated 27.03.2024 framed u/s 263 of the Income-tax Act, 1961 by the CIT ... color block meaning in english WebTax Laws & Rules > Acts > Income-tax Act, 1961. Income Tax Department > All Acts > Income-tax Act, 1961. Choose Acts: as amended by Finance Act. Section Wise. … color block north face jacket